New trader trying to put a trading plan together

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.

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.

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

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%

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.

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!

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?

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?

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

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

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.

Some of those websites look a bit scammy. Are you sure they are legit and not just some scammer

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!

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

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.

Hey!
https://forextraininggroup.com/category/forex-trading-articles/
This is also a great site to visit.

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.

New trader should use demo account to learn forex properly and perfectly. Itr will help them to know all the basics of forex practically.

A trading plan is very important to make a profit consistently. Never achieve success without a plan. After a good analysis you need to know where to set stop loss and profit level, what percentage of risk you are taking for a trade, how to manage 1: 2 risk-reward, how to manage the trade after opening the trade. The trading plan is analyzing all these things.