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MAIN ELEMENTS OF YOUR TRADING PLAN | Trading Basics 📝 Hey traders, One month ago I wrote an article about the importance of a trading plan. Now it is time to discuss what should be inside your trading plan. Before we start let me note that a trading plan is a very personal thing and depending on your personality you may have some other elements. In this article, we discuss key elements that must be in every trading plan. 🔰Trading Strategy. I want you to realize that a trading strategy is not a trading plan. A trading strategy is simply one of its main elements. A trading strategy defines a set of rules and market conditions that one is looking for to open a trade and then manage that. 🔰Trading Time. Relying on your trading strategy you should know exactly when you trade. The time range must be precise and fixed. If you think that today you can trade the opening of the London session, tomorrow the Asian one, and then the US opening, I have very bad news for you. Your trading hours must be fixed and objective. 🔰Trading Instruments. As with your trading time, you should have a fixed trading list. A set of financial instruments that you monitor on a daily basis. 🔰Trading Journal. You should learn to journal your trades. Just a single performance is not enough. You should note the exact market conditions that made you open the trade and many other factors that you consider to be important. Then learn from your mistakes and improve your trading strategy based on your journal. 🔰Risk Management. Having the best trading strategy in the world one can fail simply because of neglecting the rules of risk management. Define your risk per trade, maximum drawdown, and biggest losing streak you can take. Optimize your trading to keep your losses under control. Of course, that list can be extended. We can add, for example, trading psychology into that. As I said, a trading plan is a very personal thing and while you mature in trading it will become more and more sophisticated. The elements that we discussed in this article are crucial for your success in trading. In my view, their absence will lead you to a failure. What do you want to learn in the next article? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
BITSTAMP:BTCUSDEducation
by VasilyTrader
9
📌What is a 'TRADING PLAN' ; and Why ❕❓There is an old expression in business that, if you fail to plan, you plan to fail. CONCEPT OF TRADING PLAN What is a Trading Plan? In business school, you are taught that to start a business you need a business plan. Trading is a business. Therefore, every time you trade you must be trading according to a well-thought-out and calculated plan. A trading plan is a comprehensive framework that guides your decision-making in any trading activity you undertake. A trading plan is to and what a business plan is to a business. As the adage goes, ‘if you fail to plan, you plan to fail’. This is especially true in where risk is ever-present in the markets. A trading plan is not merely a trading strategy. A trading strategy will guide how you will enter and exit trades in the markets in a manner that enhances profitability and reduces risk exposure. A trading strategy can be based on technical analysis or fundamental analysis. A trading strategy is just one component of your overall trading plan, which goes beyond that to also capture your overall trading goals and motivation, your trading journal , as well as your trading psychology. GOALS of a TRADING PLAN Setting goals can help, but often novice traders set the wrong type of goals. As a novice trader your initial goals should help you eventually make money and more important than that is when you achieve goals , but making money should not be your main goal. Instead, opt to make your initial goals about the process and emulating traits of professional traders. Initially, traders want to make goals about numbers: "I will make 1% per day on my $30,000 capital," or "I will make 30% per year." While it seems simple, to actually get to a certain percentage or to reach dollar targets, you will need to refine your market approach and hone your discipline. By plunging into the market and expecting to make a certain amount of money, the goal becomes almost impossible to reach over the long term. These types of goals require the trader to truly understand the capabilities (and limitations) of the trading plan they are employing, not just think they understand. Based on the method being used, it may be impossible to reach a dollar or percentage goal, but it still could be valid and provide a good return. Therefore, the trader must either abandon the strategy or deviate from it in an attempt to find more yields. For many traders, this becomes an endless cycle of abandoning strategy after strategy. STRUCTURE OF TRADING PLAN ‬‏ There are seven easy steps to follow when creating a successful trading plan: 1-Outline your motivation and desire. 2-consider money management rules and determine how to minimize your risks and maximize profit . 3-Define your (short-term ,mid-term & long-term) goals. 