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New trader trying to put a trading plan together

lavis_book
Jul 25 2019 at 10:25
38 posts
New traders should point some realistic trading goals for themselves first and then set their risk and budget constraints. You must also decide on when and where to entry and exit as that is really important. With a plan in mind, before you actually start to trade, go through the market conditions and then start. And once a plan is created, do not waver much. Stick to that plan as much as possible.

jamesgwyther
Jul 26 2019 at 13:49
289 posts
OP...how is your trading plan going?

Nikolas88
Jul 26 2019 at 15:37
5 posts
There is no return that can be justfied as normal or abnormal. It all depends on the risk you are willing to take and the proper selection of a given strategy, to given instruments at a given time. Experienced traders can be recognized by seeing them trade when the conditions are good for their strategy and not trade when they aren't. Newbie traders on the other hand trade all the time, thinking they get screen time, but that's totally wrong approach. One thing is for sure, you can't live off your trading profits unless you have large account (100k and above) and you feel fairly convinced you can make profit every month. Even the best traders have losing months, so you have to be prepared for that, to have second source of income etc. it is not that easy like most scammers try to convince you.

Madalyn
Jul 28 2019 at 05:26
31 posts
lavis_book posted:
New traders should point some realistic trading goals for themselves first and then set their risk and budget constraints. You must also decide on when and where to entry and exit as that is really important. With a plan in mind, before you actually start to trade, go through the market conditions and then start. And once a plan is created, do not waver much. Stick to that plan as much as possible.


New traders need to understand the importance of studying

Eduardo Rincon (Jedimaster1)
Jul 28 2019 at 21:59
10 posts
walpants posted:
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.
Hi,

First, you must decide what type of trader you wanna be ( day trader, swing trader, etc ) then have a time of the day to trade and stick to it, trade always at the same time. Having a reason to enter a trade, where to enter and where to exit, with a loss or a profit. It's important risk and trade management.

So basically is to have an edge, to have an approach and stick to it 100%

Professional4X
Jul 29 2019 at 04:48
1189 posts
Madalyn posted:
I have seen people quote 10-20% a month as a realistic aim?


Market conditions change.
Political climates change.
Regulations change.
This list goes on.....

It is unrealistic and unreasonable to expect an ROI of 20% every month.





If it looks too good to be true, it's probably a scam! Let the buyer beware.
Eduardo Rincon (Jedimaster1)
Jul 29 2019 at 11:44
10 posts
Professional4X posted:
Madalyn posted:
I have seen people quote 10-20% a month as a realistic aim?


Market conditions change.
Political climates change.
Regulations change.
This list goes on.....

It is unrealistic and unreasonable to expect an ROI of 20% every month.




well said, not even Soros or Buffett perform that way!

Madalyn
Jul 31 2019 at 05:42
31 posts
Jedimaster1 posted:
Professional4X posted:
Madalyn posted:
I have seen people quote 10-20% a month as a realistic aim?


Market conditions change.
Political climates change.
Regulations change.
This list goes on.....

It is unrealistic and unreasonable to expect an ROI of 20% every month.




well said, not even Soros or Buffett perform that way!


They don't trade in the same way though?

Madalyn
Jul 31 2019 at 05:42
31 posts
Professional4X posted:
Madalyn posted:
I have seen people quote 10-20% a month as a realistic aim?


Market conditions change.
Political climates change.
Regulations change.
This list goes on.....

It is unrealistic and unreasonable to expect an ROI of 20% every month.







5% a week doesn't seem so unlikely does it?

BBBLack
Jul 31 2019 at 08:40
12 posts
Madalyn posted:
Professional4X posted:
Madalyn posted:
I have seen people quote 10-20% a month as a realistic aim?


Market conditions change.
Political climates change.
Regulations change.
This list goes on.....

It is unrealistic and unreasonable to expect an ROI of 20% every month.







5% a week doesn't seem so unlikely does it?


Obviously you have never tried to trade Forex!! 5% a week is amazing results. Most pro traders would gnaw off their left arm for that

Thang (Minhthang2603)
Jul 31 2019 at 10:02
20 posts
walpants posted:
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.

You should learn the knowledge and experience from reputable blogs, for example:
1. dailypriceaction.com
2. tradingwithrayner.com
3. sinvest.vn
4. investopedia.com

Eduardo Rincon (Jedimaster1)
Jul 31 2019 at 21:17
10 posts
Minhthang2603 posted:
walpants posted:
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.

You should learn the knowledge and experience from reputable blogs, for example:
1. dailypriceaction.com
2. tradingwithrayner.com
3. sinvest.vn
4. investopedia.com


Which one do you use? by the way, I can't see your track record.

TitusD
Aug 01 2019 at 09:49
10 posts
Some of those websites look a bit scammy. Are you sure they are legit and not just some scammer

Eduardo Rincon (Jedimaster1)
Aug 01 2019 at 20:56
10 posts
TitusD posted:
Some of those websites look a bit scammy. Are you sure they are legit and not just some scammer


Hi, look a bit? they really are BS!

Madalyn
Aug 02 2019 at 05:11
31 posts
TitusD posted:
Some of those websites look a bit scammy. Are you sure they are legit and not just some scammer


Investopedia is fine
other good sites are babypips, dittotrade, forexpeacearmy

ElliotCooke
Sep 03 2020 at 18:57
341 posts
New traders should practice on a demo account to improve their trading skills. After improving their skill they can make plans to make a profit from this market.

Danina Battle (NinaPipin)
Sep 03 2020 at 19:09
2 posts
LeviSievwright5
Sep 04 2020 at 02:05
298 posts
There are many types of trading strategies. If you do not understand market momentum, you will not get good rewards for trading. To understand the momentum of the market, it is very important to have an idea about the context. It is very important to know the situation in the market. Context means volatile / non volatile / impulsive / and corrective. If you have an idea about these 4 types of momentum, you can make a lot of profit from trading. And you have to trade with support/resistance.

GeorgeBischof
Sep 08 2020 at 19:45
318 posts
New trader should use demo account to learn forex properly and perfectly. Itr will help them to know all the basics of forex practically.

Shelby10
Sep 09 2020 at 19:45
140 posts
New trader should gather knowledge before start trading. Without any knowledge, you can not survive in this forex market.

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