Article Trading Plan Template

MarcD

Newbie
1 0
Trading Plan

Just starting out and doing a lot of reading. Can you recommend/direct me to examples of trading plans for stock traders day trading specifically. Thank you.
 

timsk

Legendary member
6,966 1,826
Can we use this for our Forex clients? www.fortresscapitalinc.com
Hi eliteeservices,
I/we appreciate your courtesy in asking the question - thank you!

The Trading Plan Template is free for anyone to download. If you're going to promote it in some way to your clients, then we would request that you include a link to T2W. Anything positive you may wish to add about the site - is entirely at your discretion. ;)
Tim.
 
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foroom lluzers

Veteren member
3,611 135
Very well put !Trading success is 20 % skill 80 % psychology

copy from plan

T RADING PLAN TEMPLATE
5. Know Yourself, Know Your Purpose
5.1 Almost any professional trader will tell you that the key to success in the markets
lies in understanding your own psyche. (Understanding the psyche of fellow traders,
collectively referred to as ‘sentiment’, is also an invaluable tool). Many inexperienced traders
are unprepared for the violent assault on their thoughts and emotions at the start of their
careers. They soon find their heads spinning with euphoria when winning (greed) and the pits
of their stomachs knotted with anxiety when losing (fear). Contrast this with many
professional traders who, it is said, achieve a sort of trading nirvana, whereby their thoughts
and emotions blend into a sea of calm regardless of whether they are winning or losing. Their
heads do not spin and their stomachs do not churn – ever. For you to achieve this exalted
state, you will need to know yourself and how you will react to both winning and losing
positions. Once armed with this information, your trading plan can incorporate some of the
positive aspects of your psychological make-up and filter out some of its negative aspects.
 

T-Rex68

Newbie
6 0
Hallo
TP link seems nor working anymore
 

talkar81

Newbie
3 1
Thanks to Tim for the excellent document - really appreciate the content. I have one question, in the document it says "..it is almost impossible to day trade using spread-betting." And it implies that spread-betting is better suited to swing trading. Could anyone clarify why this is the case?
 

timsk

Legendary member
6,966 1,826
Thanks to Tim for the excellent document - really appreciate the content. I have one question, in the document it says "..it is almost impossible to day trade using spread-betting." And it implies that spread-betting is better suited to swing trading. Could anyone clarify why this is the case?
Hi talkar81
Welcome to T2W.

The Trading Plan Template was written well over ten years years ago at a time when spread betting (SB) was far less sophisticated than it is now and when spreads were a lot wider than they currently are. So, in those respects, SB today is a very different beast to what it used to be and, possibly, may now be a suitable vehicle to use to day trade. That said, traders are still betting against the broker (i.e. the SB firm) as it is they who are on the other side of the trade, just like bookmakers are on the other side of punters bets and almost always comes out on top (in the long run anyway) while their punters lose their shirts. That's not to say there aren't successful day traders who use SB firms - there will be - but they'll be a minority of very experienced traders who understand completely the limitations and pitfalls of SB platforms and use them accordingly. Consequently, most experienced members on T2W will still advise novice or inexperienced traders:
A. Not to start out by day trading, and . . .
B. If they insist on day trading from the get go, not to use a SB firm.

I hope that clarifies the situation for you.
Tim.
 
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talkar81

Newbie
3 1
Hi talkar81
Welcome to T2W.

The Trading Plan Template was written well over ten years years ago at a time when spread betting (SB) was far less sophisticated than it is now and when spreads were a lot wider than they currently are. So, in those respects, SB today is a very different beast to what it used to be and, possibly, may now be a suitable vehicle to use to day trade. That said, traders are still betting against the broker (i.e. the SB firm) as it is they who are on the other side of the trade, just like bookmakers are on the other side of punters bets and almost always comes out on top (in the long run anyway) while their punters lose their shirts. That's not to say there aren't successful day traders who use SB firms - there will be - but they'll be a minority of very experienced traders who understand completely the limitations and pitfalls of SB platforms and use them accordingly. Consequently, most experienced members on T2W will still advise novice or inexperienced traders:
A. Not to start out by day trading, and . . .
B. If they insist on day trading from the get go, not to use a SB firm.

I hope that clarifies the situation for you.
Tim.
That's really helpful Tim - thanks very much for taking the time to respond to my query!
 
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