4-Define your trading style ( scalper- day trader - swing trader - position trader- options) 5-Decide how much capital you have for trading. 6-choose your market(stocks-forex- crypto-..) and products and Assess your market knowledge. 7- improve your trading psychology and start a trading diary. Strategies of Trading Plan How do you develop a trading strategy plan? Follow these steps to forming your first trading strategy: Step 1: choose Your analysis approach whether is price action , harmonic patterns , Elliot waves or with indicators .... Step 2: analyze your market situation and predict all possible scenarios Step 3: Choose A Trading Time Frame. ... Step 4: Choose A Tool To Determine The Trend (Or Lack Of) ... Step 5: Define Your Entry Trigger. ... Step 6: Plan Your Exit Trigger. STEP 7: Take a proper position size STEP 8: DEFINE YOUR RISK and Choose a risk-reward ratio STEP 9: BACKTEST and DEVELOP YOUR TRADING STRATEGY the most trading strategies will fall under 4 main categories: breakouts, trend-following, counter-trend and market reversals. So if you look at your strategy, you want to be able to see which category it falls under so that you can better understand, what are the strengths and weakness of each strategy. FINAL THOUGHT: SO Why is Having a Trading Plan Important? The ultimate aim for any investor or trader is to achieve consistent profitability in the markets. A trading plan is a guide that ensures you will stay on track on your journey to your desired destination. It does so by: -Making Trading Simpler It is easier to do something when you know what must and should be done. A trading plan lays out all the criteria that must be met before any trading decision is made. It will always point you in the right direction no matter the distractions present. -Enhancing Objective Decision Making Trading is about decisions. Good decisions will make you money, while bad decisions will cost you money. Having a trading plan ensures that you will make objective decisions at all times; and not subjective decisions that are driven by emotions which can eventually cost you a lot and put your trades and capital at risk. -Building Trading Discipline Trading is a marathon, not a sprint. It is important to build a solid trading plan and following it with religious discipline throughout your entire trading activity. This is the only path to long-term, consistent profitability in the markets. While traders will generally follow the daily financial news, , such as the , , or , and to pinpoint potential trading opportunities, sticking to your trading plan is of utmost importance. -Highlighting Areas that Require Improvement One of the side effect and core components of a trading plan is improving the trading journal, which is essentially a diary or record of your trading activity. Journalling your trading activity will help you to assess the performance of your trading strategies as well as other factors of your trading plan, such as risk management and trading psychology. This will, over time, highlight the areas where improvements can be made to help you become a better trader. sources: investopedia.com tradingsetupsreview.com avatrade.com This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate
COINBASE:BTCUSDEducation
by PRO_SMART_Trader
GoldViewFX - 4H CHART UPDATED LEVELS & TARGET$$Hey Everyone, We have updated the 4H chart Goldturn levels and we will now watch how EMA5 reacts to the immediate Goldturn support and resistance levels. As long as EMA5 is maintained above 1957 we will remain confident in buying dips and taking 20 to 40 pips at a time will allow us to get out safely with a better chance to avoid getting stuck in any swings. TARGETS 1975, 1995, 2017 EMA5 cross and lock with candle body close gap to next GOLDTURN will confirm each level at a time. We will wait to see EMA5 cross 1975 to open the upper targets. Failure here we will see a challenge at 1957. EMA5 break below 1957 will change our 4H chart setup, as the lower targets 1939 will open up. However we will still remain within the Bullish swing range, which will still give us confidence to buy dips. RETRACEMENT RANGE 1957 SWING RANGE 1939 We will closely observe the Goldturn challenges on this chart. As always we will keep you all updated throughout the week. Please don't forget to like, comment and follow to support us, we really appreciate it. GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
13
GoldViewFX - WEEKLY CHART UPDATED LEVELS & TARGET$$Hey Everyone, We thought we would share our weekly chart setup, as we have a long range gap that has opened up to 2034. EMA5 has finally broken 1944 with last weeks candle body close confirming the lock to 2034. We have also broken out of the Goldturn channel confirming the Bullish setup. Long range TARGET 2034 RETRACEMENT RANGE 1944 SWING RANGE 1876 Staying within the swing range will maintain our Bullish structure. A break below 1876 swing range on the weekly chart will change the Bullish structure. 1797 will open for target in which case we will review and update our setups to effectively switch direction to target the lower levels using our custom intraday levels on the smaller timeframes that we share daily with our members. We will keep this chart in mind, as part of our overall plans and we will continue to break this weekly chart down on the smaller timeframes daily, so we can trade the range level to level. Please don't forget to like, comment and follow to support us. GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
