» Create Trading Plan – Series http://www.forexstrategysecrets.com Thu, 22 Jul 2010 15:58:28 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 A Trading Plan and Discipline = Keys To success http://www.forexstrategysecrets.com/blog/a-trading-plan-and-discipline-keys-to-success.htm http://www.forexstrategysecrets.com/blog/a-trading-plan-and-discipline-keys-to-success.htm#comments Wed, 25 Nov 2009 19:58:42 +0000 Kirk http://www.forexstrategysecrets.com/?p=2669 “Only a trader with a solid, tested trading plan and the total discipline to execute that plan,
in all its aspects, will be equipped to take advantage of market opportunities and be a
consistently successful trader. All others will fail.”

Now ask yourself a couple of questions.

QUESTION 1:

How many times have you done a little chart work and you just “knew” that market was going to
take off? Then you hesitated, for whatever reason, to pull the trigger and the big trade slipped
away… again!

Problem: You have not created a solid trading plan you could trust and feel confident in
enough to make your move when you should have.

Solution: Learn what a “solid” trading plan IS… which includes a style of trader that fits
you, a heavy dose of money management and risk management (two separate things!), and a tight
entrance and exit strategy… then make yourself a trading plan, test it, run it on a demo
account, fine tune it then repeat it until it becomes second nature.

QUESTION 2:

Have you ever had a nice little winning streak, where you had 3 or 4 nice winners in a row,
only to put on that “final” trade where you watch all your profits go down the tubes?
Because you did not have a stop loss in place nor a trading plan to remind you to put a
stop loss on.

Problem: You’re out of control when things go “too well”. Your overconfidence gets the
best of you and you put on a trade that’s not a “high probability” trade because “you’re
on a roll”, or worse, you “load up positions” so you can really take advantage of your
“streak” without proper money management.

Solution: Train your mind (and I mean change your subconscious patterns, because your
subconscious beliefs control your actions) to stick to the “high probability” trades and
to honor your solid, tested trading plan. Treat your trading like a business, not a game.
Unless you get really honest, with yourself and where you are mentally and emotionally
with your trading and equally as honest with the “tightness” and quality of your trading
plan then you will NOT BE READY to take advantage of the opportunities that will soon be
upon you in the markets.

Here is something you need to know. The volatility that is present when trading the foreign
currency market will shake out those without a tight trading plan and solid discipline.

THE GOOD NEWS…

Like most traders, we struggled in our first few years of trading. We were not willing to
admit that the problem with our trading it was not the market and that the problem was ours
because of our lack of discipline. We even got to the point where I “personified” the
market … and felt that it was “out to get me”.

Then I did something that most traders are not willing to do, I looked in the mirror.
I got honest with myself. I realized that by going around thinking that I had many years
of trading experience and all I needed was more “experience”, I accepted the TRUTH… I was
a trader with 1 year of experience repeated several times!

I wasn’t changing. I wasn’t improving. I was lying to myself! That realization
changed EVERYTHING. Well, not the realization, but the ACTING on the realization.
I decided that I was going to get some help. I found some successful traders that had
been down the road and learn what I could from them. I also committed to myself that I
was going to be disciplined in what they asked me to do.

Here are some ideas on what you can do to turn your trading around.

FIRST:

Develop a tight plan of action (if you don’t know how, learn how). Review all that is
in the trading systems forexstrategysecrets.com has opened up to you. Then write out
your tight trading plan from the instruction you have available to you.

SECOND:

Understand that if you are not TOTALLY disciplined right now, you CAN be in a matter of
months, if you are trained properly.

YOU CAN DO THIS!

Big opportunities require big commitments. And if I’m right… you may vary will build
the fortune you have been dreaming of. The time is right, right now.

You can contact our Student Advisory Board and ask for an explanation of our affordable
coaching programs. I know this will light the way for improved trading.

800-961-6212 or support@forexstrategysecrets.com.

