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A trading plan typically includes analysis of the overall chart context, identification of trading setups, the definition of trade parameters such as stop loss and targets, setting risk levels for each trade, and pre-defining entry and exit points. The benefits of such a plan include better preparation, increased consistency in trading, improved decision-making and risk…
In conclusion, a trading plan is an essential tool for any serious trader. It provides a clear roadmap for your trading activities, helping you to maintain discipline, reduce impulsive decisions, and align your trading decisions with the overall market environment. It involves defining your overall strategy, setting rules for entries and exits, managing your trades,…
