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    Thread: What is plan formulation?

    1. #1
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      Default What is plan formulation?

      What is plan formulation and its importance?


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      Plan formulation or planning means to create a step by step to do list to achieve a certain goal. It is like a blue map to reach any destination. We need planning in every sphere of our life. Proper planning helps to lead accuracy. Without planning there are possibilities to be misguided & it will be difficult to reach goal. Some times it may be impossible also.
      Planning makes us confident & as we have already planned the way & steps, we already know that what should we do next, what may be the problems & what will be the solutions. At last it can be said that planning is like the sail of a ship. Sail helps the ship to find his destination, like this planning helps us to find our achievements.


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      A trading plan is a set of tools and steps that are combined to reach a trading method that brings you to profits without a significant risk of trading
      This plan should take into account the times of the news so as to determine first what important news times the couples traded on and thus avoid entering deals at those times.
      The trading plan should also contain a trading strategy, which is the strategy that gives you the signals of selling and buying and therefore identifies the transactions that can be opened. This strategy should be tested in the demo account for a sufficient period.
      The final part is the capital management plan, which is a very important step in controlling risk during trading.


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      trading plan is where you have a target for every transaction or everyday or very weekly with percentage or pips target,
      the simple example explanation is like below

      for everyday (intraday)
      first (profit). you have a 2 percent target profit with balance $100 and its mean 2% profit = $2.
      second (pips). you have a target 50 pips a day and it mean you have to catch that for everyday.

      weekly
      first (profit). you have a 10% target for a week so its mean for every day you must to catch 2% or more. whatever your way but your target is 10% for a week.
      second (pips). you have a target 100 pips for a week its mean you must to catch 20 pips a day or more and whatever your way but your target 100 pips must to get it for a week.

      don't forget your strategy will determining too and do it with patience and discipline.


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      Every trader can have different views on the market. Similarly, the way of thinking, risk tolerance and target, of course, also different. Just because someone has a trading method that they can run well and successfully, not necessarily the method is also suitable for you.
      Have your own trading plan, which suits your character as a trader, and keep it updated as you learn about the market. Building a trading plan and running it well is closely related to the discipline. But discipline alone is not enough. True, not enough. You must have super-strict discipline. Yes, super-tight! Having a super-tight discipline is the most important character of a successful trader.
      The super-tight discipline you need to run the trading plan you built earlier. The trading plan itself is a guide on what you should do, why, when and how you will do it. Trading plan covers your personality as a trader, personal target, risk management and trading system that you will apply.


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