What is a trading plan, and why do I need one?

[admin]

A trading plan is a detailed framework outlining your trading strategy, risk management rules, and goals. It acts as a roadmap to guide your decision-making process and helps eliminate emotional trading.

A solid trading plan includes:

1. Entry and exit criteria.
2. Risk-reward ratio guidelines.
3. Position sizing rules.
4. Trading hours and preferred currency pairs.

By following a trading plan, you can trade systematically and improve your chances of long-term success.