Im going to do a series of posts that are all about trade planning and learning about consistency and discipline through a practice. In this exercise, I will be consistently planning, executing what I planned, and documenting 30 trades.
A trade plan consists of a method, trade management, position sizing, documentation and review. A trade plan should state ahead of time, exactly where to enter, where to place stop, how the trade is managed, where to exit, and position sizing. This kind of accountability and responsibility offers a contrast to the our normal ineffective emotional impulses that we usually make our trade decisions from so that we can make a choice. I will talk more about each part of the trading plan future posts.
This exercise is not about the method, a setup, picking the right stocks, being right, winning, loosing, or predicting markets. It doesn't matter if all the trades are losses. The purpose is to learn about consistency and discipline through your own personal insight.
Its through discipline and consistency that we begin to re-wire old ineffective habits and develop an effective mindset for trading markets. Doing something consistently also offers a bassline to compare and truly learn.
There is often resistance to this kind of responsibility. If you want to take up the guidelines of the practice, just step into it as much as your ready for and make it your own. This is not meant for you to follow my trades or worry about my method or setup. Its not important and besides, my setups lose most of the time anyways. Use your own method, there are plenty out there and work on making it as simple and objective as possible. I also suggest you start out sim trading this or using very small size.
Order cancelled
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Price closed above the swing's high before triggering entry, which cancels the trade.
Congrats on getting reviewed for the Editors Pick. Thanks for sharing your knowledge with our members.
ShaneBlankenship
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@TradingView, Thank you, I'm happy that the editors found my first post informative enough to share.
TradingView
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@ShaneBlankenship, it's not always easy, but we do appreciate a quality post. Keep up the good work!
zAngus
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Look forward to following this. Sticking to your plan is one of the toughest things in trading to achieve :)
Thought there were some good insights in your video - especially for newer traders. This publication has been chosen for the Editor's Picks and will be featured on the Home Page as well as tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!
ShaneBlankenship
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@zAngus, Thank you for the kind words zAngus, I love your toaster. There were some good insights for me also in making the video and I'm sure more to come as I continue the 30 planned trades exercise.
dcryptonist
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Thank you for this video, it was very helpful especially for me who is really learning to become a disciplined trader.. Although I don’t know what B/E means
ShaneBlankenship
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@dcryptonist, Your Welcome dcryptonist. B/E stands for moving your stop to break even which is where you entered. As the price moves in your favor, we want to have a plan for managing profits and risks.
sundog17
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Man o man I've watched hour and hours Tim Morge videos so glade your on here help carry on his trading style
basictradingtv
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Awesome first idea on Tradingview. Keep it up with the video analysis!!! Welcome to the club.