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Would it be important for a trader to first understand his/her own personality before tailor a trading plan? Why?
understand own personality to tailor a trading plan
- 5 Answers
- In Trading Mindset and Psychology
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- by
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- Warren
- 264 Views
- 1 year ago
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It is important for a trader to first understand his/her own personality before tailor a trading plans because it will help to increase the rate of successful trades in the execution part of the trading plans. |
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Yes. It is absolutely important for a trader to first understand their own personality to tailor a trading plan. To tailor a trading plan one should assess the capital they can invest, risk taking capacity, time they can afford to trade, their trading discipline all these factors to be considered while formulating a trading plan. Then only they can become successful traders. |
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It is important for a trader to first understand his/her own personality before tailor a trading plan.Trading is a zero game business,one should never trade with money one can not afford to lose.One should know his or her risk limit and be discipline with it One should not see trading as a get rich quick business at best one should have a mentor to put one through because trading can be very risky. |
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Absolutely. You have to know your tolerance for risk, how much time a day you can put into the markets, what kind of style fits your personality and your account. These little things will help you develop your trading plan. |
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I believe its important to have an honest gauge of ones's personality as it will be the basis for tailoring a trading plan that takes into consideration one's skill level, trading goals, trading style and risk tolerance. |
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