I have been trading for over a year now, and I come across trading plan/system term frequently. I tried to research about it too but never really came across anything too constructive that could clear my doubts, or maybe because I was never engaged in any forum where I can get advice from fellow traders.
I really want to know what does a trading plan/ system actually consists of? A point by point description, maybe? And do one really need a planned system, being discretionary doesn’t help? Thanks!
read the book trading plan guide
trading Plans Made Simple: A Beginner’s Guide to Planning for Trading Success
Book by Davin Clarke and Jacqueline Clarke
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have you read this book?
@Lalit_Kishor have you?
Based on your reading of the book,
is there something you would like to add to this discussion?
…OR is there something your would like to say to vicky_jim’s comment
to request him to further clarify/justify why he recommended the book? 
( instead of simply “being blunt”, as you put it in another recent topic thread 
)
I need to know whether I should invest my time in it or not.
i’m being cynical and interrogative as always
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Find answers to the following questions and you have a plan
- What to Buy and Sell ?
- When to Buy and Sell ?
- What market to trade in ?
- What quantity need to be traded ?
- How much capital should be there in trading account ?
- When to roll over in case of F&O trading ?
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In addition to what was said above…
You can check out a book called “The Original Turtle Trading Rules”, it’s a free book that you can find from a Google search….
The first chapter includes this:
PS: I tried to upload the pdf, but that’s not allowed on this platform.
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Sure thing, thanks a lot. I’ll check it out.
A trading plan/system consists of a list of how you will carry the trading process, in your own individual style. It is a detailed plan that involves your budget, how you analyse the market, the kind of risk management strategies you wish to apply and when and the time frame you wish to make your trades. Without a plan in place, traders can lose focus and divert from the main goal. It helps omit mistakes and keeps the trader grounded. Yes, you need a system to make the right moves.