# Planning your trade is Important! **URL:** \ **Category:** General Discussion\ **Tags:** demoaccount, trading\ **Created:** [November 22, 2022, 5:47am UTC](https://community.deriv.com/t/planning-your-trade-is-important/39856 "2022-11-22T05:47:50Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![Deriv\_adminN5](https://sea2.discourse-cdn.com/flex020/user_avatar/community.deriv.com/deriv_adminn5/32/5126_2.png) [@Deriv\_adminN5](https://community.deriv.com/u/Deriv_adminN5)\ **Post date:** [November 22, 2022, 5:47am UTC](https://community.deriv.com/t/planning-your-trade-is-important/39856/1 "2022-11-22T05:47:50Z")
Hello Deriv Community Members Trading online can be exciting, but it’s important to be reminded that there are risks involved. We encourage all our users to secure their accounts and trade responsibly to experience the best in online trading. It’s impossible to know what you’re doing right from wrong if you fail to plan your trade. If you fail to plan, then you’ve already planned to fail. A plan helps you trade consistently, manage your emotions, and even help to improve your trading strategy. It also helps you maintain discipline as a trader. Trading is about decisions. A trading plan lays out all the criteria that must be met before any trading decision is made. It will always point you in the right direction no matter the distractions present. A trading plan outlines how a trader will find and execute trades, and it is different from a trading strategy. A trading strategy will guide how you will enter and exit trades in the markets in a manner that enhances profitability and reduces risk exposure. A trading strategy can be based on technical analysis or fundamental analysis. ![image](https://sea2.discourse-cdn.com/flex020/images/transparent.png) You may refer to various articles here on Deriv Community which provide many insights to help your trading journey. You may also refer to our articles such as : > [@Useful tips to trade online via 7 Traits of Top Traders (eBook)](https://community.deriv.com/t/useful-tips-to-trade-online-via-7-traits-of-top-traders-ebook/34638): > > Dear Deriv Community, Every trading journey is personal and some are admittedly more successful than others. Here are a few tips to trade: :chart\_with\_upwards\_trend:Everyone wants to win, no one wants to lose. We need to know when to cut our losses. it’s a bad idea to keep an unprofitable trade open and let it accumulate losses, which will also make it harder to gain any profit. :chart\_with\_upwards\_trend:It’s important to have an exit strategy and follow it. Deciding when to exit a trade is … If you are not sure how to start trading with real money, please use demo accounts to practice and try out your strategy, as our demo accounts are absolutely free to our clients. You can top up your balance an unlimited number of times to find the best trading strategy. > [@Demo account resetting balance (VRTC)](https://community.deriv.com/t/demo-account-top-up-vrtc/26712): > > Dear members of the community, By default, all demo accounts (VRTC) will have a starting balance of 10,000.00 USD. This amount cannot be “customized” or fit to a particular account or personal needs. If you want to decrease this amount to make your demo trading as close to real as possible, we can advise you to trade until the desired amount is reached. In order to reset the demo account’s balance, go to the top right of the website where you can see the account balance (being in the virtual … If you have any questions, please visit our Help Centre or contact us via Live Chat and WhatsApp. > **[Help Centre | Frequently Asked Questions | Deriv](https://deriv.com/help-centre)** > > Have questions on your trading account, how our trading platforms work or about trading? Read our FAQ’s or contact us through Deriv live chat. ---
**Author:** ![Deriv\_adminN5](https://sea2.discourse-cdn.com/flex020/user_avatar/community.deriv.com/deriv_adminn5/32/5126_2.png) [@Deriv\_adminN5](https://community.deriv.com/u/Deriv_adminN5)\ **Post date:** [November 24, 2022, 6:25am UTC](https://community.deriv.com/t/planning-your-trade-is-important/39856/2 "2022-11-24T06:25:04Z")