Not having a trading plan can lead to impulsive and emotional trading decisions, which can result in losses. It is easy to get caught up in the excitement of the market and make impulsive trades without proper analysis or risk management, which can be disastrous. Without a trading plan, traders are more likely to succumb to their emotions, such as fear and greed, and make irrational decisions based on impulse rather than sound analysis. Additionally, not having a plan can make it difficult to measure and evaluate trading performance, making it harder to identify areas for improvement. Overall, having a trading plan can help traders stay focused, disciplined, and consistent, which are all crucial for success in the Forex market.
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