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Shocking New Survey Results - 78% of Investors Don’t Have a Trading Plan


 
PRLog - Jul. 3, 2014 - MELBOURNE, Australia -- According to a survey conducted by www.tradinggame.com.au (http://www.tradinggame.com.au), 78% of traders and investors don’t have a written trading plan to guide their investing activities. Louise Bedford, one of Australia’s best-selling authors of books on the sharemarket, states: “It’s a travesty. Traders continually expect to earn the salary of a brain surgeon, without applying essential success skills necessary to bring in consistent profits. Traders need to develop a trading plan, write it down, and trade with it consistently. This tool is the secret weapon when it comes to trading with confidence. Every single professional trader knows this.”

According to Chris Tate, author of the first Australian book on sharetrading called ‘The Art of Trading’ says - “Successful traders detail their entry, exit and position sizing. If you haven’t got these types of specifics written down, you’re kidding yourself.”

Over time, a robust trading plan will produce greater profits than losses. Traders should consider a ‘good trade’ is made when they follow their trading plan to the letter regardless of a profit or loss result. It is a sign of a disciplined trader. Bedford states: “If you are having trouble developing your own plan, I suggest that you plagiarise the ideas of other traders/authors who you relate to. After you have tried out their concepts, you can make alterations to suit your situation. Duplicate before you innovate.”

Your trading plan should be reviewed on a frequent basis to ensure that your system is in line with your current objectives. Short-term traders should review this process every month. If you are a medium-term or longer-term trader, every 3 – 6 months should suffice.

If you’re uncertain where to start in relation to establishing a trading plan, Bedford provides a free trading plan template on her website – www.tradinggame.com.au.

About Louise Bedford

Louise Bedford is one of Australia’s most compelling speakers on the sharemarket. A sharetrader for over 20 years, with degrees in Psychology and Business, she now trains others to achieve success in trading and investing.

As Australia’s best-selling author on the sharemarket for over a decade, her trading books are - Trading Secrets (http://www.tradinggame.com.au/webpages/55_view.php?pID=42...), Charting Secrets (http://www.tradinggame.com.au/webpages/55_view.php?pID=10...), The Secret of Candlestick Charting and The Secret of Writing Options.

For more information, contact Louise Bedford at:

The Trading Game Pty Ltd

www.tradinggame.com.au

Email: louise@tradinggame.com.au

Phone: 1800 784 426

Contact
Trading Game Pty Ltd
***@artoftrading.com.au

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Source:Trading Game Pty Ltd
City/Town:Melbourne - Victoria - Australia
Industry:Finance, Investment
Tags:stockmarket plan, investment
Shortcut:prlog.org/12344670
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