- Having a plan is essential for achieving trading success.
- A trading plan should be written in stone, but is subject to reevaluation and can be adjusted along with changing market conditions.
- A solid trading plan considers the trader's personal style and goals.
- Knowing when to exit a trade is just as important as knowing when to enter the position.
- Stop-loss prices and profit targets should be added to the trading plan to identify specific exit points for each trade.