How to Create the Perfect Trading Plan

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello traders! Here I would like to present to you another personal market psychology trading plan that I believe is effective for all traders ranging from beginners to advanced . Do you have a trading plan? Most don't. It's very important to create a set of fixed rules that you will always follow when you are trading! The key word here is trading - not investing. Investing has a completely different set of rules when finding the right entry and profitability of your account; however, here I will be showing you the sole principles of my own trading strategy that I believe has worked for me over the past years of trading. If you follow these steps correctly, I believe you will have the golden ticket to a much more profitable future, and if applied correctly, you will be having more winning trades than losing.

The 7 crucial steps:

1. Understand what timeframe you want to use
2. Risk management is key - don't over leverage, use a certain percentage
3. Market trend - make sure to follow the trend, don't be trade against it
4. Types of markets - do you trade mostly stocks? Bitcoin? Forex? These are all good for technical analysis
5. Entries - make sure that you have the correct entry. Don't rush into the market
6. Stop losses are crucial - especially when you are away from the charts
7. Targets - do you know where you want to exit?

Trade Safe!
X Force


My problem is taking profits, I tend to only buy into Cryptocurrencies that I think will do well over time as fundamentally good projects but as they pump I would like to be taking profits or at least selling off and buying back in lower so as to increase the bag. I still wonder at what point to sell off as I don't want to sell for it to retest the recent high, break it, settle higher than I sold it for and the opposite be true and have lost out on the trade rather than gained from 'taking profits'. I know that this is emotional reasoning but I tend to overcome emotion through logic in other areas of my life, so can you throw me some logic to help me overcome this?
+8 Reply
geezer74 PumpeyeTheSailorMan
@PumpeyeTheSailorMan, Plan your trade, and trade your plan. The way I do it is to decide a profit level before entering the trade, and stick to that. Nobody ever went broke from taking profit. If the market goes higher, then so be it, just take your profits, then sit back and wait for another opportunity.

If you really think that the trade will go further then fine, when it moves higher, just move your stop to your original profit level.
+4 Reply
Pretty helpful! Gonna print it :D! Good job, as always, Eric!
+4 Reply
mdcruz moksongmin
@moksongmin, Hey this might be a stupid question, but how do I print this?
@mdcruz, Try using a snipping tool and then print from saved file.
+2 Reply
mdcruz Ultracloud
@Ultracloud, thank you!
+2 Reply
@mdcruz, I use the Print Screen function ( Control + Print Screen ) and then Paste it into a MS Word page and then print. Easy

toronto, canada
A very informative one...
Very much needed.
It will surely help us all.

Thank you XForce.
+3 Reply
XForceGlobal mirowais632
@mirowais632, Thank you for always supporting me mirowais! Brother from another mother~!
+1 Reply
mirowais632 XForceGlobal
@XForceGlobal, I am glad to have known you.
Life changing opportunity.
+1 Reply
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