20 Most Common Trading Mistakes – And How You Can Avoid Them : [PDF Download]

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“Your trading plan will be a constantly evolving document. Like a living organism, it will grow, expand and change with you as you develop as a trader. While it is important to know exactly what your rules of engagement are, it is also important to realise that these will change over time. For example, you may move from trading shares to trading futures.

Changes to some markets or regulatory controls imposed by ill-informed rule makers may force you to adjust the markets you trade or the instruments you use to trade these markets. Your lifestyle may change as a result of shifting family circumstances, such as children entering your life.

Life is a constant state of ebb and flow as a huge variety of external forces effect the way we trade, the time and capital we have available, and the markets we can or want to trade. This flexibility is just as important as the discipline of writing down your trading plan.

The most important thing to do is recognise and document these changes in your trading plan so you know exactly what it is you are doing all of the time. Anybody who plans to invest money in the market needs a trading plan.

Think about it, if you were to buy a business, would you buy it without analysing it and understanding its costs, profit potential, drawdowns, worst-case scenarios and working out a plan to market it? Trading is no different and should be treated the same way.”

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