8/7/2025 - Every serious trader is an entrepreneur. We take the first step toward development when we make our trading business our business. That means having a business plan, detailing our goals and the resources we need to reach those goals. A great exercise that I've described in the past is to write out the business plan for your trading business. Then put it away and read it carefully the next day, asking yourself, "If someone came to me with this plan, would I invest my money in their business?" If the answer isn't "Hell, yeah!", perhaps we should rethink what we're doing with our time and energy.A solid business plan for a trader describes in detail the opportunities pursued in markets and how those will be pursued; how capital will be allocated to trades; how risk will be managed; how performance will be reviewed and improved; and how new areas of business opportunity will be researched and developed. Without sound business planning, can you truly expect to trade in a planned and sound fashion?
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