11
GoldViewFX - Market UPDATEHey Everyone, As you can see we have been following this chart and setup all week and once again we called it HITTING ALL TARGETS$$$! We have entered a new range and had a retest close to 1961 but supported at MA21. Would be nice to see a full retest at 1961 to continue with the BULL run. Even if we see price tank below 1961 with any volatile events, as long as EMA5 is maintained above 1961 it will maintain our strong BULLISH setup. TARGETS 1984, 1990 RETRACEMENT RANGE 1969, 1961 SWING RANGE 1952 We want to keep it safe, as we never like chasing the BULL run from the front and therefore we always take our positions from support Goldturns and bank 20 to 40 pips at a time using our GoldViewFX custom Intraday levels that we share with our members daily. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
35
GoldViewFX - 2H CHART UPDATED LEVELS & TARGET$$Hey Everyone, Updated Goldturn levels and TARGETS TARGETS - 1950, 1960 RETRACEMENT RANGE - 1928 - 1934 SWING RANGE - 1891 We remain Bullish and will continue to buy from support levels banking 20 to 40 pips at a time. Retracement range in mind for entries and swing range in mind to manage RISK. EMA5 break and CANDLE BODY CLOSE above 1960 will open the upper RANGE. Rejection here will see price back in the swing range. We also have candle body close above 1960 opening target at 1969 - This is not as strong as a EMA5 cross and lock confirmation but still a gap. Sometimes momentum doesn't allow us to catch an EMA5 cross and lock gap, in which case the candle body close gives us an early heads up. As always we will keep you all posted with any changes to our plans, please don't forget to like, comment and follow to support us. GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
18
XAUUSD - KOG REPORT!KOG Report: In last weeks KOG report we said we would like to see some bearish pressure on Gold as long as the price stayed below the 1960 region. We suggested that if the market opened and pushed to the upside we would be looking for the zones illustrated on last weeks report to hold and then we would be looking to go short. We wanted to see at least the 1910 level target completed, however, the market reached 1914 and then turned bullish again. We suggested during the week in the FOMC report that we had a target of 1945 which you can see has now been achieved. So what can we expect in the week ahead? We’re going to keep this report shorter than usual as our plan hasn’t really changed from last week, only the potential regions for reaction have changed which we have updated on the chart. We’re going to say again that we’re not convinced with the bullish movement at the moment, our bias is still neutral, but we feel there is an opportunity to get in on a short trade to target the lower support levels below 1900! That’s not to say we’re not seeing this go up a bit more. So, we have two targets in mind for the week ahead, the above target of 1970-75 and a lower target area of around 1890-95. We will be looking to either go long from support to target the higher level or 1975 or be looking to short the market from the higher level of 1975 down into lower support levels. So we will look at this as usual with two scenarios in mind: Scenario 1: It would be ideal for the market to open and push up a little to tap into that 1950 supply and face some resistance there. We are expecting a pullback into the regions of 1940, 1935 and potentially 1920. This is where we feel there will be an opportunity to exits any short trades and take the long entry into the higher resistance level of 1970-75 where we will again be looking to go short for the lower levels. Please note, breaking 1920 and staying below this level will take us lower into 1910. Scenario 2: Price opens and pushes towards the downside, we will be looking for support to hold first around the 1930-35 region, breaking this the lower price point is 1920. If we see strong support here we will be looking to go long into the higher resistance levels of 1970-75 where again we will be looking to go short to target the lower support levels. So in essence, there are two key levels we are looking at targeting, we either want to go long from below to target 1970-75 or we want to go short from above to target 1895. Based on the mildness of the breakout on Friday it is very possible that we see this now range again just to really frustrate traders before they actually make the move they want to. While it ranges we will be trading this level to level the KOG way. As usual, we will update the analysis throughout the week and keep you in sync with any changes. Please do hit the like button, give us a follow and leave a comment. Your support and following is very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
33
