If you don’t have a plan, you’ll soon have nothing. Trading without a plan is plain stupid. The inexperienced crash out quickly and those who by some fluke survive long enough to gain a bit of experience can still be wiped out in an instant. That’s no way to live.
A trading plan brings order out of chaos, structure out of confusion. It enables me to manage my reaction to change, following predefined and well-thought-out paths.
The greatest benefit of all is that it enables me to manage risk. (For the record, there is nothing more important than managing risk when handling leveraged financial instruments, which are akin to financial hand grenades.)
Taking time to carefully define a trading plan ...