The basis of any action on the market is a well-designed trading plan (TP).
The basic rule is never trade without a plan, and when you have done TP, never break it.
Work without a plan leads to randomness and spontaneity of actions subject to emotions.🙅🏻♀️
❗❗Before opening a position, you must determined :❗❗
📌position opening price
📌open position size
📌stop loss order
📌take profit order
👉🏻That's necessary in order to determine the possible risk / win ratio.
⭐⭐A trading plan should uniquely determine the actions of a trader in two scenarios:
1. Price moves opposite the open position
2. Price moves towards an open position
❗A trading plan is drawn up before a position is opened, when a trader is in a balanced emotional state and can adequately think.
❗ After opening a position, you should follow the trading plan very accurately and not allow yourself to make changes to it during the course of trading.
❗ After closing the position, an analysis of the results is carried out, the optimality of actions is evaluated, and conclusions are drawn for the future.
❗ Trading does not end when you close your position.
❗You must analyze it and learn from it.
❗ After closing a position, many players forget about it and start looking for the next deal.
⚡Don't miss the essential elements of the path to the level of a professional trader - analysis of the past and introspection.⚡
Write down your trading plan. Write down the reasons for the exit and what you did right and what is wrong. You will receive a history of your transactions and thoughts in pictures. This journal will help you learn from past experiences and discover gaps in your thinking.
💪🏻Don't forget about self-development!!!!💪🏻
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