JasperForex

A Forex Trading Plan Example Pt. I

FX:EURUSD   Euro Fx/U.S. Dollar
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REASONS TO TRADE
I write in detail why I trade, what I find appealing about it, what motivates me and why I believe I can be a good trader, based on my characteristics as a person and my skillset / competency profile. Tip: its important to be honest in the assessment of yourself and its wise to include input from others to objectify your profile.

MY APPROACH
I describe my general approach to trading. I believe trading should be seen as a business and I treat every element of it as such. I describe how I do this. For me this means having a fixed schedule, starting on time, preparing and reviewing my trades, being disciplined, managing my costs and risk, etc. I describe what kind of trader I am (scalper and day trader) and why this fits my trading personality. I describe how I see technical analysis and fundamental analysis in general and where I put the emphasis in my approach to placing trades. In this website, Tradingview, most traders will go for technical analysis only. I use both and I describe how I do that.

GOALS & OBJECTIVES
I specify my trading goals and objectives (both financial and non-financial) as concrete             as I can, on a daily, weekly, monthly and yearly basis. I make everything measurable so I can track my progress. I specify the one off and running costs of trading. I have targets for the expectancy per trade, per day, per week, per month and per year (based on my actual win rate, my average winner and my average loser). Do I trade to supplement my income, to fully live of it, to improve my pension or for wealth creation? I specify this concretely (to the last             ) in this section. I state how many trades a day I strive to make, and what my target win rate is. I also describe how I keep track of my best month, my best week, my best day and my best trade P&L wise. Non financial goals can be educational goals (I read 2 books on trading per month) or aimed at gaining experience as a trader.

MARKETS / CURRENCIES / TIMEFRAMES / SCHEDULES
I describe what markets I trade ( Forex only), what sessions (New York             and London exclusively), which days I trade and which not (for instance last week of the year is for study only and I plan my holidays), what my schedule is for trading (what time I start and finish), which currency pairs are in my trading portfolio and why (I trade only 8 pairs), what timeframes and why. I use multi timeframe analysis and I explain here how to do that.

BROKER
Here I list all requirements a broker must fulfill. When I change broker (I am actually in the process of doing that), I use this list to chose the best one. To give an idea (not my complete list): I want the broker to be regulated, to have been in business for several years, to be Non Dealing Desk, to have a user-friendly interface             and a stable execution environment. It must be scalper friendly and have competitive spreads / commissions. Withdrawal of profits must be hassle free and timely. I don’t care about newsfeeds and charting via my broker, I have organized that differently so these are not requirements. Nor do I care about free bonuses and high leverage.

RISK MANAGEMENT
Here I describe everything I do on a day-to-day basis to manage the risk of trading, both financially and non financially, to ensure I live to trade another day. What is my trading capital (this should always be excess capital you can afford to lose), what is my max trade risk (I use a fixed fractional method), how do I ensure I never exceed this risk (I do position sizing: I scale the amount of units until the stop loss matches the traderisk), how many trades can I have open simultaneously (hence the max % of trading capital that can be at risk at any given moment), what is my minimal reward risk requirement, what leverage do I use, how do I control my emotions and in which situations do I not trade but stand on the sidelines? Its all described in detail under this section.

To be continued in "A Forex Trading Plan Example Pt. II". See the link under Related Ideas.
You don´t need to be a weatherman to know which way the wind blows - B. Dylan
good ...goood ...wonderful
+4 Reply
DanV MOD
2 years ago
Thanks for sharing this, It will be very helpful to many as there has been lot of interest from New Users of TV platform. Well Done.
+4 Reply
mbdr
2 years ago
Thanks .nice to learn..nice to read ...waiting part 2
+1 Reply
Mantap.... Lets get profit...
+1 Reply
Thanks for the comments guys, I appreciate it. Part II has been published, you can find the link under "Related Ideas".
Reply
Great Poppy :)
+1 Reply
Moneypill
2 years ago
Wise man :)
+1 Reply
Again, thanks for the comments. I hope this may help some of you.
Reply
mhajji
2 years ago
good
+1 Reply
JasperForex PRO mhajji
2 years ago
Glad you like it.
Reply
p_b
2 years ago
Inspirational! Thanks for sharing.
+1 Reply
JasperForex PRO p_b
2 years ago
You are welcome!
Reply
WeeMee
2 years ago
very interesting indeed, look forward to reading the next part for sure.
+1 Reply
JasperForex PRO WeeMee
2 years ago
Thanks, hope it helps. Here is Pt. II:
A Forex Trading Plan Example Pt. II
Reply
Very useful ! Thanks for this !
+1 Reply
JasperForex PRO Nico.Muselle
2 years ago
My pleasure!
Reply
Top stuff - thanks for that !
+1 Reply
JasperForex PRO Grzegorz_Szafranski
2 years ago
Sure thing! Hope it can be of help to you.
Reply
Zemeesha
2 years ago
very useful thanks, let us know when you select a broker
+1 Reply
JasperForex PRO Zemeesha
2 years ago
You are welcome, I hope it is of some use to you.
Reply
Ahmer
2 years ago
Thanks for sharing your thoughts.
+1 Reply
JasperForex PRO Ahmer
2 years ago
You are welcome, there is also a Pt. II (linked under Related ideas).
Reply
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