Creating a Trading Plan
Let’s make this the year that you become the trader you want to be!
In order to do this, you must first create a trading plan with defined money management strategies and a way to track your work. If you don’t currently have a trading plan, that is what we are here for!
To figure out which trading strategies fit your personality and trading goals, you need to see how other traders have created their trading plan. You will need to narrow down a strategy and timeframe that works with your schedule, risk tolerance, and trading goals to figure out what works for you.
If you're past that stage, and want assistance honing your strategies and improving your equity curve, we can help you with that as well. The market is always changing, and adaptation is the name of the game!
Here are a few points to include in your personal trading plan:
- Why are you trading?
- What are your goals?
- What time-frames will you trade? I.e., multi-day swing trades, intraday swing trades, etc.
- Which setups will you trade? What strategies will help you stick to these setups?
- Entry/exit rules that you will follow once in a trade
- Risk management rules
One of the best parts about trading is that each trader’s plan can vary based on their goals, time available, and knowledge. Regardless of this, you must track your trades.
Trading is all about recognizing patterns, which is much more difficult to do when you don't take screenshots and document your trades and ideas.
Your trading plan should be a living document, which changes as you improve and hone your strategies.
As always, if you have any questions please contact us at [email protected]