Heres My New Trading Plan. What Do You Think?
some charts of examples? thx
Hi, your trading plan looks pretty good.
What I would add is:
what are you going to do when things go wrong
What is your target in pips / day
How are you going to review your trades and how often?
When are you going to withdraw money
What are your high level goals and objectives ie why are you trading? It's not for the sake of trading. What is the higher purpose, goals, and objectives.
I have posted my trading plan on my blog: My Quest to Make a Million Dollars Trading Forex . It's not perfect, but you might find it interesting to compare and maybe get some ideas.
Best of luck. Like you, I am part way towards my objective. Unlike you, I have attended the university of lost shirts for 4 years, finally learned something, and I really think I'm gonna do it this time!
Hi, your trading plan looks pretty good.
What I would add is:
what are you going to do when things go wrong
What is your target in pips / day
How are you going to review your trades and how often?
When are you going to withdraw money
What are your high level goals and objectives ie why are you trading? It's not for the sake of trading. What is the higher purpose, goals, and objectives.
I have posted my trading plan on my blog: My Quest to Make a Million Dollars Trading Forex . It's not perfect, but you might find it interesting to compare and maybe get some ideas.
Best of luck. Like you, I am part way towards my objective. Unlike you, I have attended the university of lost shirts for 4 years, finally learned something, and I really think I'm gonna do it this time!Good luck to be soon millionaire.
Online Currency Trading by Robots
Bongo
Thanks Bongo 
sorry to disappoint you, but you will fail with the plan
sorry to disappoint you, but you will fail with the plan
Well aren't you just the little ray of sunshine. Do you like to tell people they will fail with no substantiation or explaination? Does it make you feel important? And is it any of your business whether I will fail or not?
If you want to offer some advice or something constructive I am all ears. Otherwise keep your negativity to yourself.
The foremost way to make money through forex market is to ensure your trading. If you trade yourself, you will surely get guaranteed results. However, it may take a bit of time. But this strategy is quite favorable if you consistently follow it.
long and short, have you tried to trade a little bit on a demo account, before stepping in into the deep water 
... and if you had, any luck with the demo account on that strategy that you described ? I know that without the fear factor, it's never the same, but it's a good start for a newbie.
Hi there
I have set a 12 month challenge for my self to be able to consistently trade the sum of $2740 by the end of 12 months. I am 8 days in from never having read a single pice of anything about FX trading, so i am a definite newbie.
So after 7 days of full time study I have spent half of today putting together a very very very very........"very", basic trading plan that is certainly open for all of your very welcome suggestions and critique. So with out a 2 paragraph rant, here it is.
FX TRADING PLAN (draft one of many :-)
1. Define your entry strategy.
⁃ Day/Swing trade
⁃ Focus on Pin Bar setups only on the 4hr and 1 day chart
⁃ Enter the market "with" the trend
⁃ Look for 3-4 signals of confluence
⁃ Review NY Closing charts daily
⁃ Trade your watch-list of quality pairs "only"
Signals of confluence: (these are all i have come up with so far, i know there are "many" more)
▪ Pin bar itself (price action confirmation signal)
▪ Is there Two or more factors of confluence that support the direction of the trend
▪ 2 or more Previous bounces off the support or resistance points (depending on going long or short)
▪ Trending line can be drawn (a line connecting 3 higher highs or 3 lower lows)
▪ A Crossover of moving averages to the upside (long) or downside (short)
▪ the area where a horizontal line (established by other points of confluence) meets the moving average
▪ bounce of a moving average
*set horizontal lines (levels) on chart after identifying points of confluence to identify more points of confluence
Quality Pairs to trade:
▪ EUR/USD
▪ GBP/USD
▪ AUD/USD
▪ NZD/USD
▪ USD/JPY
▪ EUR/JPY
▪ GBP/JPY
▪ AUD/JPY
▪ XAGUSD
▪ XAUUSD
2. Determine the risk to reward scenario
⁃ identify a high-quality price action trading setup (this example is short)
⁃ Calculate the risk on the trade setup first
⁃ Mark risk level on chart
⁃ place a stop loss at one pip above the most recent high (or below the low if it was long)
⁃ the entry is a break of the low, one pip below the low
⁃ the risk is the distance from the low to the high of the pin bar
⁃ Calculate the reward as a multiple of the amount you have at risk (R)
⁃ Mark reward levels as multiples of risk on the chart (2R = 2:1, 3R = 3:1, 4R = 4:1) (These levels can be used to mark my trailing stops)
⁃ (optional) Employ trailing stops at 1R behind the market once you have reached your initial RR setting
* Do not define the reward first
* Do not set stop losses to close to trade entry level
* By concentrating on the risk first, instead of the reward, you become more aware of the risk on each trade setup
* Concentrate on �risk management�, rather than the �reward�
* the best traders in the world know that consistent trading profits come as a result of managing risk effectively
* always calculate your risk and reward in dollars, not in pips, only use pips to mark the risk and reward levels on your charts.
3. Adjusting the position size
▪ Fit the lot size to the stop loss and not the other way around
(the following is one of nail fullers examples)
If your R value is $100 and your stop loss is 109 pips away due to the previous low or high point compared to your proposed entry point, then adjust your per pip amount to .917 (100/109) to keep your risk at $100. Otherwise if you kept the lot size at 1 you would then be risking $109 dollars (9% more)
* You must learn to take into consideration the strength of the price action signal in question but also the context it is occurring in as the same pin bar setup could have different RR's in an uptrend to a downtrend to a ranging market
* Adjust the position size on the trade to meet the necessary stop-loss distance, NEVER adjust the stop-loss to meet a desired position size
4. Know what your exit strategy is BEFORE entering the trade
▪ Have a set R value to place "take profit" order at.
▪ Set the Take profit order relative to RR (the confluence of signals/trend/additional factors)
▪ Set stop loss 1 pip below/above previous high/low
▪ Set trailing loss after if/when you "reach" 1R above your original take profit order. Set it a 1R
▪ Do not meddle with trade once started
▪ Upon order getting filled or stopping out, remove yourself from the trading environment as this is your most emotionally vulnerable time.
Thats it so far
I know it's a long way from the trading plan required to trade $2740/day (there's that silly number again...it just doesnt work in this scenario does it :-D) but this is day 8 and lets see what unfolds in the next 8 days
I look forward to your responses and thanks for reading.
Nick Jordan
Day 8/365
Earnings to date $0.00Good plan. 2 thumbs!
Your plan is really good and I think, it will work. Only 3 currency pair :
EUR/USD
GBP/USD
AUD/USD
is in my trading list.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use