Power of 100 trading plans review :
Why Trading Plan Review is so important?
I write this to all the traders who want to build their own trading system.
for thoese are still waiting for siganls without any interest in developoing your own trading system, pls kindly ignore.
Step 1:
Plan your trade:
in this case, there are two reason for me to short gbp on 26/7/2018
1. Price pulled back to the previous support structure
the yellow box
2. price rally to 0.618 retracement of the previous downside move. the red arrow.
all right, probably 90% of the new traders will start to take a short at this stage :)
but ,that's not enough yet.
GUYS, i want to you to focus on the 4 element :
1. entry? --- 1.3207
2. Stop ? --- 1.3277 (above the bearish engulfing candle's pivot) remember, sl is to set where you change your view. in this case, we dont want to short
if a new high is created
3. TP? -- look left, since we are short, we need to find support level to take profit. 1.3070 is a good support
and we need to check, is this profit 2 times of the risk?
4. lot size -- 2% rule, 2% of your capital / (sl distance * 10)
OK. finally the trading plan is completed.
as u can see, we made a lot of preparation before we pull the trigger.
think of this, who will have a higher probability to win?
a trader who plan very well like this or a trader who anyhow trade without any plan?
STEP 2:
Trade your Plan!
Send your orders to the market. Key in the SL, TP Level with correct lot size
and .....
forget it! yes, set and forget
the market will always give you a result. either lose 2% oR win 4% and more.
STEP 3:
Record your plan and review the result,
if you win, great, you have a winning trade experience.
if you lose, find out the reason, check if there is any thing u miss or not do correct
did you follow your plan? did you check the fundamental?
did you use correct lot size? etc
Let me tell you a secret:
if you do this trading plan review for 100 times.
record them in your own trading journal
you will be improving really fast.
It's just like how you learn riding a bike.
you have to ride the bike for many times before you truely master the skill.
if you can ride a bike for many times, and travelled enough distance, you will definite master the new skill.
I write this to all the traders who want to build their own trading system.
for thoese are still waiting for siganls without any interest in developoing your own trading system, pls kindly ignore.
Step 1:
Plan your trade:
in this case, there are two reason for me to short gbp on 26/7/2018
1. Price pulled back to the previous support structure
the yellow box
2. price rally to 0.618 retracement of the previous downside move. the red arrow.
all right, probably 90% of the new traders will start to take a short at this stage :)
but ,that's not enough yet.
GUYS, i want to you to focus on the 4 element :
1. entry? --- 1.3207
2. Stop ? --- 1.3277 (above the bearish engulfing candle's pivot) remember, sl is to set where you change your view. in this case, we dont want to short
if a new high is created
3. TP? -- look left, since we are short, we need to find support level to take profit. 1.3070 is a good support
and we need to check, is this profit 2 times of the risk?
4. lot size -- 2% rule, 2% of your capital / (sl distance * 10)
OK. finally the trading plan is completed.
as u can see, we made a lot of preparation before we pull the trigger.
think of this, who will have a higher probability to win?
a trader who plan very well like this or a trader who anyhow trade without any plan?
STEP 2:
Trade your Plan!
Send your orders to the market. Key in the SL, TP Level with correct lot size
and .....
forget it! yes, set and forget
the market will always give you a result. either lose 2% oR win 4% and more.
STEP 3:
Record your plan and review the result,
if you win, great, you have a winning trade experience.
if you lose, find out the reason, check if there is any thing u miss or not do correct
did you follow your plan? did you check the fundamental?
did you use correct lot size? etc
Let me tell you a secret:
if you do this trading plan review for 100 times.
record them in your own trading journal
you will be improving really fast.
It's just like how you learn riding a bike.
you have to ride the bike for many times before you truely master the skill.
if you can ride a bike for many times, and travelled enough distance, you will definite master the new skill.
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