How do i make a trading plan?

Beginner Questions
1

i am still new to trading so i am struggling to come up with a trading plan, where do i start? what are the main things i have to consider in formulating a trading plan? responses will be highly appreciated.

2

Start by studying at the free school on here.
It will show you different ways to trade and how to find a way to trade that suits your personality and lifestyle

3

A trading plan covers all the actions you do while trading so it has to be an overall summary of your actions. But it has to be according to your strategy and not according to your thoughts.

4

Thank you for the info I am definitely taking this school seriously

5

So basically a trading plan is like a rule book?

6

I’d say its more like a roadmap that keeps you on the right route to your chosen destination

7

And can someone tell me what I can read on this topic in order to make a plan?

8

See message 2

9

Hi mdumiseni,

A trading plan should consist the following steps:
1.A list of financial instruments that you plan to trade on the market
2.A clear definition of the signals for entry and exit trading positions
3.Risk management (volume of the position, Stop Loss and Take Profit, Risk/Profit)
4. Analysis of transactions, as each separately and all transactions for the day. Identification and analysis of errors, and determine actions to address them.

10

That actually makes sense, thanx for that

11

You have given me some clarity no doubt