Trading Plan Sample 1
Goal
My goal is to make 40 pips per week.
Market
My target market is the GBP/USD forex spot market. My trading style is day trading with all trades taking place between 7:00 am GMT and 11:00 am GMT. All open positions will be closed by the end of the day.
Preparation
Before starting my trading day I will check out the economic calendar of the forex market for the day and see what fundamental data that could affect GBP/USD will be coming out. I will also look at the charts and trace trendlines and Fibonacci support and resistance lines.
Timeframes
I will focus on two charts: 15-min and daily. I use the daily charts to identify the big swings and the 15 minute chart to get good entry points for my trades.
Strategy
If the forex market is showing signs of lack of direction, I will stay out of the market. I will not trade until I see a trend forming. I will useresistance/support, trendlines and moving averages (MAs) to get a my signals for going long or short. Even though technical analysis is the basis for my trading, I will pay attention to any fundamental data coming out.
Major events
I will not trade during speeches of governors of Central Banks, e.g. the Bank of England or the Federal Reserve, as the market becomes too volatile, and jeopardizes my trades (and my mental health) with Saxo Bankor other reputable broker. I will also get out of the market before major economic data releases, like the Non-Farm Unemployment numbers.
My goal is to make 40 pips per week.
Market
My target market is the GBP/USD forex spot market. My trading style is day trading with all trades taking place between 7:00 am GMT and 11:00 am GMT. All open positions will be closed by the end of the day.
Preparation
Before starting my trading day I will check out the economic calendar of the forex market for the day and see what fundamental data that could affect GBP/USD will be coming out. I will also look at the charts and trace trendlines and Fibonacci support and resistance lines.
Timeframes
I will focus on two charts: 15-min and daily. I use the daily charts to identify the big swings and the 15 minute chart to get good entry points for my trades.
Strategy
If the forex market is showing signs of lack of direction, I will stay out of the market. I will not trade until I see a trend forming. I will useresistance/support, trendlines and moving averages (MAs) to get a my signals for going long or short. Even though technical analysis is the basis for my trading, I will pay attention to any fundamental data coming out.
Major events
I will not trade during speeches of governors of Central Banks, e.g. the Bank of England or the Federal Reserve, as the market becomes too volatile, and jeopardizes my trades (and my mental health) with Saxo Bankor other reputable broker. I will also get out of the market before major economic data releases, like the Non-Farm Unemployment numbers.
Trading Plan Sample 2
Goal:
To make (and keep!) a minimum of 2,400 pips in 1 year (i.e. a minimum of 200 pips per month). My forex account is modest, but the size of my account is not a factor in how motivated and disciplined I am. My view of trading is summarized in two words: making pips. The by-product of making pips is money, but while I am trading I am not thinking about cash. I am not forex trading for money or thrill.
Target currencies:
I will be swing trading the Yen crosses – EUR/JPY, AUD/JPY, NZD/JPY, CAD/JPY, etc.
Behavioral rules:
(1) If I have no real trading ideas, I am not going to put in a trade. I am not in the business of overtrading.
(2) If I lose 3 trades in a row, I will not place another trade on the same day and will skip the next day.
(3) Adding to positions is allowed only if they are in profit and if the risk of the trade is kept the same, e.g. by moving the stop loss to break-even or profit levels.
(4) Changing the stop level further away from the entry point for a particular trade is allowed only if the stop is up to 130 pips away, and if this doesn’t increase the risk beyond the one stipulated below.
Risk management rules:
(1) The stops for my positions are up to 130 pips away from the entry point.
(2) I will start with risking approx. 5% of my total account balance on a trade, and will gradually reduce this to 1%.
To make (and keep!) a minimum of 2,400 pips in 1 year (i.e. a minimum of 200 pips per month). My forex account is modest, but the size of my account is not a factor in how motivated and disciplined I am. My view of trading is summarized in two words: making pips. The by-product of making pips is money, but while I am trading I am not thinking about cash. I am not forex trading for money or thrill.
Target currencies:
I will be swing trading the Yen crosses – EUR/JPY, AUD/JPY, NZD/JPY, CAD/JPY, etc.
Behavioral rules:
(1) If I have no real trading ideas, I am not going to put in a trade. I am not in the business of overtrading.
(2) If I lose 3 trades in a row, I will not place another trade on the same day and will skip the next day.
(3) Adding to positions is allowed only if they are in profit and if the risk of the trade is kept the same, e.g. by moving the stop loss to break-even or profit levels.
(4) Changing the stop level further away from the entry point for a particular trade is allowed only if the stop is up to 130 pips away, and if this doesn’t increase the risk beyond the one stipulated below.
Risk management rules:
(1) The stops for my positions are up to 130 pips away from the entry point.
(2) I will start with risking approx. 5% of my total account balance on a trade, and will gradually reduce this to 1%.
Trading Plan Sample 3
Trading style and strategy:
I am a day trader and I trade off of the 5-minute charts. I take a position when there is a moving average crossover and the RSI and Stochastic support the direction. I only trade the USD/JPY and risk no more than 4% of my account on each trade. I trade 2 mini lots and hope to be able to increase my position size according to my 4% money management rule.
Behavioral rules:
- Regardless of how much I’d like there to be a direction in the market, I will make sure to trade with Oanda only what my eyes see and if I see a ranging market, I will not trade as this is not part of my strategy.
- I will not try to get revenge on the market forces if I lose on a trade.
- If I happen to lose on a particular trade, I will take this as a learning experience and move on. I will surely not mentally flagellate myself.
Points to be careful about:
- I tend to exit early on trades.
- I don’t stick to my money management rules every time.
- I am not disciplined enough to stick to my own rules every time.
I am a day trader and I trade off of the 5-minute charts. I take a position when there is a moving average crossover and the RSI and Stochastic support the direction. I only trade the USD/JPY and risk no more than 4% of my account on each trade. I trade 2 mini lots and hope to be able to increase my position size according to my 4% money management rule.
Behavioral rules:
- Regardless of how much I’d like there to be a direction in the market, I will make sure to trade with Oanda only what my eyes see and if I see a ranging market, I will not trade as this is not part of my strategy.
- I will not try to get revenge on the market forces if I lose on a trade.
- If I happen to lose on a particular trade, I will take this as a learning experience and move on. I will surely not mentally flagellate myself.
Points to be careful about:
- I tend to exit early on trades.
- I don’t stick to my money management rules every time.
- I am not disciplined enough to stick to my own rules every time.
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