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  • Trading Plan Guide PDF

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    Truong Hai Hung
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    The document provides a guide for creating a complete trading plan. It outlines key components to include such as trading objectives, strategies, risk management, trade setups and management. This will help traders navigate the forex market and improve their chances of success by having a clear and defined plan to follow. The guide stresses the importance of documenting progress and testing strategies to find what works best for the individual trader.

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    The document provides a guide for creating a complete trading plan. It outlines key components to include such as trading objectives, strategies, risk management, trade setups and management. This will help traders navigate the forex market and improve their chances of success by having a clear and defined plan to follow. The guide stresses the importance of documenting progress and testing strategies to find what works best for the individual trader.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    239 views9 pages

    Trading Plan Guide PDF

    Uploaded by

    Truong Hai Hung
    The document provides a guide for creating a complete trading plan. It outlines key components to include such as trading objectives, strategies, risk management, trade setups and management. This will help traders navigate the forex market and improve their chances of success by having a clear and defined plan to follow. The guide stresses the importance of documenting progress and testing strategies to find what works best for the individual trader.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 9

    A complete guide for building your

    Trading Plan
    A complete guide for building your Trading Plan

    The common problem that most forex traders


    deal with when first starting out is the lack of a
    proper trading plan.
    Diving into forex trading without a clear plan is
    like riding a bicycle without training wheels.
    Few traders realize the importance of a well-
    defined strategy and trading routine.
    A trading plan provides you with clear steps and
    actions to implement. Reduces improvisation
    and stress since you will know exactly what to
    do for every scenario.
    We are happy to present you with this guide
    for building your complete trading plan. We
    have done our part, now is your turn to commit
    to following this guide so you create your own
    trading plan.

    let’s start!
    Trading Objectives
    Why do I trade? What are my goals?

    I’m currently trading: Full Time / Part Time / For Fun / For Curiosity/ Other

    Why do I love trading?

    What are my expectations from trading?

    When does trading fulfill me?

    When does trading distress me?

    Name 5 strengths of you and how can they be used in trading?

    1.

    2.

    3.

    4.

    5.

    Name 5 weaknesses and how could you bypass them while trading:

    1.

    2.

    3.

    4.

    5.
    Key skills I still need to acquire:

    Write down a statement for good trading days:

    Write down a motivational statement for bad trading days:


    Building Your Strategy

    Strategy Name:

    Strategy Objectives: (describe your strategy)

    Strategy Context: (when does this strategy works better)

    1. Filters:

    Pairs

    Time Frames

    Indicators

    Scripts/EA

    2. Setup

    What are you looking for in the charts



    What variations you know for this setup
    3. Trigger

    When will you enter a trade (entry signal)


    What is a high quality signal

    What is a low quality signal

    How will you enter the trade (type order)

    ❏ Market order Limit order ❏ Stop order

    When you should not trade the setup

    4. Stop

    When will you exit the trade, where is your stop loss placed

    5. Target

    Where is your take profit? Why there?

    What is a high quality TP level


    6. Trade Management

    How will you manage the trade if it goes in your favor

    ❏ ❏Scale in Scale out ❏ ❏Trailing Stop

    Describe

    How will you manage the trade if it goes against you

    ❏ ❏Scale in Scale out ❏Hedge

    Describe

    When will you stop trading?

    Daily Target

    Daily Loss

    Time limit
    Daily Checkup

    Self Evaluation
    Before taking a trade ask yourself the following:

    Is my environment set up for the trading session?

    Yes, all in place


    No, let’s start with that

    Do I feel mentally ready for this session?

    Yes, let’s go!


    No, so I have to be more cautious or consider not to trade

    Do I feel emotionally ready for this session?

    Yes, onward!
    No, I need to be aware of that when trading or consider not to trade

    I know what I want to achieve in this trading session?

    Yes, describe
    No, so why am I trading today?

    Trade Checklist

    Before taking a trade ask yourself the following:

    Does this trade meet all my trading parameters?

    Setup
    Correct lot size
    Correct stop loss
    Correct take profit

    Is this a:

    high-quality signal
    low-quality signal
    Session Recap

    After a trading session ask yourself

    Despite the outcome, did I take the trades I needed to take according to my strategy?

    Yes
    No, why?

    Was my lot size the correct one?

    Yes
    No

    Did I get emotional during the trading session?

    Yes
    No

    How do I feel now?

    What do I need to do in order to feel good after the next trading session?

    Documenting your progress in forex trading will help you avoid repeating costly
    mistakes and improve your strategic ideas. So, if you want to find success in forex
    trading, a winning trading plan is the best way to go about it. All traders must have their
    plan, which should account for personal trading goals and styles.
    In times of trouble and in times of prosperity, your trading plan will keep you afloat and
    able to navigate the constantly changing dynamics of the market. So take your time,
    test, tweak, and most importantly, believe in your trading plan.

    High 5!

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