GoldViewFX - MARKET UPDATEHey Everyone, Another awesome day of collecting pips. All our trading ideas posted this week HIT target and played out perfectly!! We are still Bullish and continue to buy dips from Goldturn support levels and our intraday levels that we share daily. We have now moved up the swing range to 1921 and identified a retracement range to 1931. We have TARGETS above at 1944 again, 1952,1961. These TARGETS will be confirmed further with EMA5 cross or CANDLE BODY CLOSE above 1944. We are now done for today and will come back Sunday with a full market review for the week ahead. Please don't forget to like, comment and follow us to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
30
SOLUSDT: SYMMETRICAL TRIANGLE, SIGN OF LONG OPPORTUNITY AHEAD?Hello Fellow SOLANA Investor/Trader! SOLUSDT is forming the symmetrical triangle on the chart. Symmetrical triangle is a continuation pattern that may indicates a sign of bullish continuation ahead. Will SOLANA move upward as the chart form bullish continuation pattern? *Complete Explanation is presented on the chart* The roadmap will be invalid after reaching the target/ support area . "Disclaimer: This is only an outlook, not a recommendation to buy/sell cryptocurrency." *SUPPORT THE CHANNEL BY SMASHING THE LIKE BUTTON AND SHARE YOUR OPINION BELOWS, SEE YA ON THE NEXT ROADMAP*
Long
by financialfreedomgoals101
Bearish signs on EUR/USDHello everyone. Here we have the EUR/USD daily chart. The trend here is still bullish, but we have to keep in mind that the trends of higher time frames are bearish, and we also have a few bearish signs on the daily chart. First, as you can see, the price tried to climb higher, but after that we could see the W&R pattern and the downward action started. Also, the whole situation is not in favor of the EUR at all. There are many worrying factors that pose a big risk to the EUR and with that in mind there is no reason to be bullish on the EUR. So, on the daily chart we have a perfectly formed bearish engulfing pattern that suggests a downward continuation. From a technical point of view, strong support is around 1.0900, where we also have Yearly Pivot Support 1. Strong resistance is around 1.1121. However, I don't expect the price to drop to 1.0900 without any correction, so some retracements could happen, as always. My suggestion is to take advantage of the first retracement that will happen and find a good short entry.
Short
by merjemascerija
GoldViewFX - Market UPDATEHey Everyone, Quick end of day update from us. Another AWESOME day of trading for us!!!! As planned we took buys from support at 1921 Goldturn and then rode up to TARGETS of 1931, 1940, 1944 perfectly! Sharing our every move in managing the range effectively and safely. We have moved the swing range up to 1911 and remain Bullish and our strategy to buy from dips remain in full play. We may see some retracement now but expect a re-test at 1944 Target again and then 1952. We will buy from support levels and bank 20 to 30 pips at a time or to the next Goldturn. We will keep you all updated with any changes and will update you all with a more thorough Market Analysis for the new month start over the weekend. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
30
Trade like a casino! 🎰🎲💵Yep you heard me right you need trade like a casino 🎰 Key bit here is trade like the casino operates their business model. Don't trade like the clients that frequent the casinos. Why should you trade like a casino? Profitable traders understand how casinos are successful. Casinos are profitable and make money because they have an edge which they let play out. They know probability is in their favour. How many times have we all been at a roulette table thinking we have a 50% chance of winning betting on red or black. We all seem to forget about that green zero on the table and here in lies the casinos edge. With having an edge they let play out it's impossible for them not to make money. The casino is comfortable with every outcome on the bets placed knowing the edge will play out. Losses are seen as a cost of business, risk is controlled and emotions to are in check. This is why the house always wins! 🎰🤑 If you as a trader apply the same logic's to your trading strategies the end results will be the same as the casino. If you choose to trade like one of the clients in the casino with no fixed rules you essentially are gambling with you trading. Subjectivity and emotions will come in to play. Random winning and losing runs will occur which will impact trading psychology. This way of trading will only end in one way and that's by giving everything to the house or in this case your broker! Development of a strategies with proven mathematical edges ensures you will become the house 🏦💰 Once an edge is established trust your strategy and let that edge play out. ----------------------------------------- Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. Thank you. Darren
Education
by pow_removetheguesswork
We start the week with a gold long 👍👊Morning traders My first trade of the week is our 15M gold strategy entered a trade a 2 am UK time. New trade entry details are shown on the chart. This strategy is a follow trend strategy with as stop loss. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren.
