do you have a written trading plan?

Merlin

I think you need to qualify your question better....

A written trading plan can be one paragraph or 200 pages. It could be comprised of a written metatrader EA or an excel spreadsheet or all of the above. It could just contain broad goal oriented statements or a set of detailed rules that outline every trading permutation.

Sorry to be difficult but I find it hard to respond to such a broad question. What exactly do you mean?

TrevA

I have one.

I think Merlin's point is that many people trading don't have a written plan--not even a single paragraph. So I think any written plan counts no matter how short, long, vague, detailed, etc.

i was loosing account after account until i made a plan
write it down on my finance notes very roughly as the paper have not much space. that was targets i set for next 2 years divide them into monthly and daily targets
set daily loss limit. set order size. select a scalping strategy.
which is by product of merlin,s euro riddle and hoss 1 min scalping method. applied it on all majors and all time frames.(IT EVEN WORKS ON MONTHLY TIME FRAMES)
I ACHIEVED MY TARGETS IN HALF OF THE TIME.

I THINK IT IS THE POWER OF A PLAN

In addition to that preliminary plan I found very useful a trading log.

Write how did you feel on opening/holding/closing every single trade and read it later. Next year.

You'll find it useful, amusing and maybe a little bit embarrassing.

That would mean you're improving.

yes , i have one written in a moleskine notepad , unfortunattly i write my mistakes and dont get back to it , thanks for letting me remember

i believe one's thoughts should be written , as a mirror to his thoughts

I am a complete novice, so my rules aren't completely detailed but I do have some. They've been changing/building as a learn a bit more about Forex, reading charts, and understanding announcements. The basic steady ones that I've established for myself are a little embarrassing, however:

1) Don't chase trades. (This one has eaten up about 15% of my account)

2) Always place a stop-loss.

3) Stop trading for the day if my anger or excitement is evident.

I'm reading up on indicators and general analysis, so my entry and exit points aren't concrete and most times poorly placed. I'm definitely in that 90+% right now. However, I'm staying positive as I continue to learn.

I never wrote it down on a papers

But i know its in my blood

Yes, no matter how small the plan, stick to it.

Repeat... and you on your way!

I fly by the seat of my pants.. guess that's my problem

Hi Merlin

Good to read your question.

I am still considering myself a newbie.
FYI, I prefer candlestick patterns (trading) like PBs, Stars at SL/RL/TL.
How to incorporate CPs at SL/Rl/TL into a trading plan?
Hope you will extend some lights?

p.s. Sorry English is not my main language.

Thanks & Cheers

Got one - fill out daily sheet and follow it closely.

Need trading plan and hopefully everyone also uses a trading log as well. Very important as well.

If you want to survive you must have a trading plan!