Make a trading plan

A trading plan can be as simple or as complex as you want (or need) it to be. Of course, if it’s too simple, you may not have enough information to successfully implement key points, rules, and/or strategies during each trading session. Conversely, if it’s too complex, you may find it hard to adhere to and forego using it altogether.

The main point of a trading plan is to keep you calm and relaxed during a trade, as all thinking should have been done prior to your entry – not during your trade. Professional traders are relaxed and composed when trading. Amateurs are nervous before the trade and reckless during the trade.

Once your trading plan has been completed, you will find that trading will become more objective, you will be less emotional, and your trades will be more selective. It will add structure and organization to each trading session. It will be your ally when dealing with unexpected moves in the market, rather than making unjustified decisions when a trade does not go as expected.

Make a trading plan with Excella Trader day trading system