To become a successful trader it is 100% necessary to have a goal and plan written down on paper. You need to know what you’re going to do in certain instances such as draw-down periods, winning streaks, you need to know what entry criteria you are going to have to take a trade, what type of trader you’re going to be such as trend trader, counter trend, day trader, swing, etc.
Another big advantage of having a plan is that it is a great way to stay on track, like your own little roadmap to success.
Imagine you want to go on a cross country road trip, without signs, maps, or GPS, you will highly likely get lost along the way. Well, trading is the same. Without your roadmap and trading plan, you will highly likely get lost along the way.