do you have a written trading plan?

[fmanbmeakz]

What are the components of even a sample program, or a plan?

[cammengayzgokzalwz]

You should know exactly what lot dimensions you will trade, and which currency
pairs.

You ought to have precise entry and exit standards.

[jokesipk88]

Your in trouble if you said no.

[Oxmmeslaban]

I believe we need some kind of Flow-Chart system. How can you know were your going in the event that you dont have a map? Unless your using GPS?

[jllanmx]

I believe most of us need some kind of Flow-Chart system. Do you know if you dont have a map, were your going? Unless your using GPS? The flow chart notion is very good will use it. Thank you for the thought

[pompilapoky]

Which are the elements of a plan, or even a sample plan? I have posted this link on a few of those other threads but a trading plan is so important I will do it here as well http://www.trade2win.com/knowledge/articles/general articles/trading-plan-template. This part has been the most difficult thing to do for me as a newbie, and I believe that is why so few people really do it, I wasn't sure what was suppose to be in it. Hope it helps.

Johan

[Innu98]

I have posted this link on one of those other threads but a trading program is so important I'll do it here too http://www.trade2win.com/knowledge/articles/general articles/trading-plan-template. This part has been the toughest thing to do for me as a newbie, and I believe that is why so few people really do it, I was not certain what was suppose to be in it. Hope it helps.

Johan Thank you Johan, this is realy good information.

[Emogmigwzsj]

Newbie here. However learning. Do not have one nor know how to start one.

[juanpil]

I haven't got a trading program. It seems like a very funny idea to me. LoL

[lana88]

Be honest! Not only a plan, but principles of trading.

When I break a rule, I can say to myself, dummy, you broke your rule and that's why you lost.

Patrick

[aikiham]

I've posted this link on a few of the different threads but a trading program is so important I will do it here as well http://www.trade2win.com/knowledge/articles/general articles/trading-plan-template. This component was the toughest thing to do for me as a newbie, and I believe that is why so few people actually do it, I was not sure what was suppose to be in it. Hope it helps.

Johan
A must read.

[Mokega]

Didn't have one written but will begin placing it down on paper (had it all in my head) this weekend!

[hemogopk1000]

A large thank you goes to the person that bumped this thread to receive it in my radar. I have been looking for something exactly like this.

THE HUN.

[Mokega]

A big thank you goes to the person that bumped this thread to get it in my radar. I have been on the lookout for something exactly like this.

THE HUN.

[aikiham]

A big thank you goes to the person that bumped this thread to receive it in my radar. I've been on the lookout for something like this.

THE HUN. This thread died officially in June 2005, I brought it back to life now out of boredom

Not the less it is still a fantastic thread since most traders do not actually have a program.

Fail to plan, plan to fail

[poxxoloco23]

Yes!

My written program is word document that spans 3 pages.

They include rules on:

1. Trend determination
2. Entry trigger
3. Stop loss
4. Position size
5. Trade management (i.e after the trade)
6. exit
7. pyramid rule
8. Position trading (like jacko's a-h egy)

[fwnlebwna]

Yes, I have you, but I know it by memory and stick to it rigitidly.

[mayza]

Yup, I have a plan too, in Microsoft Excel.

[Oxmiocwpk2]

Here is the formula that I use to limit risk on each trade, and an example.

Account equilibrium: b ($)
% risk: r (percent )
Pip Rate: de ($)
stop reduction: n (pips)
maximum lots open: ((b*r)/n)/p

ex:

Account balance: $10,000
% risk: 2%
Pip Rate: $9.32
stop reduction: 10 pips
maximum lots open: ((10,000 * .02) / 10) / 9.32) = 2.14 or 2.1 lots

Of course I have separate rules concerning entry and tp, but that is the core of my egy. Imo, ANY egy could be profitable with money management.

[oxmluuu5]

Merlin

I think you want to qualify your question better....

A written trading program can be one paragraph or 200 pages. It could be comprised of a metatrader EA or an excel spreadsheet or all of the aforementioned. It could contain broad goal oriented announcements or some detailed rules that summarize each trading permutation.

Sorry to be difficult but I find it difficult to react to such a broad query. What do you mean?

[cmis]

I have one.

I believe Merlin's point is that numerous people trading do not have a written plan--not even a single paragraph. I think any written program counts regardless of how short, long, vague, detailed, etc..

[lompi]

I had been loosing account following account before I made a plan
write it down on my fund notes quite roughly as the newspaper have not much distance. That was targets I set for following 2 years divide them to monthly and daily targets
put daily loss limitation. Set order size. Select a scalping egy.
That's by product of,s euro riddle and hoss 1 minute scalping method. Applied it on all majors and all time frames. (IT EVEN WORKS ON MONTHLY TIME FRAMES)
I ACHIEVED MY TARGETS IN HALF OF THE TIME.

I THINK It's THE POWER OF A Strategy

[givaggo]

I found useful a trading log.

Write how can you feel on opening/holding/closing every single commerce and read it later. Next year.

You'll find it useful, amusing and perhaps a little bit embarrassing.

That might mean you're improving.

[lheumgen]

Yes, I have one composed in a moleskine notepad, unfortunattly I compose my own mistakes and dont get back to it, thanks for letting me remember

I think one's ideas should be composed, as a mirror for his ideas

[Oxikel14]

I'm a newcomer, so my principles are detailed but I do have some. They've been changing/building as a master a little more about Forex, studying charts, and understanding announcements. The basic steady ones that I've created for myself are somewhat embarrassing, however:

1) Do not chase transactions. (This one has eaten up about 15% of my account)

two ) Always put a stop-loss.

3) Stop trading to the day if my anger or excitement is evident.

I am reading up on indiors and standard analysis, so my entrance and exit points aren't concrete and most times badly placed. I am definitely in that 90 % right. But, I'm staying positive as I continue to learn.

[Maulixxo1976]

I never wrote it down to Some papers

But I know its in my blood

[GavigMeeg]

I believe one's thoughts should be written, as a mirror for his ideas Yes, no matter how little the program, stick to it.

Repeat... and you on your way!

[pl]

I fly by the seat of my pants. . Suppose that's my problem

[aslala94]

Be honest! Hi Merlin

Great to read your question.

I am still considering myself a newbie.
FYI, I prefer candlestick patterns (trading) such as PBs, Stars in SL/RL/TL.
How to incorporate CPs in SL/Rl/TL into a trading strategy?
Hope you'll expand some lighting?

P.s. Sorry English is not my main language.

Thanks Cheers

[GuanchinelCanamii]

Got one - fill out daily sheet and follow it.

Want trading plan and hopefully everyone also utilizes a trading log too. Very important as well.

[analemol]

You should have a trading program, if you would like to survive!

[oxmlabe13]

Be honest!