Trading Plan

This is a discussion on Trading Plan within the Trading Journals forums, part of the Reception category; If you have been around a trading forum such as this, sooner or later you will hear the term trade ...

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Old Oct 7, 2017, 6:35am   #1
Joined May 2012
Trading Plan

If you have been around a trading forum such as this, sooner or later you will hear the term trade plan or trading plan being mentioned. If it has not crossed your mind to ask, the question is "what is a trade plan?". If I were to venture to guess, it probably means different thing to different people. There are a number of questions that arise out of this including :

1)Do you consistently develop one before putting on a trade?
2)If you have one, what do you think are the components essential to one?
3)Do you always follow your trade plan? If not why not?
4)Do you always conduct a post trade analysis based on your plan?
5)Do you score how well you followed the plan?
6)Do you use your post trade analysis on your trade plans to improve your trading. If so, in what ways?
7)Do you have statistical analysis derived from your post trade analysis to determine your trading performance as part of your close loop trader development. If not, why not?
8)Do you regard having a trade plan as being necessary on evaluating your personal trading performance?
9)If your evaluation is pointing towards trade psychological issues rather than systems issue, how do you go about integrating behaviour modification into your trade plan? If not, why not? If yes, what program do you have?

Finally do you regard such typical statements as having a trade plan?
Sell EURUSD at $1.850
Set protective target @$1.870
Take profit @ $1.800

Would like to understand what others are doing out there in the trading universe.
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Old Oct 7, 2017, 9:30am   #2
Joined Apr 2016
Windbags usually can't trade. They'd make good trainers. They will go something like: different people following the same plan will have different results. The actual result is that nobody following the plan wins consistently enough to make their "trading" viable. But this does relieve the windbag of responsibility for causing people to lose.

The only plan one needs to succeed in the markets is to buy low sell high, and all the mechanisms necessary to serve that plan. The universally followed and preferred plan used by people are to buy high sell low. Their broker statements and their call outs prove this to be the case.

Last edited by EnlightenedJoe; Oct 7, 2017 at 9:38am.
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Old Oct 7, 2017, 10:08am   #3
 
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^^^utter rubbish-give that clown a custard pie
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Trade that are not closed will be closed when in profit.
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Old Oct 7, 2017, 10:20am   #4
 
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Originally Posted by EnlightenedJoe View Post

The only plan one needs to succeed in the markets is to have an out of control dax position that will eventually over the next billion years come good.if wrong you simply average down 20 times till your position comes back-thats how clowns trade innit-word up clowns-ps pip will believe me.
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Old Oct 7, 2017, 12:27pm   #5
 
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LOL ^^^


mine is a document which fits on one page and contains things like:

reminders
my outlook on markets
my definitions of things
things to watch out for (mistakes made in the past etc)
criteria for entries
stop/limit distance and R/R (not set in stone)
other rules
risk limits

its my way of clarifying to myself (and revising) what i do

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Originally Posted by Brumby View Post
do you regard such typical statements as having a trade plan?
Sell EURUSD at $1.850
Set protective target @$1.870
Take profit @ $1.800
when someone says trading plan i think it normally means the overall one and entry/exit would be just a part of it. incidentally, it would need to include whether you leave till stop/limit is hit or a manual exit is "allowed"

Last edited by Kaeso; Oct 7, 2017 at 6:00pm.
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Old Oct 7, 2017, 12:47pm   #6
 
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Quote:
Originally Posted by Brumby View Post
If you have been around a trading forum such as this, sooner or later you will hear the term trade plan or trading plan being mentioned. If it has not crossed your mind to ask, the question is "what is a trade plan?". If I were to venture to guess, it probably means different thing to different people.

*clip*

Would like to understand what others are doing out there in the trading universe.
I bring this up as much as anyone and more than most. I've explained how to develop one here, though I'm not the only one to provide guidance. Fact is that few people want to do it, so the opportunities to get into the nitty-gritty are few and far between.
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Old Oct 7, 2017, 4:00pm   #7
 
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Quote:
Originally Posted by Brumby View Post
If you have been around a trading forum such as this, sooner or later you will hear the term trade plan or trading plan being mentioned. If it has not crossed your mind to ask, the question is "what is a trade plan?". If I were to venture to guess, it probably means different thing to different people. There are a number of questions that arise out of this including :

1)Do you consistently develop one before putting on a trade?
2)If you have one, what do you think are the components essential to one?
3)Do you always follow your trade plan? If not why not?
4)Do you always conduct a post trade analysis based on your plan?
5)Do you score how well you followed the plan?
6)Do you use your post trade analysis on your trade plans to improve your trading. If so, in what ways?
7)Do you have statistical analysis derived from your post trade analysis to determine your trading performance as part of your close loop trader development. If not, why not?
8)Do you regard having a trade plan as being necessary on evaluating your personal trading performance?
9)If your evaluation is pointing towards trade psychological issues rather than systems issue, how do you go about integrating behaviour modification into your trade plan? If not, why not? If yes, what program do you have?

Finally do you regard such typical statements as having a trade plan?
Sell EURUSD at $1.850
Set protective target @$1.870
Take profit @ $1.800

Would like to understand what others are doing out there in the trading universe.
1)Do you consistently develop one before putting on a trade?
I always have a plan / framework before starting a trade.

2)If you have one, what do you think are the components essential to one?
Have an overall objective. Decide on a total and unit size and a method of managing it. Always know what your worst case is at XYZ price and time.

3)Do you always follow your trade plan? If not why not?
For the vast most part of the time. Im human.

4)Do you always conduct a post trade analysis based on your plan?
Yes. Win or lose.

5)Do you score how well you followed the plan?
I dont score it per say but I consider it.

6)Do you use your post trade analysis on your trade plans to improve your trading. If so, in what ways?
Yes. Mostly from a trade management point of view.

7)Do you have statistical analysis derived from your post trade analysis to determine your trading performance as part of your close loop trader development. If not, why not?
The only thing im really interested in these days is that I did better than my worst case MTM, and that I made good use of the prices offered whilst I was involved.
If im sitting there fully sized x days in and my realised + unrealised total more favorably than my worst case MTM, ive done my job.

8)Do you regard having a trade plan as being necessary on evaluating your personal trading performance?
Yes.

9)If your evaluation is pointing towards trade psychological issues rather than systems issue, how do you go about integrating behaviour modification into your trade plan? If not, why not? If yes, what program do you have?
Ive had the psych thing down for while now but sometimes 'life' can distract, Ill only stand aside if its major. Occasionally ill have a 'think I know something' wobble, its tough to totally unlearn all the BS youve picked up over the years. I write out my sig 50 times

Finally do you regard such typical statements as having a trade plan?
Sell EURUSD at $1.850
Set protective target @$1.870
Take profit @ $1.800

Id regard the above as part of a plan. Imho, not a great plan.

Cheers
D
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Me and you, we is largely the same bruv! We dont know sht! The difference is, I know I dont know sht!!

Last edited by darktone; Oct 8, 2017 at 7:23am.
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Old Oct 7, 2017, 5:56pm   #8
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I know I dont know sht!!
Don't be so modest. Everyone knows you know all about $6 wheat and 20k DAX. I will give you something else to add to your list soon.
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