RocketBomb

๐Ÿ“ƒ Trading plan ๐Ÿ“ƒ

Education
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โ˜๐ŸปThe basis of any action on the market is a well-designed trading plan (TP).

๐Ÿ‘‰๐ŸปThe basic rule is never trade without a plan, and when you have done TP, never break it.

Work without a plan leads to randomness and spontaneity of actions subject to emotions.๐Ÿ™…๐Ÿปโ€โ™€๏ธ

โ—โ—Before opening a position, you must determined :โ—โ—

๐Ÿ“Œposition opening price
๐Ÿ“Œopen position size
๐Ÿ“Œstop loss order
๐Ÿ“Œtake profit order

๐Ÿ‘‰๐ŸปThat's necessary in order to determine the possible risk / win ratio.

โญโญA trading plan should uniquely determine the actions of a trader in two scenarios:

1. Price moves opposite the open position

2. Price moves towards an open position

โ—A trading plan is drawn up before a position is opened, when a trader is in a balanced emotional state and can adequately think.

โ— After opening a position, you should follow the trading plan very accurately and not allow yourself to make changes to it during the course of trading.

โ— After closing the position, an analysis of the results is carried out, the optimality of actions is evaluated, and conclusions are drawn for the future.

โ— Trading does not end when you close your position.

โ—You must analyze it and learn from it.

โ— After closing a position, many players forget about it and start looking for the next deal.


โšกDon't miss the essential elements of the path to the level of a professional trader - analysis of the past and introspection.โšก


Write down your trading plan. Write down the reasons for the exit and what you did right and what is wrong. You will receive a history of your transactions and thoughts in pictures. This journal will help you learn from past experiences and discover gaps in your thinking.


๐Ÿ’ช๐ŸปDon't forget about self-development!!!!๐Ÿ’ช๐Ÿป

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Comments

no plan, no gain
+1 Reply
RocketBomb ArShevelev
@ArShevelev, ๐Ÿ’ช๐Ÿป๐Ÿงก
Reply
Essential.
Nice summary.
thx.
+1 Reply
RocketBomb Pps33_Day
@Pps33_Day, Welcome! Try to be helpful๐Ÿ’‹
Reply
Very useful. Thanks.
+1 Reply
RocketBomb sabin413
@sabin413, Always ready to help!!!๐Ÿ’‹๐Ÿ’‹
Reply
Thanks
+1 Reply
RocketBomb dragansimic171111
@dragansimic171111, you are welcome๐Ÿ’‹๐Ÿ’‹๐Ÿ’‹
Reply
Nice post, very instructive!!

We should never forget the basics:
- Failing to plan is planning to fail.
- A trend started with a reversal and will continue until the next reversal, therefore if there is no reversal the trend will continue his tendency.
- When you look at the chart do not see numbers, see a crowd of buyers, a crowd of sellers, and a crowd of undecided traders. The price is the balance of these three groups at a specific moment.
+1 Reply
@Driant, you're right! Thank you for completing my thoughts! I appreciate it very much!๐ŸŒž๐Ÿ’™๐Ÿ’›
Reply
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