Trading Plan: Before opening a position, answer these 3 questions to filter out 80% of impulsive trades

📝 Before every time you’re about to open a position, force yourself to stop and write down these 3 questions on paper (or in a memo):
1. Why am I opening a position at this location? (You must have clear technical or logical support)
2. If I’m wrong, where is my stop-loss? Can I accept the loss amount? (If the loss amount keeps you from sleeping, your position size is too heavy)
3. If I’m right, where is my take-profit target? Is the risk-reward worth it? (Trades with a risk-reward below 1:2 aren’t worth doing)
If you can’t answer these 3 questions, or your answers are vague, don’t open a position.
💡 Today’s golden quote: Plan your trades; trade your plan. Opening a position without a plan is gambling.
$ETH ‌$BTC ‌