People often have such a misunderstanding that as long as they have extremely rich market knowledge and accumulated years of experience, they can become a successful foreign exchange trader. But in fact, if a trader does not have a trading plan and no trading strategy, he cannot judge whether the transaction is successful or not. Many people trade without any plan, so it is not surprising that they end up losing money.
In a sense, creating a trading plan is equivalent to creating a business. The goal of spot silver trading is not to beat the market, profit is the ultimate goal. Before entering the market, everyone should first figure out which type of trader they belong to, and then make a plan and trade accordingly. Be sure to put the plan on paper instead of just keeping it in your mind. Because writing down the plan will allow traders to focus more on their trading goals.
In the actual on-the-spot operation, the less personal judgment and emotion the investor has, the more beneficial it is, and the plan can help traders achieve self-discipline. With it in hand, it is easier for traders to do continuous trading, emotional control, and even improve trading strategies. Of course, after making a plan, the key is to implement it effectively. Many traders also often make the mistake of spending a lot of energy making a plan but never actually implementing it.
Doing spot silver, if a trader takes quick and high profits as the only goal of the transaction, it may be doomed to failure, because the pursuit of money is endless, and risk control is the first priority in the transaction. Only at this point can you become a winner in the spot silver market in the long run.