90% of new traders fail within the first year.
The 10% who succeed all have one thing in common: a bulletproof trading plan.
Here are the 6 critical elements your plan needs to join the profitable minority:🧵
– The blueprint beats the gamble
– Trading without a plan is like navigating without a map
– Define your trading goals clearly
– Outline your risk tolerance levels
– Set realistic profit expectations
Start with the end in mind, then work backwards
Your edge in the market chaos
A solid plan keeps you grounded when emotions run high
– Identify your preferred trading style
– List specific entry and exit criteria
– Decide on position sizing rules
Your plan is your anchor in market storms
Money management: make or break
Smart traders know it’s not about hitting home runs
– Determine maximum risk per trade
– Set daily and weekly loss limits
– Plan how to scale in/out of positions
Protect your capital, and it’ll protect you back
Vagueness is expensive
Vague plans lead to vague results. Get specific
– Choose your preferred markets/assets
– Set your trading hours and frequency
– List tools and indicators you’ll use
Clarity breeds confidence. Be crystal clear
Embrace the boring stuff
Routine kills emotion. That’s a good thing in trading
– Create a pre-market checklist
– Develop a post-trade review process
– Establish a journaling habit
Consistency is the secret sauce of success
Plan for the worst, hope for the best
Markets will try to break you. Be ready
– Outline how you’ll handle losing streaks
– Plan for equipment/internet failures
– Prepare for unexpected market events
Survival first, profits second. Always
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.
