Hello,
I am posting my trading plan and am interested to get some feedback from others.
About me:
I have been trading unsuccessfully for quite a number of years. I have never before had any kind of plan or strategy.
I have jumped from one indicator to the next but never stuck with any.
Trading Plan:
(I have used the trading plan from T2W and Tharp’s in “Trade your way to financial freedom)
Why do I want to be a trader?
In long term - alternative source of income that does not hold the risk of falling of a roof -like my present job. Provide for future, kids education, retirement etc.
I also like charts - don't know why.
What sort of trader am I?
Medium term, expect to hold successful positions for a few weeks.
I work full times so can only spend 1 hour of so per day on trading.
What platform?
I will use spread betting because it allows me to take small positions and set guaranteed stop losses.
Time available:
30- 60 mins each day to go over trading, to write journal and check charts.
Account size and risk:
Account size £5000.
Maximium draw down 25%.
My aim is to make 25% per year.
Max risk: 3% of my fund on a trade.
Which Markets will I trade?
FTSE companies, allows small positions and tighter spreads
Preparation to trade:
I will plan my trades when the market is closed and open them the next day if the price moves in the direction and range I expect.
When I am constantly watching my positions I tend to tinker with them, I trade better when I am away from the screen.
I will use daily charts provided by my spread betting company.
Once a week I will select the potential trades for the week ahead, they will go on the short list, the short list will be checked daily
Every trade will be planned, plan written down and put into journal.
Every trade will be analyzed once it is over, and put into journal.
Stop loses:
.
I will always set guaranteed stop loses. I will never increase my stop lose once it is set. I will never add to a loosing position.
Set up and setting SL:
Use support and resistance to judge entry.
My stop lose will be a little above or below S or R.
I will use trailing stop loses; I will move SL to new areas of S/R.
If the price rockets or nose dives with out making new S/R I will use a 115 day moving average to set the SL.
I am posting my trading plan and am interested to get some feedback from others.
About me:
I have been trading unsuccessfully for quite a number of years. I have never before had any kind of plan or strategy.
I have jumped from one indicator to the next but never stuck with any.
Trading Plan:
(I have used the trading plan from T2W and Tharp’s in “Trade your way to financial freedom)
Why do I want to be a trader?
In long term - alternative source of income that does not hold the risk of falling of a roof -like my present job. Provide for future, kids education, retirement etc.
I also like charts - don't know why.
What sort of trader am I?
Medium term, expect to hold successful positions for a few weeks.
I work full times so can only spend 1 hour of so per day on trading.
What platform?
I will use spread betting because it allows me to take small positions and set guaranteed stop losses.
Time available:
30- 60 mins each day to go over trading, to write journal and check charts.
Account size and risk:
Account size £5000.
Maximium draw down 25%.
My aim is to make 25% per year.
Max risk: 3% of my fund on a trade.
Which Markets will I trade?
FTSE companies, allows small positions and tighter spreads
Preparation to trade:
I will plan my trades when the market is closed and open them the next day if the price moves in the direction and range I expect.
When I am constantly watching my positions I tend to tinker with them, I trade better when I am away from the screen.
I will use daily charts provided by my spread betting company.
Once a week I will select the potential trades for the week ahead, they will go on the short list, the short list will be checked daily
Every trade will be planned, plan written down and put into journal.
Every trade will be analyzed once it is over, and put into journal.
Stop loses:
.
I will always set guaranteed stop loses. I will never increase my stop lose once it is set. I will never add to a loosing position.
Set up and setting SL:
Use support and resistance to judge entry.
My stop lose will be a little above or below S or R.
I will use trailing stop loses; I will move SL to new areas of S/R.
If the price rockets or nose dives with out making new S/R I will use a 115 day moving average to set the SL.