OANDA:XAUUSDLong
by pow_removetheguesswork
Understanding draw down recovery 😬😥Morning traders. Middle of the trading week all ready! I thought I'd take this opportunity to discuss a topic we all fear and we all find ourselves in at some point in our trading journey. That topic being draw down and your account in a loss of starting capital. The table I have drawn on the chart shows the amount of gain required to get an account back to break even depending on how big the draw down is on your capital. Scary stuff when viewed in a simple table format like and hits home just how big of task over turning losses could be. No trading system or strategy has zero losses or draw down and all strategies endure losing runs. To avoid excessive losses there is two crucial elements. Sounds obvious but cut losing trades quickly is the first element, second element is factoring probability into the trading strategy. Probability helps control risk management which in turns keep losses to a minimum, probability is obtained by carrying out back testing on your strategy. You can't plan for probability in your risk management if you have no data for your strategy. The example I am using for this Idea is on AUDCHF H1 timeframe and thanks to our built in strategy tester I can see if I traded this pair in the manner the strategy is set over the last 292 trades at 1% risk I am 22% down on my account. It would not take in the region of a 25% account gain to be back to near break even on my account!!! You don't need a built in strategy tester to gain this information you can also manually back test a strategy in order to avoid losses and to know if you are entering markets with a proven edge. A trading edge means your strategy creates bigger wins than losses. Which in turn means you avoid the situation shown in the table. To avoid hefty draw down don't enter the markets blind with an unproven strategy. Ensure you have back tested strategies with probability factored in to those strategies that way what is shown in the table wont apply to you then 👍 ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren
Education
by pow_removetheguesswork
EURGBP sell now live ✋Entry details are shown on the chart. We're only looking for TP3. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren.
Short
by pow_removetheguesswork
NZDUSD short progressing 👌Entry details are shown on the chart. Trade is working our NZDUSD H1 strategy. We're only looking for TP3. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you.
Short
by pow_removetheguesswork
2
EURGBP sell in progress🤞🙏Morning traders. We start the day with a EURGBP short trade that has started overnight. Entry details are shown on the chart. In slight draw down as we speak but lets see how this plays out. We're only looking for TP3. Strategy is slightly above 1:1 RR but coupled to a great win percentage which has equalled nice consistent gains. The scripts built in strategy tester shows this is the most effective way to trade this pair on H1 time frame. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. Interested in access to my strategy so you can be in these trades the moment they're valid? Drop me a DM . The stats for this pair are shown below too. Thank you. Darren
Short
by pow_removetheguesswork
CADJPY makes it four out of five trades 🇨🇦🇯🇵🏦Afternoon traders. A solid week for the pair in question, CADJPY working the 30M time frame. The last four trades out of five have hit the desired profit target. This just shows the adaptability of the script in use and also shows that even trading a 1:1 risk reward ratio is possible. How do I know its possible to trade this way? By the built in strategy tester. As always the results are at the bottom of this idea. The stats are based on £10000 starting capital risking 1% reward per trade. Data stretches all the way back to January 2019. Having this level of back test results give great confidence when entering the markets knowing we are trading with a proven edge. I say on my ideas I don't recommend following random trades on TradingView as it's not a consistent trading plan or strategy. This idea proves how even a 1:1 risk reward strategy can be traded with an edge thanks to a proven back tested system. For any more information on the methods and script in use feel free to drop me a message.
by RichScott
NZDUSD > Trading Plan for Both Sells and Buys!!Thank you for taking the time to read my analysis, and if you feel generous and kind today, give it a like and leave a comment it will support the creation of new free ideas for you. Update of #NZDUSD Hello friends. Similar to my AUDUSD analysis, a similar plan also. If the market closes above the current resistance I will look for trend continuation entry for a possible 60 pips range. If the market closes below the support level I will look for a selling opportunity targeting the lows and possible I will just disregard the whole setup as it has a small profit for me Safe trading everyone Check today analysis below⠀ >>There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer. Jack Schwager – Author of Market Wizards _____________________________________________________________________________⠀ -Disclaimer: this information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀ -Please note this is just a PREDICTION and i have no reason to act on it and neither should you
by TheTradersAvenue
2