Any tips/advice you have for a good trading plan? What should be included in it? Thank you!
Your trading plan should have -
Structure and eventual monetary goals, Educate yourself on the subject and do your research, Identify your strategy using fundamental and technical tools, Amount of money to invest and risk management, Timing, and proper documentation and testing of the plan.
Maybe you mean what most people call a strategy? In which case you need to firstly select trading style - no point trying to intra-day trade the Asian session if that’s when you should be asleep: I’d also recommend starting with small but long-term trades off the daily charts.
After that your strategy needs -
set-up to identify targets and give “get ready” signal
entry pattern(s)
stop-loss rules
position sizing rules (risk losing 1 or 2% only of your account capital per trade if the SL is hit)
exit rules for profitable positions
At this stage, the simplest possible strategy would be ideal. Demo it for a few days to understand the platform and how the strategy works. Track your real trades to understand why they made/cost, whether they could have made more / cost less. Track fundamental news to understand if/how these events have affected your set-ups and trades.
If you don’t make 6% in your first month stop and come back and post here.
Shortly: following the market trend & don’t take more than 2% risk in a single trade!