Trendy wrote: Sat Oct 02, 2021 1:00 am There's more to it than that. You need to know how much to risk for example. You also need to know what to do if the price goes against you and what to do if the price goes in your favour. Cover every scenario with your trading plan

Yes, I agree. A trading plan is much more than just checking the chart's indicators.
1. It's a full trading strategy including the best possible SL:TP risk reward ratio. Usually at least 1:3 will make your trades very profitable.
And entry/exit rules. Example: Fixed SL or trailing SL etc.

2. What time of day to trade for which pair. Volume and Volatility will change. For example EURUSD will be most active during London/New York overlap.
Here's a cool site for checking:
https://forex.timezoneconverter.com

3. And also the amount of your percentage balance = lot size you wish to put in a single trade.
Some traders use other money management strategies like Martingale etc for binary options. I personally think it's a bit risky.

4. Trade Style
You need to ask yourself what suits you:
Long Term or Scalping. And Trend based or Reversal based Trading. Or Binary options etc.

5. Risk:
And be very clear on:
- Risk %
- Maximum drawdown you are willing to take. Daily or Weekly.

Knowing fully well where everything goes keeps emotions out of it. And helps you trade well.
Without a plan, fear or greed take over

There's a lot of different strategies out there.... Pick a few and practice back-testing. It's a great skill to have in the bag

Thanks for all the advise, I'm now already know what is trading plan and I already got it!

daniel.dmn wrote: Sun Oct 03, 2021 12:31 am Yes, I agree. A trading plan is much more than just checking the chart's indicators.
1. It's a full trading strategy including the best possible SL:TP risk reward ratio. Usually at least 1:3 will make your trades very profitable.
And entry/exit rules. Example: Fixed SL or trailing SL etc.

2. What time of day to trade for which pair. Volume and Volatility will change. For example EURUSD will be most active during London/New York overlap.
Here's a cool site for checking:
https://forex.timezoneconverter.com

3. And also the amount of your percentage balance = lot size you wish to put in a single trade.
Some traders use other money management strategies like Martingale etc for binary options. I personally think it's a bit risky.

4. Trade Style
You need to ask yourself what suits you:
Long Term or Scalping. And Trend based or Reversal based Trading. Or Binary options etc.

5. Risk:
And be very clear on:
- Risk %
- Maximum drawdown you are willing to take. Daily or Weekly.

Knowing fully well where everything goes keeps emotions out of it. And helps you trade well.
Without a plan, fear or greed take over

This is an excellent skeleton of what a plan should look like

Trading plan is very crucial step when you are going to trade any type of asset. Being a forex trader, and keeping in mind the volatility it is extremely important to have appropriate trading plan. Very first thing I look for the trading sessions, london session has very high volatility so I never trade in when session opens. I let myself settle down and look for any financial event that would have an impact. Then according to this I trade with proper stop loss. I always trade in zones to keep the possibility of very rare outage in wild conditions.

"Everyone has a trading plan until margin call" - Mike Tyson

...When did Mike Tyson start trading?

mlawson71 wrote: Wed Oct 20, 2021 2:05 am ...When did Mike Tyson start trading?

lol....

There is a saying in ancient China: "Workers must first sharpen their tools if they want to do well." They are extremely wise.

Without a complete trading system or strategy, it is meaningless to talk about a trading plan.

And it is not easy for a trader to build a perfect trading system! Master xard777 has continuously modified his "Simple Trend Tracking Trading System" for more than 10 years, and has spent countless efforts! Only today's glorious version is available.

For ordinary traders, how long does it take to build a trading system that suits them? How much principal is needed to test the market?

Therefore, it is meaningless to talk about the trading plan before the trading system is built.

If you already have a complete trading system, then, based on your own principal, stable profitability, as long as you make money every day, every week, and every month, it's OK!

Master mladen said in a post (to the effect): As long as the profit exceeds the interest of the principal deposit in the bank, it is a good transaction. However, most people want to get rich overnight.