I’ve made a trading plan. It’s a work in progress. I’ve read several posts on this forum to get pointers on what should be in a plan. My issue is that I’m so new that I don’t know what kind of trader I am yet, what my strategy is, which goals I should set, my trade management etc etc etc. Is a trading plan something to write after you’ve been parcticing for some time, have discovered what kind of trader and strategy that fits and before starting to trade on a live account?
You are not alone, most traders start out this way. So many strategies and so many different time frames and hundreds of indicators.
My advice to myself 7 years ago would be to start with the higher time frames, 4H and daily, focus on trend trading and stay away from mean reversion strategies (picking tops & bottoms). Unless you really know what you’re doing then you will get burned.
Learn simple price action: An uptrend forms higher highs and higher lows. A downtrend forms lower lows and lower highs.
Trend trading can be as simple as buying after price crosses over a MA after a dip:
Or you can draw lines through the wicks using them as support/resistance to trigger an entry:
It is not nearly as easy as I make this look in hindsight. But, with practice and experience you’ll learn to spot these things easier.
Be patient, keep practicing and learning, and focus on just a few techniques and you can do well. Most importantly, manage your losses to keep them small. Not blowing your account is key to survival in this business.
Good luck
Thanks for taking the time to help.