]]> http://www.forexstrategysecrets.com/blog/a-trading-plan-and-discipline-keys-to-success.htm/feed 0 6. Generate trades. 6 of 12 http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12-2.htm http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12-2.htm#comments Mon, 05 Oct 2009 17:23:46 +0000 Kirk http://www.forexstrategysecrets.com/?p=2094 Where and how will you find your next trade? Through sitting in front of the computer for hours?
Via:  an alerts system? At the time news comes out? The point is you need a plan for how you will
find enough trades to keep you interested and make money. The process of finding trades is NOT the
same as exiting the trades. Your first goal is to find trades to enter. Second, once you are in a
trade you can start the managing process. Third, when you have the trade under control you should
start to look for add on signals or exit signals.

]]> http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12-2.htm/feed 3 SUMMARY 12 of 12 http://www.forexstrategysecrets.com/blog/summary-12-of-12.htm http://www.forexstrategysecrets.com/blog/summary-12-of-12.htm#comments Fri, 21 Aug 2009 20:00:36 +0000 Kirk http://www.forexstrategysecrets.com/?p=2111 1.  Vision of why you are trading and where you want to go.  Identify the strategies and tactics
you will use.  A trading plan is a tool not just an exercise
2. Select the time you will trade, the time frames you will trade on (long or short term trading). 
Then pick out a set up for the ideal trade.  Visualize the ideal trade and focus on that type of
trading and ignore everything else.
3. Identify your strengths.  When you concentrate on your strengths then your weakness do not
have as much control over you.  If you do not find your strengths you will always be scraping for the
pips.
4. Develop your core Strengths.  Finding out what your core strengths are and learning how to
have your strengths work for you, will move you toward your goal more quickly.
5. Create a trading picture.  The trade journal gives you the picture you need to see where you
are going.  Make it simple and to the point.  This saves time when you are doing checkups and
accelerates your learning curve.
6. Finding Trades.  Use systems and tools to find trades, which will save you time and make you money.
Enter trades, manage trades, exit trades.  Then do it again.
7. Money Management.  Will help you make more and lose less on each trade.  So do not forget MM.
8. Schedule review time.  Keep your trading plan simple and review it often, keep it handy to
remind you of what you are trying to accomplish.
9. Understand the numbers.  Review where you are at then tweak your trading plan.  Do you need more
education?   At this point figure out what you need to do to stay on track with your trading growth
plans.
10.   Set Time lines.  Track actual results against your plan so you can adjust   your strategy
as you go and measure your success.
11.   Help from a trading expert.  Study, attend webinars, watch videos, and consider a mentor.
 

]]> http://www.forexstrategysecrets.com/blog/summary-12-of-12.htm/feed 0 11. Get help from a trading expert. 11 of 12 http://www.forexstrategysecrets.com/blog/11-get-help-from-a-trading-expert-11-of-12.htm http://www.forexstrategysecrets.com/blog/11-get-help-from-a-trading-expert-11-of-12.htm#comments Wed, 19 Aug 2009 20:00:37 +0000 Kirk http://www.forexstrategysecrets.com/?p=2107 Building and executing your trading action plan can take weeks or months. If you want to build and
execute in half the time, without tedious manual effort, check out the instructions on how to write
a trading plan from the instructions in launch Pad.  The instructions on our trading plan will walk
you through every stage of creating a stellar trading plan.  Study all the material you can get your
hands on. Attend or watch all the Webinars, all the trading videos, read all the articles found on the
membership page, and by all means practice trading.  
 

 

]]> http://www.forexstrategysecrets.com/blog/11-get-help-from-a-trading-expert-11-of-12.htm/feed 1 10. Forecast the time to hit your target. 10 of 12 http://www.forexstrategysecrets.com/blog/10-forecast-the-time-to-hit-your-target-10-of-12.htm http://www.forexstrategysecrets.com/blog/10-forecast-the-time-to-hit-your-target-10-of-12.htm#comments Mon, 17 Aug 2009 20:00:01 +0000 Kirk http://www.forexstrategysecrets.com/?p=2105 With your strategy in place, you can set time lines to hit those milestones on your way toward your
target.  Track actual results against your plan so you can adjust your strategy as you go and measure
your success.

