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V. 20:5 (66-71): Plan To Win by Richard Ahrens
V. 20:5 (66-71): Plan To Win by Richard Ahrens
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Plan To Win by Richard Ahrens
There are two kinds of traders: amateurs and professionals. The amateurs supply the money. Which would you rather be?
It has been estimated that only 10% of traders consistently make money. It has also been estimated that only 10% of traders have a clearly defined trading plan. Coincidence? Not likely. In the same way that a good builder must plan many different aspects of his or her project before beginning construction, a good trader must consider a variety of factors before entering a trade. Failing to consider all the elements of a trade may not lead to ruin, but it certainly stacks the odds against you. Its much better to have a complete plan in place for each trade before you put money on the table. So what factors do you need to consider when creating your trading plan?
There are two kinds of traders: amateurs and professionals. The amateurs supply the money. Which would you rather be?
It has been estimated that only 10% of traders consistently make money. It has also been estimated that only 10% of traders have a clearly defined trading plan. Coincidence? Not likely. In the same way that a good builder must plan many different aspects of his or her project before beginning construction, a good trader must consider a variety of factors before entering a trade. Failing to consider all the elements of a trade may not lead to ruin, but it certainly stacks the odds against you. Its much better to have a complete plan in place for each trade before you put money on the table. So what factors do you need to consider when creating your trading plan?
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