Writing a Successful Trading Plan
The importance of a comprehensive Trading Plan can’t be underestimated.
This is your Roadmap to your Goals, as well as a set of rules to follow in times of confusion, frustration, indecision and lack of focus.
The Elements of a Trading Plan
A good Good Trading Plan should take into account all of the key aspects of being a Successful Profitable Trader:
- Your Risk Management Strategy
- Your Pre Trade Routine
- Your Trade Set Up and Entry Rules
- Your Stop Loss ./ Take Profit Scenarios
- Your Education Plan
- Your Trade Analysis Rules
- Your Coaching Plan
- Your Mindset Management Strategies
Not addressing these key factors can weaken your overall strategy and diminish the probability of you trading PROFITABLY.
YOUR Trading Plan
You may notice that I used the word YOUR at the start of every aspect… That is because you will never achieve YOUR goals if you are copying someone else’s plans.
Now, using a structure for Your Trading Plan is a good idea – and seeking guidance from an objective third party that understands the elements and importance of Creating a Comprehensive Trading Plan is often necessary – for perspective and to include the elements that we may not want to deal with in our trading.
In my experience, leaving something out of your Trading Plan is the first sign that you have unresolved issues in that area that need to be addressed – ignore them and they will impact your performance as a trader and ultimately whether or not you will achieve your goals.
Creating Success With Your Trading Plan
Your Trading Plan is a living breathing document and should be read and updated regularly, as you transition through stages of your trading career. The Plan that you write as a new Live Trader will have different structures than the one you wrote as a Demo Trader and will be different to the one that you use as a Proficient Profitable Trader.
How to Get Started
Our Lifetime LIFT Investor Trader Program is a comprehensive Action-based Coaching program with our experienced Trading Coaches. In this program, your Coach will work with you for as you Create, Develop and Grow Your Profitable Lifestyle Income From Trading.
For more trading term general definitions, visit our A to Z of Forex Trading
To look at these concepts in action, please visit our sister site, Latest Forex Rates
What to do Next
If you have more questions or need further guidance, don’t hesitate to reach out to us at The Trading Coach International for personalized coaching and support.
If you would like to learn more about trading forex profitably and what steps you can take next to get on the right track to build your Lifestyle Income From Trading, you can book an no obligation, Free Strategy Call with our Lead Trading Coach by clicking on THIS LINK
The information, strategies, techniques and approaches discussed in this article are for general information purposes only. The Trading Coach International does not necessarily use, promote nor recommend any strategies discussed in this article. The information in this article may not be suitable for your personal financial circumstances and you should seek independent qualified financial advice before implementing any financial strategy. The Trading Coach International is not a financial advisor and does not have AFS registration.