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New trader trying to put a trading plan together

walpants
Mar 12 2019 at 09:32
posts 47
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.

dylanjessop
Mar 18 2019 at 06:53
posts 34
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.


simple support and resistance levels would be a good place to start

ParticipantLAD
Mar 18 2019 at 08:57
posts 2
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.

LeBuffon
Mar 18 2019 at 15:12
posts 11
ParticipantLAD posted:
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.



This sounds very complicated and a lot to implement. Are there templates for trading plans that can be copied? I have no idea about strategy, rules that I will use.

Teejy88
Mar 19 2019 at 06:56
posts 36
Take your time, demo demo demo before thinking about trading for real.

Mcross
Mar 19 2019 at 11:23
posts 10
3 months on demo at least. Never consider real account before that. If you try live and fail then go back to demo. it can take years to understand trading. I still do not!

MrRenev
Mar 20 2019 at 06:57
posts 3
Who are you? Background? Interests? What are your goals? Etc. Just go watch videos on youtube (UKspreadbetting & MoneyWeek are good channels), read about all this on investopedia, read the forums, ideas, etc...
There are systems spread over the internet you can look at this for fun.

I started live immediately. Demo... idk it's boring. Will teach patience I guess but it could also push you to risk alot make you confident couldn't it?
Going live doesn't mean you have to take 10 trades a week risking 1/10 of your account every trade.

Short it to the ground
Rachel (REB_FX)
Mar 21 2019 at 07:01
posts 51
ParticipantLAD posted:
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.


This is a great 3 point action plan.

i will be reviewing my own trading plan against this.

tracydavison
Mar 24 2019 at 07:22
posts 34
some great advice on here :) I shall follow as im a newbie to all this

walpants
Mar 24 2019 at 07:46
posts 47
dylanjessop 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.


simple support and resistance levels would be a good place to start

Thank you

walpants
Mar 24 2019 at 07:46
posts 47
ParticipantLAD posted:
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.


Thank you for your input, as yet I dont really have a strategy or any rules so to speak, I need to figure out what type of trader I am first I guess.

walpants
Mar 24 2019 at 07:47
posts 47
MrRenev posted:
Who are you? Background? Interests? What are your goals? Etc. Just go watch videos on youtube (UKspreadbetting & MoneyWeek are good channels), read about all this on investopedia, read the forums, ideas, etc...
There are systems spread over the internet you can look at this for fun.

I started live immediately. Demo... idk it's boring. Will teach patience I guess but it could also push you to risk alot make you confident couldn't it?
Going live doesn't mean you have to take 10 trades a week risking 1/10 of your account every trade.


Thanks, I rushed into a live account last year and blew the majority of it at which point I quit, determined to try again but don't want to make the same mistakes.

Rachel (REB_FX)
Mar 25 2019 at 06:53
posts 51
walpants posted:
MrRenev posted:
Who are you? Background? Interests? What are your goals? Etc. Just go watch videos on youtube (UKspreadbetting & MoneyWeek are good channels), read about all this on investopedia, read the forums, ideas, etc...
There are systems spread over the internet you can look at this for fun.

I started live immediately. Demo... idk it's boring. Will teach patience I guess but it could also push you to risk alot make you confident couldn't it?
Going live doesn't mean you have to take 10 trades a week risking 1/10 of your account every trade.


Thanks, I rushed into a live account last year and blew the majority of it at which point I quit, determined to try again but don't want to make the same mistakes.


Your in the right place, and asking the right kind of questions.

Slow and steady wins.

ParticipantLAD
Mar 25 2019 at 07:02
posts 2


Thank you for your input, as yet I dont really have a strategy or any rules so to speak, I need to figure out what type of trader I am first I guess.



No worries, It takes time to work out.

ParticipantLAD

FX Ekspert EU (tforexx)
Mar 29 2019 at 11:07
posts 6
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.


It seems you are still very new to the trading world. Maybe you should start with educating yourself first, especially if you are feeline overwhelmed. That feeling is quite common because there is a LOT to know. You will get the hang of it eventually.

What is your trading experience like? Are you trading right now, on a demo account maybe?

ScottyCarsonMVP
Apr 01 2019 at 06:03
posts 54
dylanjessop 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.


simple support and resistance levels would be a good place to start


Yes agree here

walpants
Apr 02 2019 at 06:34
posts 47
tforexx 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.


It seems you are still very new to the trading world. Maybe you should start with educating yourself first, especially if you are feeline overwhelmed. That feeling is quite common because there is a LOT to know. You will get the hang of it eventually.

What is your trading experience like? Are you trading right now, on a demo account maybe?


im not currently trading no, not manually anyway. i read a lot but when i try to put it into practice i doubt myself so much and just get frustrated.

walpants
Apr 02 2019 at 06:35
posts 47
ScottyCarsonMVP posted:
dylanjessop 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.


simple support and resistance levels would be a good place to start


Yes agree here


yes i sit watching videos on this all the time and while watching it all makes sense but then when i look at a pair and start to put my areas on it just doesnt seem to work the same and i doubt that i have done it correctly.

maexpertadvisor (FMovingAverage)
Apr 02 2019 at 08:47
posts 24
walpants posted:
tforexx 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.


It seems you are still very new to the trading world. Maybe you should start with educating yourself first, especially if you are feeling overwhelmed. That feeling is quite common because there is a LOT to know. You will get the hang of it eventually.

What is your trading experience like? Are you trading right now, on a demo account maybe?


im not currently trading no, not manually anyway. i read a lot but when i try to put it into practice i doubt myself so much and just get frustrated.


Regarding the feelings you are having, I think you just need to stick with it and try to trust yourself a little more. Yes, you will face losses most likely and it will bring you down at first.

Are you using an EA? That is a great way to trade for people who can't control their emotions. But when you one day want to switch over to manual trading, you need to get your emotions on check.

You said you want to get into creating a trading plan, a strategy for yourself. So do that, research and put it together and then go on with trading.

PPPStrategy
Apr 04 2019 at 06:04
posts 6
Make a plan like a scientist; to publish a hypothesis, one must prove it is not true.

Find an entry that you beat those X number of reasons for you not buy.

You get the idea.

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