Why Do I Need A Trading Plan?
Trade With Confidence
You will know exactly which trades to make and when to make them. You will know when to enter, when to exit and where to place your stops. Because its in your plan!
A good trading plan will allow you to wake up each day confident that you are ready to make the types of trades that can lead to profitability. Executing a good plan provides peace of mind and a road map in the heat of battle.
Every Successful Trader Has One!
You simply cannot succeed without a great, written trading plan. Every good business has a business plan – the trading plan is the equivalent of a business plan for a trader.
Be Prepared For Disasters
Fast markets where you are positioned the wrong way can rapidly drain your account while you stare at the screen, frozen and unsure what to do. A trading plan will pre-plan your disaster management – you only have to read and execute!
Day-trading? Plan Your Day With Maximum Efficiency
A trading plan will help you make the most out of your day. Knowing what you need to do at each point throughout the day will ensure that no time is wasted. You will be able to spend less time preparing to trade and more time doing the things you love.
A Bias-Free Plan
For many traders, writing their own plan is a great first start. But it’s easy to fill it with biases that are damaging. We wil create an impartial plan for you – either starting with your existing plan or from scratch using our questionaire.
If you have your own plan, we guarantee we can find ways to make it even better!
Here are just some of the sections you will find in your trading plan
If you don’t have the answers to some of these questions, don’t worry – we’ll help you figure them out.
Statement Of Objective
What is your trading goal? Real, tangible, achievable goals are stated here and sets the stage for the rest of the plan. It consists of 1-2 sentences.
How much are you trading, how much can you afford to lose, how many accounts are you trading?
A money management and risk plan for your trading level for each type of instrument you trade.
This is the big one – what qualifies as a trade? If you don’t have trade setups you trust, we’ll give you a few of ours. This includes patterns and timeframes.
How do you determine when to exit with a profit or stop out for a loss, trail your stop or reduce size?
Every trader eventually hits losses that affects their ability to trade. When do you stop trading for the day or week?
Size Management Overrides
Under what circumstances will you reduce size?
Instrument And Market Selection?
What will you trade? Stocks, Futures, Options, Forex, Bonds, Other? How does your choice of instruments affect trading size and risk?
Vacations, Continuing Education, Mentorships, Research etc. Trading is a lifestyle – your plan must embrace this!
Your Tools and Technology
Computers, Connectivity, Primary and Backup equipment, trading platforms, other software programs and utilities etc.
How will your structure your day – when do you get started, what gets done, when does it get done etc.
Much Much More...
Reference materials, helper spreadsheets to get you organized, a daily planner and more!