Podcast:
Your Trading Plan For 2015
In This Video:
01:12 Creating a Trading Plan Template
02:48 Setting Guidelines for Trading
05:31 A Christmas Offer Coming Your Way
Have you written your trading plan yet, for 2015? If you haven’t, I’ve got something here that will really help you. So let’s get into that right now!
Hi traders, it’s Andrew Mitchem here. I’m the owner of The Forex Trading Coach, one of the leading Forex education companies in the world, and I really would like to emphasise the importance of two things, as we come towards the end of 2014.
First of all, you can use this time to review your trading over the last year. Go back through your results, look at different time frame charts, different types of trades that you’ve taken and really analyse the market conditions at the time and to determine what sort of trades are really suiting you as a trader – what time frames, what pairs, what times of the day, etc. And then, the important thing from now on is to have a trading plan for 2015.
This was a topic that I discussed in depth with my clients just last night on our live two-hour trading room webinar which, by the way, some people took some amazing trades and made a whole heap of money live, while I was on the webinar, but more about that shortly.
Creating a Trading Plan Template
So, the Trading Plan – well, I’ve written one out here and I’ve got my own trading plan – it’s around eight pages long. I am not going to discuss the actual details of my own personal one – that’s something I discuss only with my clients – but I can give you an outline of how I go about developing that trading plan and also, on this page, underneath this video on this page, there will be a sign-up box which will… you can fill in your details on that and I’ll send you a blank copy of this very trading plan that I’m holding here in my hand.
So, it goes along the lines for this – First of all, write down what currency pairs you’re wanting to trade! It might be all of the trades, all of the pairs that your broker offers; it may be just a select few types of pairs, but write it down. The second thing – what days of the week am I looking at trading. Are you looking at trading only Tuesday, Wednesday and Thursday? Are you looking at trading just once a week? Are you looking at trading all five days? Again, write it down!
Then, break down each day – what hours are you looking at trading? You know, is it just on the close of the daily chart? Is it just on the close of the hourly chart? Whatever it might be, have that written down and then, look at what time frame charts that suit you. And you’ll start to know, over a period of time, what suits you. You might like the fifteen minute charts but you might find that they’re not profitable for you. You might think that the daily charts are too slow and too boring for you, possibly, but you might think that “hey, when I analyse my results, they’re actually making me more money than anything.” So, whatever it is that suits you!
It’s Also about Setting Guidelines for Trading
Make a note of what times that you are not going to trade! Again, could be coming up towards weekends or public holidays or major news events – whatever it might be – have that written down. And so, the list goes on like this, in terms of what setups am I looking at taking. What are the criteria for a trade that I am looking? Does that change depending on the time frame of the chart that you’re trading? Or the pair even? What type of trade are you looking for? Are you looking for reversal patterns, continuations, breakouts, scalping, news trading, whatever it might be again – have that written down!
Look at having a set of rules defining your entry and exit targets and so what you’ll find this does is when you have it written down,
