*Trading Plan Basics*

Some key goals to accomplish when creating a trading plan:

determining the goal. Traders should strive to clearly articulate their trading goals and define how they intend to achieve them. They must also identify in advance the circumstances that will indicate that these goals will not be achieved and make the necessary adjustments

Conduct market research. Creating a trading plan is a great way for a novice trader to become organized in their trading activities. This means determining how market research and analysis will be conducted and how this analysis will impact trading activity

Open the deal. A good trading plan will allow the trader to objectively decide when to open a trade, in what direction, and in what quantity. It will also contain recommendations on stop losses and take profits

Deal management. Having a trading plan should allow a trader to...

To better manage its trades, its trading risks and responses

His emotional actions that may arise