What is a Trading Plan?

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It's funny I'm in forex trading couple of years but I still never get success. Anyone can sharing his trading plan? in H4/Daily Time Frame? I don't really understand what is the trading plan mean...just follow the signals if the signals matched all the requirements, isn't it??


Re: What is a Trading Plan?

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jng640 wrote: Wed Sep 01, 2021 8:13 pm It's funny I'm in forex trading couple of years but I still never get success. Anyone can sharing his trading plan? in H4/Daily Time Frame? I don't really understand what is the trading plan mean...just follow the signals if the signals matched all the requirements, isn't it??
Maybe not having one is the problem.

Simply put it's a set of repeatable rules that determine trade size, entry and exit.

And has been tested over x number of trades and found to have a positive expectancy.

A plan backed by statistics becomes a 'profitable strategy'.

Without a plan you're relying on guess work and emotions hinged on lagging indicators and that doesn't tend to work out well at all. In fact it's guaranteed to fail.

Someone else's plan will be no good to you, a plan needs to be personal to suit your preferred markets, time frames, market cycles, etc.
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Re: What is a Trading Plan?

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Ogee wrote: Thu Sep 02, 2021 1:28 am Maybe not having one is the problem.

Simply put it's a set of repeatable rules that determine trade size, entry and exit.

And has been tested over x number of trades and found to have a positive expectancy.

A plan backed by statistics becomes a 'profitable strategy'.

Without a plan you're relying on guess work and emotions hinged on lagging indicators and that doesn't tend to work out well at all. In fact it's guaranteed to fail.

Someone else's plan will be no good to you, a plan needs to be personal to suit your preferred markets, time frames, market cycles, etc.
Thanks for your replied.

Actually I don't really understand...When I woke up daily, check for the entire week news events, open my chart, check any signals from my indicator, place trade, set stop loss and TP, that's it. is it consider a trading plan? :Rofl:

Re: What is a Trading Plan?

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jng640 wrote: Thu Sep 02, 2021 1:42 am Thanks for your replied.

Actually I don't really understand...When I woke up daily, check for the entire week news events, open my chart, check any signals from my indicator, place trade, set stop loss and TP, that's it. is it consider a trading plan? :Rofl:
well it's A plan but if it doesn't actually work and is not profitable in any way then it's rather pointless and a waste of time, so perhaps spend some time instead constructing a better plan.
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Re: What is a Trading Plan?

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Ogee wrote: Thu Sep 02, 2021 2:33 am well it's A plan but if it doesn't actually work and is not profitable in any way then it's rather pointless and a waste of time, so perhaps spend some time instead constructing a better plan.
Thanks for your suggestion. I think I always can't success is due to I'm trade on smaller time frame always, when I saw the trade start to against me I just feel so scared and closed the trades manually.. :Rofl: I'm just recently switched to Daily time frame and feel much more better, at least I can calm my mind all day.. :Rofl:


Re: What is a Trading Plan?

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jng640 wrote: Thanks for your suggestion. I think I always can't success is due to I'm trade on smaller time frame always, when I saw the trade start to against me I just feel so scared and closed the trades manually.. :Rofl: I'm just recently switched to Daily time frame and feel much more better, at least I can calm my mind all day.. :Rofl:
Cladi39 wrote: Thu Sep 02, 2021 5:07 am Main Plan
Try to make your losses less than your gains.
... so trades never run against you on the higher time frame? As Cladi says, you need to know your gains outweigh your loses, positive expectancy as shown through collected stats, if your repeatable plan has this then it's it is validated.

Having no plan means continual change (going round in circles) and never knowing what actually works or not. A big problem in trading is that mistakes are often rewarded so you don't realise they are mistakes until you've collected sufficient data.
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Re: What is a Trading Plan?

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Ogee wrote: Thu Sep 02, 2021 3:50 pm ... so trades never run against you on the higher time frame? As Cladi says, you need to know your gains outweigh your loses, positive expectancy as shown through collected stats, if your repeatable plan has this then it's it is validated.

Having no plan means continual change (going round in circles) and never knowing what actually works or not. A big problem in trading is that mistakes are often rewarded so you don't realise they are mistakes until you've collected sufficient data.
Hmm...What I feel is when trading higher time frame I know the trade at least need to run for several days or weeks, if trading lower time frame I'll keep watching it all day long, I think it is kind of trading phychology problem...I'll train my trading phychology, I always manual closed the trades before the TP hit, or when the trade go against for 20-30 pips... in the end that those trades actually just a bit retracement :Rofl:

Thanks for you all replied, I'll learn from all the point!


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