Trading plan for a beginner?

Beginner Questions
21

My trading plan is: working on the whole chart according to my Price Action knowledge, identify the support/resistant levels to know the status of current market trend! Using, 2% risk reward ratio with the proper SL & TP points.

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22

Winning plan is a matter of good patience, hard work and dedication. Each forex trader must understand his trading needs. You can here just by following others. A trader will require his trading plan as per his trading needs.

2 Likes
23

Winning plan is a matter of good patience, hard work and dedication. Each forex trader must understand his trading needs. You can here just by following others. A trader will require his trading plan as per his trading needs.

24

Whatā€™s scalping and price action techniques you use in your trading?

25

Well, I read the whole chart & draw important levels (support/resistant) of the market! In this case (scalping), I like to use M15 time frame mostly.

26

Scalping contains huge risk than other trading strategies we have in Forex trading and price action is more appropriate for only knowledgeable traders.

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27

I think itā€™s best timeframe where the levels work properly. I mean for those who hunt short term market opportunities. Lower timeframes are most of the times consist of noise.

28

There is no specific trading strategy for a specific trading plan. A trader can trade on price movement, chart patterns, candle stick patterns or he or she can take a trading decision using different indicators like moving averages, RSI, ADX and many others.

And i believe every trading strategy or trading plan should be modified at times according to the market movement and market conditions.

A trader should be always flexible to match the market movement.

29

if you can ensure lowest trading spreads , there is a chance to get good result by means of scalping that brings profit in instantly.

30

only lowest trading spreads cant bring profit by scalping , besides spreads you have to ensure long term experience , otherwise not.

31

its okay mate , thanks for your message but not agree.

32

Agree with your opinion; this is why I prefer higher time frames to count the market trend!

33

Technical levels also work better there, but trade size and Stop loss levels sometimes is not easy to determine, because the stronger is trend the harder is to stop it. Thatā€™s why I mostly trade with small lots and wide stop loss levels which can withdstand long drawdowns before making reversal

34

Iā€™ve took a look at your original question and some of the answers and it appears some of the answers to answer your question. So I thought I might help you get back on track and maybe you will get some additional information to help you with your orginal question.
In my opinion this is a great start for a trading plan

  1. You plan needs to be written and read each time before trading, until it becomes second nature
  2. Journal, log all your trades
  3. Develop a routine and check list and review it before each trading session
  4. Have a set of written guide lines, as to how you will trade. (time, pairs, conditions to exit enter & take profit)
  5. Once you have developed your trade plan; follow it
  6. Give your plan time to work
  7. If you need to make a change; Do it based on Relevant Facts Options & then choose the least of the Evils
    Hope that answers your question
    Gp
1 Like
35

I could use a mentor like yourself.

36

In my opinion, when some says I can use a mentor, is pretty much like 95% of the questions posted in the Beginners section, which fall into 2 categories. 1. Iā€™m lazy & want someone to do all the work for me; or 2, I like what I see so far, but I donā€™t know where to go from here. Any mentor, coach, or whatever they call themselves should start like this. ā€œEverything in the Foreign Exchange is related to the decisions you will make.ā€ To make a Decision you need to gather the Relevant Facts, List the Relevant Options. Then Pick the least of the Evilsā€¦

In relation to Forex and trading in the Forex. Before you are able to make a decision, you need to have an understanding for the foreign exchange, and how it works. The better your understanding of it, should mean that based on a balance of probabilities, you should make a better decision than someone who doesnā€™t have an understanding of the foreign exchange.

How do you get this basic understanding? Good News! Itā€™s free right here at the BP school. All you have to do is start with the 1st lesson and go to the last. Asking relevant questions when you need to.& make sure you understand the current lesson before you move to the next lesson Now this will take time work and it will become frustrating. But thatā€™s the price youā€™re going to have to pay to be able to make decisions, based on: facts, options & evils.

Again only my opinon
Gp

37

Thank you. I did the lessons on here twice a long time ago. Iā€™ve paid MTI for learning courses and all of this is great stuff. I donā€™t feel like Iā€™m catching on. Iā€™ve tried the London day break and I havenā€™t done to well. Iā€™ve tried the 1,2,3 strategy, using counter trend lines, candle stick formations and the stochastic. I just think that Iā€™m missing something that maybe someone with experience would notice. Thank you for your time.

38

No problem. Great informative post. So leave your trading method behind for a minute. Hereā€™s my questions. These are Yes or No. If itā€™s yes, then we can go through each part. We can start another thread so weā€™re not hijacking this one and if anyone else has questions we can deal with them there. But if itā€™s no, . .well what part havenā€™t you done and why.

  1. You plan needs to be written and read each time before trading, until it becomes second nature
  2. Journal, log all your trades
  3. Develop a routine and check list and review it before each trading session
  4. Have a set of written guide lines, as to how you will trade. (time, pairs, conditions to exit enter & take profit)
39

Nice plan! I would like to add meditation as your last point. Thanks in advance.

40

Scalping is quick trading but it is nt sure you will get profit it can be a quick loss for you if you loose your grip on trading not choose proper lot and spread . Lower spread pairs are good for trading when you are doing quick trading . In higher spread your much amount is gone with every position you open in market .