Created a trade plan and wanted to know your thoughts, thanks!

Beginner Questions
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Trade Plan (Revised) – as at 2/11/2017

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  1. Prepare 1 hour beforehand - Bloomberg radio for market sentiment and Bloomberg videos for news (Keep a market mentality).
  2. Look at W1 – Figure out Market Phases (Accumulation, Advancing, Distribution and Declining)
  3. Determine pattern psychology by reviewing technical pattern + support and resistance.
  4. Make a comparison to D1 to W1 Market Phases.
  5. Do the same with H1 by comparing my analysis on D1 and W1 market phases.
  6. Acknowledge known Fundamentals + Analysis from sources such as Babypip’s forum and other analysis opinions.
  7. Look at potential economic indicators that could affect future prices.
  8. Gather known resources, make an entry point from my analysis.
  9. Decide on a risk/reward ratio (1-2.5) for my analysis, potential holding on 3 days.
  10. On Sundays create a trade plan based your findings and execute the plan.
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At the end of the day, most trading plans boil down to this:

  1. Do you see a trading signal (as defined by your particular trading plan)?

  2. Are there any mitigating factors, such as scheduled news events or nearby resistance levels, that make your trading signal unreliable?

That’s pretty much it. Forex is not a science, and it never can be, because the participants are not all governed by a unified set of behavioral rules. We are playing probabilities here, and there comes a point where ‘more certainty’ is just self deception.

IMO, of course.

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[quote=“Ben1987, post:1, topic:119897”]Decide on a risk/reward ratio (1-2.5) for my analysis, potential holding on 3 days.
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This one’s putting the cart before the horse, honestly.

You need to determine the R:R and duration from the system, not look for a system that fits in with a preconceived idea of R:R and holding duration.

This post might help: How can I Manage Risk : Reward ratio professionally

Absolutely no offense at all, but what you describe above honestly isn’t a “trading plan” at all: it’s a collection of fundamental-based considerations relating to trading in general.

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Thank you for your comments,
Also, that’s a fair statement, I’ll rethink my trade plan.
Sorry I didn’t mention this before, but I am aiming to become a swing trader.