Help trading plan

Yumyum7

Newbie
2 0
Hello there,

So I’m pretty new to trading, I have read lot of good stuff here in this section and noticed how important is to have a trading plan and stick to it. I understand the value of a good money management and self discipline but in term of methodology I’m really confused, I don’t have any plan for setup, entry points and exit points.

I would like to ask you what help you at the beginning to create a methodology with positive expectancy ? (not asking you your secret technique but what help you in the process to create a good methodology) there are so many system and indicators that seems to me all worth the try and in the same time not reliable at all, ichimoku, Elliot waves, harmonic patterns, jap candlestick, MA, rsi, bollinger band, Fibonacci, gann etc it’s confusing :(

Do I have to know a little of everything and then make up a plan ?

Ps : I want to trade cfd indice.
 

barjon

Legendary member
10,705 1,809
First, when you've done your reading and studied some charts, come up with some idea of how you want to trade. Are you attracted by reversals (most starting out are), trend continuations, retracements, ranges or what?

Once you've done that, study that particular aspect until you're happy that you understand how the market moves. Then work out for yourself how you are going to play it - there's plenty of info to draw on if you search. Then test your idea out and see how it works on historical data - better still a demo account since you'll almost certainly skew what you do to fit what happened in the past - and better still a small account with real money down.

You can expect your idea to look quite good looking backwards, not so good when you demo and worse still when you put real money down.
 

Brumby

Established member
593 139
Hello there,

I would like to ask you what help you at the beginning to create a methodology with positive expectancy ? (not asking you your secret technique but what help you in the process to create a good methodology) there are so many system and indicators that seems to me all worth the try and in the same time not reliable at all, ichimoku, Elliot waves, harmonic patterns, jap candlestick, MA, rsi, bollinger band, Fibonacci, gann etc it’s confusing :(

Do I have to know a little of everything and then make up a plan ?

It is a multi stage process. You probably need to know enough about some of the methodologies to make choices and to develop something resembling a trade plan. You will find many dead ends for various reasons. This is a path that unfortunately cannot be avoided. You can't find your favourite food until you tried them and one person's meat is another person's poison. You will have to find your own path to success. You will expand your search and revisit some.

A positive expectancy comes when your method and trade psychology converge into one and represents you as a trader who has acquired the appropriate skills and mental conditioning for success. A trade plan becomes central and natural extension of you and so will be your results. Good luck.
 

TheLastBear

Active member
125 2
Hello there,

So I’m pretty new to trading, I have read lot of good stuff here in this section and noticed how important is to have a trading plan and stick to it. I understand the value of a good money management and self discipline but in term of methodology I’m really confused, I don’t have any plan for setup, entry points and exit points.

I would like to ask you what help you at the beginning to create a methodology with positive expectancy ? (not asking you your secret technique but what help you in the process to create a good methodology) there are so many system and indicators that seems to me all worth the try and in the same time not reliable at all, ichimoku, Elliot waves, harmonic patterns, jap candlestick, MA, rsi, bollinger band, Fibonacci, gann etc it’s confusing :(

Do I have to know a little of everything and then make up a plan ?

Ps : I want to trade cfd indice.

Rather than listening to what others may say I think it is best to create a plan of your own. Most likely it will fail, but learn from it and adjust it. Eventually you will hopefully make the adjustments required to have a profitable plan.

Just pick the indicators you feel most comfortable with and try. Failure is how we learn.
 

Yumyum7

Newbie
2 0
Thanks all for the good advices, I will try and find my path !
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock