Forex plan template

How will you enter the trade? This can be more complex than it seems, but the more exact you can define your entry, the more consistent your results will be. This is really important. The same trading system can behave very differently when you risk different amounts per trade. Remember to change your version number every time you use a different amount of risk.

If your trading plan includes taking partial profits when price starts to move your way, then note that in this section. Again, be as specific as possible. Do you want to move your stop loss to breakeven, to lock in a trade that is moving in your favor?

This works for some traders and not for others. Are you going to pyramid your trade by adding positions after the initial entry? This might not be your style, but if it is, be sure to note your add-on strategy here.

Be sure to clearly define exactly when you will add to your position and when you will not. Drawing a diagram usually helps. This can be an important rule to keep your sanity and your trading account. When you limit your re-entries beforehand, you keep yourself out of trouble. I personally use the Two-Strikes Rule. Now, how do you cash in your entire trade? There are many ways to take profit, but here are a few that traders use:.

If there is anything that I missed above, put it into this section. There is always some special circumstance that traders need to have in their plan, so I made a space for it here. This could include markets to check before you start trading and any pre-trading routines that you should go through. Yes, writing that stuff down on every test could get repetitive.

Never trade a plan with real money, unless you know it has a good chance of working out, by testing. After you have backtested it, you also have to forward test it. This will show you any differences between your backtesting and live market conditions. A trading plan that looks promising in testing may not actually work well in real trading. This is usually because trading real money has a drastically different psychological profile, compared to trading play money. Another important step after creating a trading plan is to track your results.

You should start with a trading journal, like this. The implementation plan concerns how you intend to progress with this trading strategy:. Are you going to trade it demo for some time? Are you going to start on a small live account? So that pretty much sums it up for the One-Page Trading plan tutorial.

Once again, do not forget to grab the template if you want to save a few hours! What advice would you give someone creating his first trading plan? Comment below and we'll chat!

It will help you simplify your trading strategy on a single page! Getting Organized , Trading Strategy. One-Page Trading Plan Tutorial free template! Forex Trading. Bi-weekly, check TJS Analysis sheet to see what sub-categories are producing positive expectancy with frequency.

To provide valuable tools to traders who aspire to excel in their trading business. To help traders recognize when specific actions are becoming detrimental to their account. To always offer the very unique Trading Journal Spreadsheet at a viable cost, and to give each client specialized service, and value for their money.

However, each of the following sections should be addressed in some form. Why am I trading: I recognize that Trading is one of the most challenging and rewarding professions on earth. To follow my trading plan without reservation. Above all else, I will be consistent! Yearly — To steadily increase my risk amount when my data tells me it is advisable to do so.

To continue learning through my day-to-day activities of being in the market and through continued education. To keep trading business expenses to a minimum. To see a steadily rising equity curve!

Long Term — To trade for life! I would like to have multiple accounts; One for Income, via Day trading and one for Wealth, via Swing trading. This will allow me to eventually build up a retirement account where I can trade within a Roth K Plan. What Markets will I trade: My focus will remain on the Equity markets, but I will look to duplicate successes in other market arenas when my time allows for greater trade frequency. What Timeframes will I trade: Daily setups only during my initial trading phase.

Entry rules: All orders will be limit orders at the Ask price once a trade confirmation has been achieved. Pre-market activities, or routine: Log in to trading platform. What Tools will I use for my trading business: Falcon Trading Computers — trading computer Super Trader Pro — charting platform Yahoo Finance, Trade Ideas — scanning software and opportunities Trading Journal Spreadsheet TJS Elite, for trade Analysis and Record-keeping Review process: Review the notes and screenshots of each trade days after closure and after all biases and emotions have subsided.

An Edge is nothing more than an indication of a higher probability of one thing happening over another. Every moment in the market is unique.