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The importance of this sentence cannot be emphasized enough. The fact is that traders who carefully plan each trade have a much better chance of making money than those who don't. In fact, the simple act of drafting a plan can significantly increase the odds that your trade will be profitable. Technical analysis constitutes only one part of an entire trading system, and unless you do not incorporate the other aspects of Money Management and Trading Psychology, your chances of survival are pretty much dim. Would you say that determining market direction and choosing indicators are relevant in making money in trading? If you look for these, you become an analyst, not a trader. Learn how to develop a trading plan, and the skills needed to follow the plan.
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