Shocking New Survey Results - 78% of Investors Don’t Have a Trading Plan
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/
For more information, contact Louise Bedford at:
The Trading Game Pty Ltd
Phone: 1800 784 426
Trading Game Pty Ltd