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Business Plan and Discipline

Trading is one of the most difficult profession, winning traders have business plans.  They have set of rules and guidelines to help keep their ship sailing in the right direction. Business plan in trading would cover time spend to study  markets and trading, techniques and strategies to focus on, systems to use,  expenses involved, maximum loss per trade, maximum drawdown, objectives and goals,  etc. Best traders keep revisiting there business plans and change them when necessary, improving it with each iteration.  Last but not least, the most important trait you would see in all successful traders is discipline. Without discipline no trader could be competent, because knowing in not the same as doing. Competence means that one has progressed beyond knowing what to do, to doing what one knows. Discipline makes trader competent.