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Thread: TRADING PLAN

  1. #1
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    TRADING PLAN

    HOW DO I CREATE A TRADING PLAN?



    Without a plan and a rules-based approach to trading,
    you are simply trading by the seat of your pants. It may seem
    to work for a while, but self-doubt and/or greed will ultimately
    get in the way of being successful.

    A trading plan serves as a steady anchor in chaotic markets, helping
    you forecast when to enter and exit the market. Best of all, it’s fairly
    easy to create. The following steps may help you get started.

    1)WHEN CONSTRUCTING A TRADING PLAN, ASK YOURSELF:

    *Will I trade only one specific currency pair or many?
    *Will I trade on a daily basis or hold my positions for days or longer?
    *How much do I want to make?
    *How much am I willing to lose per trade?
    *If I trade on a daily basis, how many consecutive losses will I tolerate before I stop for the day?
    *How will I analyze the markets? Will I look at news and other events? Will I examine charts and price movements?
    *How will I use stops to control my risk?
    *Will I have one profit target or multiple targets?
    *What kind of profit can I reasonably expect to gain?

    2)USING YOUR ANSWERS, WRITE OUT A
    SHORT BUT DETAILED PLAN OF ACTION.

    3)NOW, COMES THE HARDEST PART — STICKING
    TO YOUR PLAN. TRY KEEPING A DIARY OF EVERY
    ONE OF YOUR TRADES. IT WILL FORCE YOU TO
    FOLLOW YOUR RULES AND AVOID IMPULSIVE
    TRADING AS MUCH AS POSSIBLE.







  2. #2
    Senior Trader
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    Quote Originally Posted by Vishnu View Post
    HOW DO I CREATE A TRADING PLAN?



    Without a plan and a rules-based approach to trading,
    you are simply trading by the seat of your pants. It may seem
    to work for a while, but self-doubt and/or greed will ultimately
    get in the way of being successful.

    A trading plan serves as a steady anchor in chaotic markets, helping
    you forecast when to enter and exit the market. Best of all, it’s fairly
    easy to create. The following steps may help you get started.

    1)WHEN CONSTRUCTING A TRADING PLAN, ASK YOURSELF:

    *Will I trade only one specific currency pair or many?
    *Will I trade on a daily basis or hold my positions for days or longer?
    *How much do I want to make?
    *How much am I willing to lose per trade?
    *If I trade on a daily basis, how many consecutive losses will I tolerate before I stop for the day?
    *How will I analyze the markets? Will I look at news and other events? Will I examine charts and price movements?
    *How will I use stops to control my risk?
    *Will I have one profit target or multiple targets?
    *What kind of profit can I reasonably expect to gain?

    2)USING YOUR ANSWERS, WRITE OUT A
    SHORT BUT DETAILED PLAN OF ACTION.

    3)NOW, COMES THE HARDEST PART — STICKING
    TO YOUR PLAN. TRY KEEPING A DIARY OF EVERY
    ONE OF YOUR TRADES. IT WILL FORCE YOU TO
    FOLLOW YOUR RULES AND AVOID IMPULSIVE
    TRADING AS MUCH AS POSSIBLE.






    For me, I just follow my checklist; there have 13 points on my checklist that I follow so honestly. Frankly, I never close my trade manually in the middle path whatever the recent move is, I always wait for the TP or SL, according to the check list. Even I use my SL & TP based on that chart.

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