Every mariner knows that he must plan his voyage in advance in every detail. He must determine what currents will take him to his destination. What current conditions will be present or possible during the voyage. What supplies he will stock his ship with. Who his crew will be and what skills sets they bring to the voyage. He will treat this plan as law and will not deviate from it unless he has consulted with the plan first. Trading with a plan is no different. “Know before you go.” Having a plan is crucial to success in anything especially in trading. Know how you will trade, when you will trade, where you will trade, and why you will trade. I know it may sound really simple what it is the foundation to a good trading plan.
