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Published byKelley Boyd Modified over 9 years ago
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A Gold Mine of a Plan The Key is Keep is Simple and Back test
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Pick Your Market Find One that Suites Your Style and Mindset Time of Day for the Market How much time to dedicate to it Your Money Management Factors Don’t pick too large of a market for your capital With Forex you can start with any size account Micro, or Mini The Trading Method HVMM UST UMT
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Three Key Decisions What Rules will you use to enter a trade How much money will your risk per trade What Rules will you use to exit a trade How Long will you trade
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Your Trade Plan Is Designed To Keep You Out of The Market! Not To Get you In! Are you ready to Start Trading This Morning? Are you Able to trade the full Session? Don’t chase trades Don’t try and get in early wait for the Entry Follow your plan on Stop/Profit Management Know Exactly what you will do every step of the way Practice for one or two weeks till you can execute without errors! Start trading small then build as your account and experience grows
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Develop a Plan that is Right for You Trade Goals To make a good living trading.5% per day on my account average To learn from every trade and constantly improve Trade Psychology If I am not mentally prepared to trade that day I won’t trade I will not allow any distractions to my trading If I cannot trade the entire time frame I will not trade I will be at my trade Desk 30 min prior to check news and setups Trading Edge I use the HVMM approach and know that I will win over time I will evaluate my performance to look for ways to improve
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Back test to know Exactly how to Trade Trade Rules I will not take any discretionary trades and follow all my rules I will trade using HVMM 55 Tick on GC I will trade from 8:00 am EST till Noon, Two Wins and Positive I will respect Red news events and skip trades around the news
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Back test to know Exactly how to Trade First Trade of the Day Rules I will let the pre market trades play out and hit fill target. I will consider getting on board if the pre market does not reverse I will take re entry trades only once in a direction I will follow Stop and Reverse Rules and at 1.0X reduce risk or lock in some profit depending upon trade size
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Journal and Evaluate Your Performance I will journal every trade and review my performance At a 10% drawdown I will stop and reevaluate my plan If I get a failing grade I will skip the next day of trading
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Secondary market HVMM CL 89 tick Consider a market that does not interfere with your other trading Consider a market that is not so closely related to your first market Ultimate Swing Trader Consider your lifestyle and not get tied to a computer or trading Review your goals every year!
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Forex and UST http://www.netpicksllc.com/USTInstructionalVideos/livemeta.htm
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Let’s Review the Spreadsheet and Trades
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