The Trader Business Plan

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The Trader Business Plan

Many people, excited by the opportunities presented in the markets, leap before they look. Some people find temporary success “winging it” or learning as they go. However, more often than not, that approach results in massive drawdowns, despondency and closed trading accounts.

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The Trader Business Plan

Many people, excited by the opportunities presented in the markets, leap before they look. Some people find temporary success “winging it” or learning as they go. However, more often than not, that approach results in massive drawdowns, despondency and closed trading accounts. Newcomers to the markets, and even those who have already started trading (even successfully), may find themselves reading this article and thinking “What does this chap mean by…?” or “I never thought of that”. If that’s the case, you may very well benefit from the time investment required to thoroughly learn your trade, study all the tools available, and design a business plan before expanding your activity in the markets. Here, Chris Terry offers an outline for designing a business plan with the elements required for a successful career trading.

Just as a carpenter needs his hammer, saw, and blueprints, it is important for the trader to be well equipped with the proper tools. The trader must have a good charting platform, data feed, books, and proper education. However, the most important tool required for trading success is a good, solid business plan.

There is a saying: “Without a plan to win, you automatically plan to fail.” Compare trying to trade without a “goal” to a soccer team playing without a goal or a net to put the ball in for a score. They would run the field in circles aimlessly until they tired out. Below we examine the basic concepts for how to develop a business plan. This is an outline to inspire ideas. Traders should use the ideas only to inspire and design their personal, custom plan.

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