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do you have a written trading plan?

  • Poll

  • Do you have a written trading plan?
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  • Post #1
  • Quote
  • First Post: Edited May 12, 2005 4:48pm Apr 9, 2005 6:28pm | Edited May 12, 2005 4:48pm
Be honest!
Relax and be happy.
What are the elements of a plan, or a sample plan?
You should know exactly what lot sizes you will trade, and which currency
pairs.

You should have exact entry and exit criteria.
Bob/autofx
Your in trouble if you said "no".
I think we all need some type of Flow-Chart system. How do you know were your going if you dont have a map? Unless your using GPS?
Quoting phillyforex
I think we all need some type of Flow-Chart system. How do you know were your going if you dont have a map? Unless your using GPS?
the flow chart idea is very good will be using it. Thanks for the idea
Quoting Drshon
What are the elements of a plan, or a sample plan?
I've posted this link on one of the other threads but a trading plan is so important I'll do it here as well http://www.trade2win.com/knowledge/a...-plan-template . This part was the most difficult thing to do for me as a newbie, and I believe that is why so few people actually do it, I was not sure what was suppose to be in it. Hope it helps.

Johan
Quoting marejp
I've posted this link on one of the other threads but a trading plan is so important I'll do it here as well http://www.trade2win.com/knowledge/a...-plan-template . This part was the most difficult thing to do for me as a newbie, and I believe that is why so few people actually do it, I was not sure what was suppose to be in it. Hope it helps.

Johan
Thank you Johan, this is realy good information.
Newbie here. Still learning. Don't have one nor know how to start one.

iamfrog2
I haven't got a trading plan. It sounds to me like a very funny idea. LoL
Quoting merlin
Be honest!
Not just a plan, but rules of trading.

So when I break a rule, I can say to myself, "dummy, you broke your rule and that is why you lost."

Patrick
Quoting marejp
I've posted this link on one of the other threads but a trading plan is so important I'll do it here as well http://www.trade2win.com/knowledge/a...-plan-template . This part was the most difficult thing to do for me as a newbie, and I believe that is why so few people actually do it, I was not sure what was suppose to be in it. Hope it helps.

Johan

A must read.
Just Trade It
  • Post #13
  • Quote
  • Edited 9:14am Feb 8, 2008 9:11am | Edited 9:14am
Didn't have one written but will start putting it down on paper (had it all in my head) this weekend!
Humble Lifetime Member
A big thank you goes out to the person that bumped this thread to get it on my radar. I have been looking for something exactly like this.

THE HUN.
Quoting thehun69
A big thank you goes out to the person that bumped this thread to get it on my radar. I have been looking for something exactly like this.

THE HUN.
Humble Lifetime Member
Quoting thehun69
A big thank you goes out to the person that bumped this thread to get it on my radar. I have been looking for something exactly like this.

THE HUN.
This thread died officially in June 2005, I brought it back to life today out of boredom

None the less it's still a good thread as most traders don't really have a plan.

Fail to plan, plan to fail
Just Trade It
Yes!

My written plan is word document that spans 3 pages.

They include rules on:

1. trend determination
2. entry trigger
3. stop loss
4. position size
5. trade management (i.e following the trade)
6. exit
7. pyramid rule
8. position trading (similar to jacko's a-h strategy)
Working towards CME membership
Yes, I have one, but I know it by memory now and stick to it rigitidly.
Yup, I have a plan too, in Microsoft Excel.
Trainee at UBS Investment Banking
Here's the simple formula I use to limit risk on each trade, and an example.

Account balance: b ($)
% risk: r (%)
Pip Rate: p ($)
stop loss: n (pips)
max lots open: ((b*r)/n)/p

ex:

Account balance: $10,000
% risk: 2%
Pip Rate: $9.32
stop loss: 10 pips
max lots open: ((10,000 * .02) / 10) / 9.32) = 2.14 or 2.1 lots

Of course I have separate rules concerning entry and tp, but this is the core of my strategy. Imo, ANY strategy can be profitable with proper money management.
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