Creating A Successful Forex Trading Plan
Forex Trading Plan
[22:30:44] bcho018: 150 pip stop, risking 1% per trade 1% in a few hours that’s more than alright!!
[22:32:33] bcho018: Em I have been testing out true trend 50 for exit on crossovers… I think its decent
[22:33:57] jordan: 1% in a few hours is excellent, I do not like the 1:1 risk though (as in our current trade too)
[22:34:17] jordan: you mean exit on stock crossing the 50 level?
[22:34:32] bcho018: Yeah. that’s right
[22:34:47] bcho018: I am exiting based on that
[22:34:50] jordan: keeps you for more of the move
[22:35:32] jordan: check that out in a range bound choppy market too
[22:36:12] bcho018: But I am thinking of having another entry rule whereby if TT50 turn to the same color as TT333 then I have trade with 150 SL and 300TP
[22:36:50] bcho018: Yeah this system cant handle a choppy market though
[22:37:28] bcho018: Not stock crossing the 50 level the True trend with perio50 crossing the 0 level
[22:37:50] bcho018: then I exit
[23:12:40] jordan: i think it is time you wrote down a plan
Bcho018 has traded with the group since July of 2007. He has taken the Conquer which we trade off of the 4hr time frame currently and has been trading it on the 15 min because of the recent market volatility. He is now making adjustments that he feels will benefit the system. In order for me to help I need to know exactly what he is doing and what his plan is.
Google Docs is perfect this that way you can publish it as a web page so I can see it, edit it and leave notes.
Questions to ask yourself
Why are many traders reluctant to write down their trading plan? Simply because they do not have one.
Have you ever traded your account or made an investment on a whim without a clearly defined written out trading plan?
By writing down your plan you will be forced to have a trading plan. Once you have a trading plan you can modify when needed to adjust to the market, the point is you need to always have a trading plan in place before you trade. Always.
By the way, I am thankful to bcho018 for the kind words he sent me over the weekend, “I don’t know how you came up with conquer, but its brilliant! Thank you!!!!!!!!!!!!”. Thank you bcho
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