Hi guys can someone assist me with a draft of a trading plan
To be honest, no kind of trading plan would give you sustainable income from forex trading. There is specific information that determines how price moves in the market and that piece of data is not available to you, me, or anyone else on this forum. That is why we loose.
Financial institutions are the custodians of this data.
Thanks for lending your hand
Go to the educational section to learn how to build a trading plan.
trading plan is okay but in spite of having good trading plan the result of trading can be useless if there is no strong money management, so should focus on money management first.
I would like to warn you right away that it is very difficult to trade according to the plan, and you need to be ready for this. The market rarely allows for planning.
there should be a plan always and in everything so that there is at least some chance of getting a good result in the end
the trading plan comes from analyzing ability and prediction level. if you have it , of course any kind of trading plan will success.
From my own experience, I can say that a trading plan is quite an interesting thing. It is not always possible for a trader to fully comply with a pre-thought plan.
There’s so much bad advice on this thread. Do you guys even know what a trading plan is and what it’s supposed to contain?
A trading plan isn’t supposed to be a market predictor. It’s supposed to dictate your instruments, strategies, setups, exit/entries & risk profile. Basically how you trade irrespective of market environment. @nu_bee, @PeterBorren, @TomCooper, @Komkijock if you you’ll notice your definition of trading plans differ from a basic google search. Best to use it atleast once before deciding to give advice.
Risk management, be patient, wait for good setups that match your plan and have high RR, a high win rate - or both.
Hi @Ngamula! You may check out this lesson in the School of Pipsology about developing your own trading plan.
Hope it helps!