Trading Plan Template

We've just published a new T2W article called "Trading Plan Template" by Tim Wilcox.

Quick Summary: An informal, step-by-step template to help novice traders create a comprehensive trading plan.

PS. Don't forget to rate the article after you've read it and share your comments on this thread.

Brilliant
A priceless piece of work for every trader from beginner to advanced experienced.
Richard

A very good start indeed. And you know what they say about a journey of a thousand miles . . .

I've been reviewing my journal and filling out the trading plan template provided by timsk. The latter is surprising difficult! It's one thing to have an idea in your mind, and another to write the details down on paper. I am still struggling with a few areas - but I can see that they will be completed as I work my way through another chapter or two of my journal.

The thing about aquiring a little bit knowledge, is that it allows you to better fathom all you do not yet know. Going through the exercise of starting a journal, and defining and testing a setup has given me a base of knowledge that I hope will propel me through the next stage.

Filling out the trading plan template has enabled me to reflect more accurately on why I want to trade, what I'm willing to do to make that happen, and to give a detailed expectation of my goals and behaviors. My attempts to complete the trading plan make it very clear "where the information gaps" are still located, and help to direct the next phase of journaling.

JO

Well done JO. Nice to see someone making an effort to succeed which I am sure you will do in due course. Look forward to reading about your successes in future entries.

I personally cant fault the theory.Im where Tim would like to be,and can say that the adaptation of all rules(certaintly in my case) has lead to profit consistantly trading my style (Position trading stocks) over the last 3 yrs.I'm not a fulltime trader and dont wish or have to be.

Tim I have a question.With faultless theory why then are you not profitable?What are the reasons do you think?

Finally something to offer those here.(As Tim asked for some examples in the artical he wrote---(its suprising who maybe reading!)).
My trading methodology is available free to the public and has been/is being traded live(The ASX-------BT Bankers trust Margin list of stocks.) on an Australian Forum---Reefcap.----and is nicely profitable--- well I think it is!
The host is currently undertaking an extensive forum upgrade and will be off line for around 2 weeks I believe.When back I will direct all to the links showing the method---and the results.
Really all of your theory in living practice------well for 3 yrs anyway!
The initial $30,000 starting capital is around $170,000,as of last friday

The method was designed using Metastock and Tradesim and is a long term portfolio based long method.While I have been in the market for the last 3 yrs there are times (Being a long method) that my method wont be---but not yet!.

My apologies that I cannot direct you to the site yet.

Thank you folks for your kind words - both here and on the original thread. However, I am really just a compiler of other peoples ideas. Everything in the template either comes from members posts on these boards or from web sites via the links posted on the original thread. I pondered at length as to whether or not to credit individual traders whose comments, help and advice were especially useful. In the end, I decided against this as some of them don't post on T2W, some are very well known but (sadly) not universally admired and some are just off the cuff comments from humble folk like myself! Anyway, you all know who you are so, thank you once again for all your help; there's no way that I could have written the article without you.

tech/a,
As J.O. says in her post, completing the template isn't that easy! Also, I struggle to reconcile what I want (i.e. to be a day trader) with the reality of my situation (woefully under capitalised SB account and a full time job). My own advice in the template to people in my position is to swing trade or position trade. One of my weaknesses is a tendency to do what I want to do regardless of the consequences, rather than what common sense dictates that I ought to do.
Tim.

I think you are too modest, timsk.
I hope it is as beautiful a day on the Devon moors as here is sunny Surrey.
Richard