]]> http://www.forexstrategysecrets.com/blog/10-forecast-the-time-to-hit-your-target-10-of-12.htm/feed 0 9. Understand your numbers. 9 of 12 http://www.forexstrategysecrets.com/blog/9-understand-your-numbers-9-of-12.htm http://www.forexstrategysecrets.com/blog/9-understand-your-numbers-9-of-12.htm#comments Fri, 14 Aug 2009 20:00:13 +0000 Kirk http://www.forexstrategysecrets.com/?p=2103 Look at the trade tracker, see where you were at on the first 20 trades (win-loss ration), then see
how you have improved over the next few groupings of 20 trades.  Identify what your strengths were
when you started and see what they are now.  Are your strengths still the same or have they changed? 
Are you a better trader in some areas or still the same?  Now based on where you are at and where you
want to go what do you need to do?  Do you need to tweak your trading plan?  Or get more education?  
At this point figure out what you need to do to stay on track with your trading growth plans.
 

 

]]> http://www.forexstrategysecrets.com/blog/9-understand-your-numbers-9-of-12.htm/feed 1 8. Plan and schedule review time. 8 of 12 http://www.forexstrategysecrets.com/blog/8-plan-and-schedule-review-time-8-of-12.htm http://www.forexstrategysecrets.com/blog/8-plan-and-schedule-review-time-8-of-12.htm#comments Wed, 12 Aug 2009 20:00:02 +0000 Kirk http://www.forexstrategysecrets.com/?p=2100 This entry is part 8 of 8 in the series Create Trading Plan

The time for action is now! Create a trading calendar, including milestones, so you can take action
and track your progress. Stick to your plan. Whatever it is that you have pledged to do, get it done!
It’s easy to get overwhelmed with a big task list so break it down into smaller, more manageable
pieces.   This is to say keep your trading plan simple and review it often, keep it handy to remind
you of what you are try to accomplish.

]]> http://www.forexstrategysecrets.com/blog/8-plan-and-schedule-review-time-8-of-12.htm/feed 0 7. Create a money management plan. 7 of 12 http://www.forexstrategysecrets.com/blog/7-create-a-money-management-plan-7-of-12.htm http://www.forexstrategysecrets.com/blog/7-create-a-money-management-plan-7-of-12.htm#comments Mon, 10 Aug 2009 20:00:55 +0000 Kirk http://www.forexstrategysecrets.com/?p=2098 This entry is part 7 of 8 in the series Create Trading Plan

What is your Money Management plan and how do you plan on using it?  Most traders spend the bulk of
their time hunting for new trades. However, focusing on your existing trade and looking for ways to
get a larger "share of each trade (adding on to the trade)" is where the money is.  As you start to
manage a trade, start to look for more reasons to stay in a winning trade.  This does not mean to
hang onto a losing trade.  If you have losing trades look to get out quickly. 

 

]]> http://www.forexstrategysecrets.com/blog/7-create-a-money-management-plan-7-of-12.htm/feed 0 6. Generate trades. 6 of 12 http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12.htm http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12.htm#comments Fri, 07 Aug 2009 20:00:13 +0000 Kirk http://www.forexstrategysecrets.com/?p=2096 This entry is part 6 of 8 in the series Create Trading Plan

Where and how will you find your next trade? Through sitting in front of the computer for hours?
Via:  an alerts system? At the time news comes out? The point is you need a plan for how you will
find enough trades to keep you interested and make money. The process of finding trades is NOT the
same as exiting the trades. Your first goal is to find trades to enter. Second, once you are in a
trade you can start the managing process. Third, when you have the trade under control you should
start to look for add on signals or exit signals.

]]> http://www.forexstrategysecrets.com/blog/6-generate-trades-6-of-12.htm/feed 1 5. Create a magnificent trading picture. 5 of 12 http://www.forexstrategysecrets.com/blog/5-create-a-magnificent-trading-picture-5-of-12.htm http://www.forexstrategysecrets.com/blog/5-create-a-magnificent-trading-picture-5-of-12.htm#comments Wed, 05 Aug 2009 20:00:03 +0000 Kirk http://www.forexstrategysecrets.com/?p=2091 This entry is part 5 of 8 in the series Create Trading Plan

Let your trading journal teach you what you need to do more of. Create collateral (a pile of good trades in your
trade journal) that educates you and compels you to see the way you should trade. Make sure your trading journal
include tons of examples of your successful trades.  Make notes of what you do right and what you do wrong.  The
notes should include the processes and procedures you used to take a trade.  Just remember, you are not going to
want to spend hours going over your records so make the information to the point to accelerate your learning curve.

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