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 Devising a Business Plan

When looking at the largest companies in the world, Fortune 500 companies for example, there is one common thread to all: structure of management and operational responsibilities. The Chief Financial Officer (CFO) manages the financial risks of the company and is also responsible for financial planning and record keeping. The Chief Operation Officer (COO) is responsible for managing the day-to-day activities of the company. And at the top of every major company stands a Chief Executive Officer (CEO). The CEO’s job it to create a vision for the company and direction to his management team to develop and implement a roadmap to accomplish those goals. These three senior executive positions are the highest paid in the company. Have you ever stopped for a second and asked why? The answer is because they are the most important positions and unless very capable people are at the helm the company will surely fail.

As a trader who aspires to succeed in trading, you have to act as the CEO, CFO and COO of your trading “company.” Therefore, you must have a business plan. A good business plan will include the vision of what you are trying to accomplish as a professional trader and the means of getting there.