"I’ve observed that very few people operate according to a plan. In the micro sense, too many traders are undisciplined in their trading. They try to pick tops only to have the market keep rallying, or they buy what they think is a dip, only to have the market fall some more. They can not manage their risk, their capital, or themselves. This need to have a trading plan is as important for the novice trader as it is for the experienced professional, and vice versa."