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Is it better to have a trading plan or rely on instinct, hunch, or emotion?
Does either benefit you, if you rely on one more than the other?
trading psychology
- 12 Answers
- In Trading Mindset and Psychology
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- by
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- Warren
- 376 Views
- 1 year ago
Answers
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You need to be disciplined, and focused...a daily target, weakly monthly and yearly will help rather than being market driven. |
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A plan or strategy will, at a minimum, keep your money safer for a longer period of time. Hope, is for the faithful, strategy is for the knowledgeable. |
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You should always have a trade strategy and used research like tracking the news. Never trade with emotions, you will lose every time. Look at it like you are running your very own business. |
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Definite having trading plan is better. Instinct is like gambling. Don't want to loose your hard earn money |
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I would advice a trading plan because impulse trading can lead to a great stress |
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I think we shall trade according to a trading plan base on our knowledge and experiences. |
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A plan is what will lead you to long term success. Without out you may do good for a while but in the long run you will just end up losing |
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Yes. Having a trading plan keeps you in the right track. Following a defined set of rules which incorporates your rules for entry, exit and money management will keep you from relying on instinct or emotion. It also enables you to evaluate your trading transactions as you document and keep a journal of your trades. As you execute your plan and decide on what is important, you develop confidence along the way. |
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It is always a must to have a trading plan. If you rely on emotions it is more like gambling thang professional trading. |
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