Which items would you never skip in a trade plan?

A written plan turns an impulse into a decision that can be reviewed later. It usually covers the reason for the trade, the entry, the stop, the target, the size and the conditions that would make you exit early. Members who skip the writing often find that they change the plan during the trade, and then cannot tell afterwards whether the change helped. Before your first live trade, what should be on the checklist? is a related discussion on the checks that come before the plan, and the plan is the next step after that checklist.

The question is what you put in your plan, and how you stop yourself from changing it under pressure. A short plan that you follow is worth more than a long one you abandon. Members often find that writing the reason for a trade in one sentence is the most useful line, because a vague reason makes an exit decision harder when the price moves.

We would like to hear your plan:

• Which items must be in your plan before you open a trade?
• How do you record the reason for the trade in one sentence?
• Have you ever changed a plan mid-trade? What did it cost you?
• How long does your plan take to write, and is that time worth it?

Please share your own approach and reasoning, not calls for others to copy. Posts that promise a direction or sell signals will be removed.