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A trading plan incorporates risk management strategies such as setting stop-loss orders and determining position sizes based on risk tolerance. Without a plan, traders may expose themselves to excessive risk or fail to implement appropriate risk management measures.

The basic philosophy is that trading plans are customized to suit investors’ objectives and personal goals. Details and amount of guidance of a trading plan depend on the type of trader. For example, trading plans for swing traders or day traders are quite lengthy and contain detailed information.