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How to Draft a Perfect Trading Plan

In: Business and Management

Submitted By kkyy1993
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How To Draft A Perfect Trading Plan
This 8-step approach to planning paves the way to profitable stock trading.

When it comes to trading stocks, it's not about how hard you work. It's about knowing the right things to do, and putting that knowledge to work. Making money in the stock market isn't so hard when you apply a simple skill essential to converting the power of knowledge into profits ... planning! "Plan Your Trade and Trade Your Plan" is a mantra you should print out and frame for your wall. Why? Because stock traders who carefully plan have a much better chance of making money than those who don't. In fact, the simple act of drafting a plan can significantly increase the odds that your trade will be profitable.
A successful trading plan doesn't have to be complicated. Many traders draft their trading plans in a notebook or on index cards, while others use word processors and spreadsheets. Regardless of the method you choose, every trading plan must include certain components to be effective.
1. Choose Your Style
Before drafting a plan of action, traders will want to decide what style of trading they prefer. A broad generalization of "buy and sell stocks" doesn't work - the criteria needs to be specific. Successful traders make money in different ways, but each has a well-defined method. On the other hand, a losing trader's plan is always vague and ambiguous. In trading, it pays to be precise, so decide what you like to do and build your plan around that style.
2. Commit To Your Trading Rules
The best plans always include a set of solid rules that never get broken. These same rules should also address how real-time decisions will be made when managing your stock positions. Your judgment will improve as you gain experience, so it's good to allow some flexibility in less critical areas of your plan. At the same time, maintain strict rules in the…...

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