Trading Plans.

I'm a new forex "trader" (I use that word loosely)

I need to develop a trading plan, a set of parameters to enter exit all my trades on. I recently realized that I am a gambler, not a trader, and that the odds are in favor of the house.

Any suggestions to add to my plans? I will be trading EUR/USD , intraday, with a chart most likely in the 15min - 30 min timeframe. I am really interested in what EMA , SMA you have found works well with this pair/timeframes. Any body wanna throw some ideas at me? I will of course be backtesting all recomendations.

Also looking for a good charting tool for FIB plotting. my existing chart tool is not so good with FIB anything!




{narafa change: Just fixed a spelling mistake. The word trading goes like this, not tradeing. No offense to anyone or the poster, we all slip.}

First off don;t trade the 15-20 minute time frame. Trade the day time frame for a year and then if you are making money, move down to the four hour. If you can make money in the four hour, then move to the hour. Don't go lower than the hour, you will be throughing the dice if you trade lower than the hour.