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The weekly plan

  • #1
  • First Post: Apr 2, 2011 11:30pm Apr 2, 2011 11:30pm
So, im still very much the noob, but had my first profitable week lask week (I know, no pretence, do it for 3 months blah blah).

I have decided, of a weekend, to look at the majors and at least have a plan for the week. At the moment will such a small amount of capitol invested, I only trade for short periods, most orders are in for 3-4 hours and then I grab 10-30 pips of profit. However I do try to manouver a couple of posiitons to a few days to play the broader fundamentals.

To that end I have written up this plan : http://myforex-adventures.blogspot.c...ly-report.html

Now, I dont expect it to be right (I am still learning) but I would be interested in feedback, thoughts on bothering having a plan like this and also other elements I should consider when drawing up a plan.

I didnt cut n past it here as its a bit long and also I dont really want to be seen as giving advice as Im very much at the Muppet end of the Muppet to Master scale.

Still be interested in feedback.
  • #2
  • Apr 3, 2011 3:13am Apr 3, 2011 3:13am
Quoting Jeheil
So, im still very much the noob, but had my first profitable week lask week (I know, no pretence, do it for 3 months blah blah).

I have decided, of a weekend, to look at the majors and at least have a plan for the week. At the moment will such a small amount of capitol invested, I only trade for short periods, most orders are in for 3-4 hours and then I grab 10-30 pips of profit. However I do try to manouver a couple of posiitons to a few days to play the broader fundamentals.

To that end I have written up this plan : http://myforex-adventures.blogspot.c...ly-report.html...
I think your weekly plans are pretty good already.
Just speaking from my perspective here. I would do a bit more fundamental analysis, just to see if moves are justified on a grand scale. Or if they are more or less just faked.
Hm, and maybe think even longer-term. Like monthly to quaterly plans. I don't know if you ever read stories of the most successful traders in the world, but most are not trading short-term, but hold good positions for a long time (weeks to years), making up their profits for the year.

But this is just from my perspective. But anyways, you've got good plans already.
  • #3
  • Edited 5:49pm Apr 3, 2011 5:35am | Edited 5:49pm
Thanks for the feedback, not sure I have the information that lets me see fundamentals beyond a couple of weeks at the moment. Still learning where to grab stuff.

....and of course....the trick will be to take heed of my own plan...and have some patience as the reverberations of Friday settle down, specially in the Asian market which always seems a bit aimless with the lead from the US/Europe.
  • #4
  • Apr 4, 2011 1:18am Apr 4, 2011 1:18am
Nice post, but 1 comment on the point no 9. Risk Can Be Predetermined, but Reward is Unpredictable!

As a traders, i believe Risk and Reward should pre-determine before you enter into a trade. :-)
  • #5
  • Apr 4, 2011 4:58am Apr 4, 2011 4:58am
Thanks and yes, I think your point is probably right, in that, the intention (indeed the reason we have a plan) is a calculated risk/reward as opposed to a guess.
  • #6
  • Apr 4, 2011 5:07am Apr 4, 2011 5:07am
Quoting Jeheil
Thanks and yes, I think your point is probably right, in that, the intention (indeed the reason we have a plan) is a calculated risk/reward as opposed to a guess.
I think the other poster is partly right. You just need to calculate the minimum risk/reward you want. Cause in the end you don't know what the reward will be, but you want a minimum reward for the risk you take.
  • #7
  • Apr 9, 2011 7:00pm Apr 9, 2011 7:00pm
I wrote my weekly plan for the first time last week and found it a very helpful excersize indeed. I entered the week with a set of expectations for each major pair and in general (barring Thursdays turmoil) benefited from the foresight.

Ive updated it again (http://myforex-adventures.blogspot.c...ly-report.html) for this week and will see how well my understanding of the currency markets is maturing.

Once again I would welcome comment and insight.
  • #8
  • Apr 10, 2011 1:32am Apr 10, 2011 1:32am
Quoting Jeheil
I wrote my weekly plan for the first time last week and found it a very helpful excersize indeed. I entered the week with a set of expectations for each major pair and in general (barring Thursdays turmoil) benefited from the foresight.

Ive updated it again (http://myforex-adventures.blogspot.c...ly-report.html) for this week and will see how well my understanding of the currency markets is maturing.

Once again I would welcome comment and insight.
Awesome weekly plan. Now that is a robust analysis. If you do that often enough, you will be able to anticipate different fundamental scenarios.

very good!

I think you forgot one aspect (hopefully I didn't overlook it). The middle east crisis. it will have a medium-term impact on oil probably. oil up = cad up.
  • #9
  • Apr 16, 2011 9:45pm Apr 16, 2011 9:45pm
Ive upated my weekly plan ahead of what could be either a very intersting or very weak week of trading.

http://myforex-adventures.blogspot.c...ly-report.html

As always, interested in feedback, insights and criticism.
  • #10
  • Apr 17, 2011 9:09pm Apr 17, 2011 9:09pm
Hey, I like how you have a detailed blog....it helps to keep you focused and think through trades. The one thing I would suggest is to pick one currency pair to trade and get a solid chart set-up. I trade EUR USD mostly, but you can pick anything

The best traders learn to let profits run and cut losses short. Risk/Reward is the most important ingredient to a steady rising equity curve.
  • #11
  • Apr 18, 2011 12:53am Apr 18, 2011 12:53am
Quoting drumdude
Hey, I like how you have a detailed blog....it helps to keep you focused and think through trades. The one thing I would suggest is to pick one currency pair to trade and get a solid chart set-up. I trade EUR USD mostly, but you can pick anything

The best traders learn to let profits run and cut losses short. Risk/Reward is the most important ingredient to a steady rising equity curve.
A net profitable system is always a function of risk/reward AND win/loss. They are equally important.
This leads me to my next point. Just picking one currency pair and sticking by it is inefficient. If investors don't care about let's say gbp and cad in the moment, then it makes no sense to trade gbp/cad. But if investors are bullish on one currency and bearish on another, then you got a nice pair to trade. That will tune up your win/loss ratio.
  • #12
  • Last Post: Apr 18, 2011 1:10am Apr 18, 2011 1:10am
Quoting Custos
A net profitable system is always a function of risk/reward AND win/loss. They are equally important.
This leads me to my next point. Just picking one currency pair and sticking by it is inefficient. If investors don't care about let's say gbp and cad in the moment, then it makes no sense to trade gbp/cad. But if investors are bullish on one currency and bearish on another, then you got a nice pair to trade. That will tune up your win/loss ratio.
I agree with you, that was what I was trying to explain showing how an accoutn can be profitable witha losing win/loss. It is best to focus on one currency pair to not get confused and over trade. If part of your analaysys is looking at crosses and such that is great, but I definrtly would just specialize in having a plan for one pair. Cheers
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