Personal Trading Plan Builder

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PERSONALTRADING PLANBUILDER03

A COMPLETE GUIDE FOR BUILDING YOUR TRADING PLAN03TRADING OBJECTIVES04BUILDING YOUR STRATEGY06SELF EVALUATION09TRADE CHECKLIST10

The common problem that most forex traders deal with when first starting out is thelack of a proper trading plan. Diving into forex trading without a clear plan is likeriding a bicycle without training wheels. Few traders realise the importance of awell- defined strategy and trading routine.A trading plan provides you with clear steps and actions to implement. Reducesimprovisation and stress since you will know exactly what to do for every scenario.We are happy to present you with this guide for building your complete tradingplan. We have done our part, now is your turn to commit to following this guide soyou create your own trading plan.FOREX BEGINNERS STRATEGY03

Once you've found your trade,you've found a minimum of 3 confluences and you've seen thecorrect rejections that are tellingyou that you can pull the trigger;the next thing you have to workout is your calculated risk. This iswhere your stop loss (SL) is goingand if the risk:reward (R:R) of thetrade is even worth it. Like mentioned at the beginning of this plan inthe introduction, a trade can lookamazing but sometimes it isn'tworth it and this can massivelyrely on what the risk:reward of atrade is looking like.Why do I trade? What are my goals?I’m currently trading: Full Time / Part Time / For Fun / For Curiosity/ Other Whydo I love trading?When does trading fulfill me?FOREX BEGINNERS STRATEGY04

When does trading distress me?Name 5 strengths of you and how can they be used in trading:1.2.3.4.5.Name 5 strengths of you and how can they be used in trading:1.2.3.4.5.Key skills I still need to acquire:Write down a statement for good trading days:Write down a motivational statement for bad trading days:FOREX BEGINNERS STRATEGY05

STRATEGY NAME:STRATEGY OBJECTIVES: (DESCRIBE YOUR STRATEGY)STRATEGY CONTEXT: (WHEN DOES THIS STRATEGY WORKS BETTER)1. FILTERS:PairsTime FramesIndicatorsScripts/EA2. SETUPWhat are you looking for in the charts?What variations you know for this setup?FOREX BEGINNERS STRATEGY06

3. TRIGGERWhen will you enter a trade (entry signal)?What is a high quality signal?What is a low quality signal?How will you enter the trade (type order):Market orderLimit orderStop orderWhen you should not trade the setup ?4. STOPWhen will you exit the trade? Where is your stop loss placed ?FOREX BEGINNERS STRATEGY07

5. TARGETWhere is your take profit? Why there?What is a high quality TP level ?6. TRADE MANAGEMENTHow will you manage the trade if it goes in your favour?Scale inScale outTrailing StopDescribe how will you manage the trade if it goes against you:Scale inScale outHedgeDescribe when will you stop trading?Daily TargetDaily LossTime limitDaily CheckupFOREX BEGINNERS STRATEGY08

BEFORE TAKING A TRADE ASK YOURSELF THE FOLLOWING:Is my environment set up for the trading session?Yes, all in placeNo, let’s start with that then!Do I feel mentally ready for this session?Yes, let’s go!No, so I have to be more cautious or consider not to tradeDo I feel emotionally ready for this session?Yes, onward!No, I need to be aware of that when trading or consider not to tradeI know what I want to achieve in this trading session?If yes, describeIf no, why am I trading today?FOREX BEGINNERS STRATEGY09

BEFORE TAKING A TRADE ASK YOURSELF THE FOLLOWING:Does this trade meet all my trading parameters?Setup, Correct lot size Correct stop loss Correct take profitIs this a: high-quality signal or low-quality signalWould I be happy to lose 10,000 on this trade (1% of a million account)?Psychological levelSESSION RECAPAFTER A TRADING SESSION ASK YOURSELF:Despite the outcome, did I take the trades I neededto take according to my strategy?YesNo, why?Was my lot size the correct one?Yes / NoDid I get emotional during the trading session?Yes / NoWhy? What happened?FOREX BEGINNERS STRATEGY10

How do I feel now?What do I need to do in order to feel good after the next trading session?Documenting your progress in forex trading will help you avoid repeating costlymistakes and improve your strategic ideas. So, if you want to find success in forextrading, a winning trading plan is the best way to go about it. All traders must havetheir plan, which should account for personal trading goals and styles.In times of trouble and in times of prosperity, your trading plan will keep you afloatand able to navigate the constantly changing dynamics of the market. So take yourtime, test, tweak, and most importantly, believe in your trading plan.FOREX BEGINNERS STRATEGY11

FOREX BEGINNERS STRATEGY 03 The common problem that most forex traders deal with when first starting out is the lack of a proper trading plan. Diving into forex trading without a clear plan is like riding a bicycle without training wheels. Few traders realise the importance of a well- defined strategy and trading routine.

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