2. How To Create A Trading Plan Archives

How To Create A Trading Plan

 

This is a trader question from the Fibonacci Trading Forum.

Kosta says:
What part of your trading do I need to improve?
Clearly defined rules of a strategy (not a mechanical though…)
proper mindset and flexibility in analysis.

Neal responds:

This is achievable, but requires a little discipline. You can either stop trading, document your strategy, then trade your plan, or you can document your plan according to your existing trades. Every time you make a trade, document the setup, the rules, the strategy. After the trade, make any edits to refine the strategy.

You’ll need to expand beyond your trade setups for a complete trading plan, but the strategy above will get you started.

It will take some time, then you will have clearly defined your strategy, Start today!

-Neal (FOREX Fibonacci Trading)

Multiple Trading Strategies

 

This is a trader question from the Fibonacci Trading Forum.

Hussam says:
What do I struggle with the most?
Trading in a consistent manner. I use 2 strategies; Fib + TRSI for trading with the trend, another for reversals. Looking for 2 set-ups probably makes me misread the charts. Very dangerous, because I find myself going against the market.

It definitely sounds like you need to choose one strategy for a while and stick to it. Having too many options can be confusing. Only after mastering one strategy should you diversify.

Spreading your attention over too many priorities can be counter-productive. There are so many ways to trade and so many opportunities!

-Neal.

We’ll discuss this in a future Fibonacci Trading Forum webinar.

-Neal (FibMaster’s Fibonacci Trading Course)

Create A Trading Plan

 

This is a trader question from the Fibonacci Trading Forum.

Kim says:
What would make the biggest difference to my trading?
A well defined trading plan based on Fib study/TRSI that define the entry, stop loss and profit to avoid any emotional act.

Great! I think this website will help you develop your own personal trading plan;

http://www.fibonaccitrading.com

No two traders are identical, so every trading plan will have it’s own variations. Use the outline on that website to formulate your plan.

We’ll discuss this in a future Fibonacci Trading Forum webinar.

-Neal (FibMaster’s Fibonacci Trading Course)