TWO: A Trading Plan, Having and Using
Trading any of the financial markets is a one on one activity. If someone is going to do it for you it is you. You will need to follow a trading plan and guess who is going to have to write that trading plan. You can get examples of how to construct a trading plan but you have to put in your personal information.
This is something you will actually have to write out. Long hand or computer generated but you will need a hard copy to refer to, it needs to be in front of you. You will need to have your trading rules to refer to so you stay on track. You just need to get the rules down then follow them.
You need at least three parts: the Setup, Entry and Exit. You can find an example of a trading plan in this blog under favorites posts.
A trading plan should be thought out and cover every eventuality. When to trade, how much to trade, when to enter, when to exit, all the details of how your trading will take place. By doing this part of your trading career puts you way ahead of where you will be if you by pass it. You will be wandering around trying to figure out why things happen or what just happened.
Keep it simple and follow it religiously.
Tagged With Forex market, forex strategy, Inside The Trader's Mind, trading plan, Trading smart
Comments
Leave a Reply
Social Links
