Do you know the importance of Trading Plan?
A trading plan is a written set of rules that specifies a trader’s entry, exit and money management criteria. Using a trading plan i.e. http://bit.ly/mypriceaction
allows traders to do this, although it takes some time to be understood.
With a Demo Account, it is easy to test a trading idea before risking real money. Known as backtesting, this practice applies trading ideas to historical data, allows traders to determine if a trading plan is viable, and also shows the expectancy of the plan’s logic.
The key here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered poor trading and destroys any expectancy the plan may have had.
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