In this week’s episode of Money Mondays, we will be expanding on the 3 pillars of a successful trading plan. The need for building a trading plan is what separates novice traders from those who succeed. Everyone knows they need one, and in this week’s video, we will show you how to build one for success.
Pillar #1 – Trading Business Plans
Pillar #2 – Trading Action Plans
Pillar #3 – Trading Self Development Plan.
- Trading is a business of risk management. In order to stay consistent running a successful trading business we need to have rules around how we trade, how we manage risk and how we run our business.
- Traders who don’t have rules or structure lose money as a direct result of trading becoming more of a hobby rather than a business.
- Having rules around the following will help to maintain structure and efficiency:
- Money management
- News/economic reports
- Session times
- Risk management
- Trade statistics/journaling
- Loss control
- Personal health
- Daily/weekly routine.
“Trading success requires you to have a good method and be a good trader in order to succeed…You can’t have one without the other and expect results!” – SK
Watch this week’s Money Monday (Trader TV Show) below to learn how to build your own trading plan: