It includes your goals and objectives, how you intend to make money, what your edge is, what you will trade and why, and how you will grow your trading business.
Trading Plan | Forex Trading Plan Samples | Forex
Every single professional trader knows that a trading plan is the key to their success, and now, you can implement the closely guarded secrets of this incredible tool. I’m about to show you how.” Louise Bedford
Trading Plan For Binary Options
In most line of businesses, time is the main driver for evaluating performance. Companies report on a quarterly basis to the street, which fundamental analysts then feverishly work through the data to assess a company’s future growth potential.
A Trading plan is like a business plan that will help you decide which markets to trade,what to do with your trades when you go on holidays, and much, much more.
You will need to identify the right number of trades for you to evaluate, but this number needs to be high enough that you have a decent sample set, but low enough where it prevents you from going on a destructive trading binge.
Then you need to develop a trading plan, write it down, and trade with it consistently. This tool is your secret weapon when it comes to trading with confidence and clarity. I’m about to give you my free trading plan template, so keep reading to find out more about it all.
The purpose of a trading plan is primarily to provide focus to your trading. It should detail your objective and provide you with a structure with which to reach this. It is your blue print for success, a map to guide to you to trading profits.
If your trading plan is to be a swing trader that uses Moving Averages, make sure that they are provided with the charts.
I've already talked about a lot of these concepts in general terms on my trading rules and money management pages. What I'd like to do here is talk more about what my actual trading plan looks like and how I fill out each section. The major headings of my trading plan are made up of the following: Strategy name, Definition of success, Watch List Criteria, Entry Rules, Exit Rules, Money Management and Routines.