Forex: Sample trading plan

Résumé du document

The rules are unique for each person. You have to fix your own rules according to your personality. Each time you take a decision, you can try to put your decision into an emotion and check if you respect your own rules. Remember that human is emotional so decision can be. If you think that you emotion wasn't rational, you were under pressure so you focus and be honest with yourself. These rules permit to fix a philosophical thinking of trading that reach the discipline necessary, so you can change it and adapt it during the time you trade and learn about yourself.Because our goal is not to be influenced by our results but more to work on the process. We check if we do mistakes most of the time. The kind of mistake that we usually do. Mistakes that is made repetitively has the more impact in our strategy because we don't follow correctly our plan. That means our results is not fit according to our strategy planned.

As we saw, trading is a mental game, where emotion is a key on each decision. It means that we usually don't do what we plan to do because of emotion. To keep focus on our strategy, we review the position to find any psychological bias in our decision then we can learn more about our emotions during trading.

Extraits

[...] Forex: Sample trading plan This document is a trading plan that all traders in the FOREX have to develop. I personally put my trading plan for your reference and I hope it can help you to improve. This trading plan is not a conclusion, it is just a start that you can continuously improve and adapt to your way. I started to work on my trading plan after writing my last year study thesis. If you have read it you must understand that any successful trader have to write a trading plan. [...]

[...] - Stop or trailing stop reached ? Premature Exit/Closing trade o Take profit when the profit target meet a resistance zone o Take profit when market change direction o Take profit when RSI show the end of a trend 4. Debriefing of the position - Win or Loss ? - If loss, our stop loss was it well positionned ? - If loss, series of loss ? How many loss ? - If win, the profit target was well positionned ? [...]

[...] The more important is to try to find conclusion about when to use the strategy on the market. It is during a ranging market ? Trending market ? Which kind of period or time ? Each strategy backtesting has to make conclusions. REVIEW For reviewing, it is important to check back our position taken during the week. - Did we respect our strategy choosen ? [...]

[...] It includes, the forum time participation, the trading time, the learning time and the reviewing time. Organizing the work is the way to reach a good discipline in what ever we are doing (dancing, learning, teaching, reading ) I will try to make these steps each week period. TRADIMO LEARNING Learning sections: - Try to answer all quiz about my subject - Reviewing the learning sections - Participating to the forum - Reading section of the forum DETERMINING GOALS Personal Goals - Try many strategies in real money from 13July to 13 December - Backtesting all strategies to make statistic details and nominated them - Making 250 trades before December - Develop strong strategies according to market - Learning about Fundamentals trading with news - Writing what I do to sell it and improving my trading plan Risk Goals - Unlinked myself to the money of the trading account - It is a testing strategy account - Trading for experience and not for wining money OPERATIONAL MANAGEMENT FRACTAL STRATEGY Technical specifications - Check market directions on the 30 min chart - If market is up, look for down broken fractal as signal on 5 min chart - If market is down, look for up broken fractal as signal on 5 min chart 1. [...]

[...] - Was it the more adapted strategy to choose ? - If we choose another strategy do it works and why ? - Do the news has an impact in the position ? We use the trading journal to check back all positions. Do not waste too much time on finding explanation of each position, just focus on checking if you have respected clearly your strategy and what comments you can notice. Why should we review ? Because our goal is not to be influenced by our results but more to work on the process. [...]