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A proper analysis is essential to trade effectively as it reduces the risk and helps to take the right decision at the right time
Trade plan which helps to fix the levels of entry price -stop loss- exit price. this can be done by technical analysis.
And It is essential because if we are not derive the trade plans means it is equal to rush ourselves to major loss
Trade plan is good tool it helps to takes rational decision
A trade plan is the noting down of all the details regarding a particular stock and mentioning the details by which you chose that stock, its price, its technical and fundamental analysis, the period to buy / the period to sell, stop loss etc.
it is very essential for us to know our accuracy and to analyze our decisions and to understand which theory works best for us.
A proper plan for ex. by analysis either by technical or fundamental analysis is required before entering a stock market.Otherwise most of the times we would never know how we are making money.When to buy/sell or when to create stop loss is a proper trade plan.
Trade plan is done before buying or selling the stock. Before buying analysis such as technical or fundamental has to be done. We have to decide whether long or short position has to be created. Plan has to be done with price and volume of the stock. we have to set stop loss limit to avoid huge loss. Trade plan is essential to avoid huge loss and make consistent profit.
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