1. It is human tendency to not to make a trading plan as traders think that they can manage without a trading plan. Thus as a day trader one must be prepared with the trading plan as it enables one to be ready to take a decision. Every aspect of an individual trading be broken down into priority levels which can be further sub divided into must know, should know and nice to know. The benefit of having a trading plan is that one can analyze the decisions and thus can find out the reasons for failure or success.

2. One has to understand that each trade has a number of decision points and thus a trading plan enables indication of failure in offing before hand only. Decision points increases if one is trading on a shorter horizon or time frame. One has to be prepared to take decisions to make continuous profit from the stock market.

3. As a trader one must be able to visualize the repeatable events consistently and knowing what to do with these events and thus as a trader one has to be in control of mind to make consistent profit from the stk market.