Your Trading Plan For 2015
In This Video:
01:12 Creating a Trading Plan Template
02:48 Setting Guidelines for Trading
05:31 A Christmas Offer Coming Your Way
Have you written your trading plan yet, for 2015? If you haven’t, I’ve got something here that will really help you. So let’s get into that right now!
Hi traders, it’s Andrew Mitchem here. I’m the owner of The Forex Trading Coach, one of the leading Forex education companies in the world, and I really would like to emphasise the importance of two things, as we come towards the end of 2014.
First of all, you can use this time to review your trading over the last year. Go back through your results, look at different time frame charts, different types of trades that you’ve taken and really analyse the market conditions at the time and to determine what sort of trades are really suiting you as a trader – what time frames, what pairs, what times of the day, etc. And then, the important thing from now on is to have a trading plan for 2015.
This was a topic that I discussed in depth with my clients just last night on our live two-hour trading room webinar which, by the way, some people took some amazing trades and made a whole heap of money live, while I was on the webinar, but more about that shortly.
Creating a Trading Plan Template
So, the Trading Plan – well, I’ve written one out here and I’ve got my own trading plan – it’s around eight pages long. I am not going to discuss the actual details of my own personal one – that’s something I discuss only with my clients – but I can give you an outline of how I go about developing that trading plan and also, on this page, underneath this video on this page, there will be a sign-up box which will… you can fill in your details on that and I’ll send you a blank copy of this very trading plan that I’m holding here in my hand.
So, it goes along the lines for this – First of all, write down what currency pairs you’re wanting to trade! It might be all of the trades, all of the pairs that your broker offers; it may be just a select few types of pairs, but write it down. The second thing – what days of the week am I looking at trading. Are you looking at trading only Tuesday, Wednesday and Thursday? Are you looking at trading just once a week? Are you looking at trading all five days? Again, write it down!
Then, break down each day – what hours are you looking at trading? You know, is it just on the close of the daily chart? Is it just on the close of the hourly chart? Whatever it might be, have that written down and then, look at what time frame charts that suit you. And you’ll start to know, over a period of time, what suits you. You might like the fifteen minute charts but you might find that they’re not profitable for you. You might think that the daily charts are too slow and too boring for you, possibly, but you might think that “hey, when I analyse my results, they’re actually making me more money than anything.” So, whatever it is that suits you!
It’s Also about Setting Guidelines for Trading
Make a note of what times that you are not going to trade! Again, could be coming up towards weekends or public holidays or major news events – whatever it might be – have that written down. And so, the list goes on like this, in terms of what setups am I looking at taking. What are the criteria for a trade that I am looking? Does that change depending on the time frame of the chart that you’re trading? Or the pair even? What type of trade are you looking for? Are you looking for reversal patterns, continuations, breakouts, scalping, news trading, whatever it might be again – have that written down!
Look at having a set of rules defining your entry and exit targets and so what you’ll find this does is when you have it written down, it helps to eliminate a lot of the emotions in your trading, when you actually have live money on the table, right now, like in the market. Because you have your rules set down in… written down and you can refer to them and look at them every day before you trade, so you are sticking to your rules.
I’ve got information here on trade management. I’ve got information on your goals in terms of how many trades you are looking at taking per day or per week; your profit targets that you’re looking at; how much are you looking at making per week, in terms of the percentage or even pips if you really want to trade in pips. How are you reporting your trades? Where do you go to analyse the setups you’ve taken? And then your contingencies – if things go wrong in terms of, what happens if you need to contact your broker in an emergency, making sure you’ve got your login details for your trading platform. What happens to you if your computer breaks down? What happens if your Internet breaks down? Do you have a back-up server? Do you have a back-up laptop? Do you have a back-up Internet connection?
So all that type of information, I’ve got written down here and again, enter your details on the form below this video on this page and I’ll send you copy of that trading plan and trading goals for 2015. I think you’ll find it really beneficial!
As I mentioned, I had a live webinar – it was almost 2 ½ hours, in the end – for my clients, yesterday. Had some great trades! Some people were making trades at 4 to 1 return. I think there was a trade on there, somebody made a 6 to 1, so in other words – half percent (0.5%) risk, three percent (3%) gain! I had trades I took live on the hour charts, the 4-hour plus 12-hour and I had some over on the daily, weekly and monthly. I actually had a trade close on the monthly chart that made around a four and a half-to-one return. So, just great trades and some fantastic results that people are continually sending in!
A Christmas Offer Coming Your Way
Lastly, the Christmas offer – if you want to take advantage of this time of the year when things are potentially a little bit quieter in terms of work and things like that, to take some time to study, to educate yourself, to get yourself ready to be trading successfully in 2015, jump onto the signup page to register your interest in my Christmas special. You can see that behind me here. Right now there’s only a few days left to register your interest and then the offer will be going live on Monday, so probably about the time you’re viewing this video or listening to this podcast, the offer will be live for just one week only.
It’s a great offer; I’ve never done it before in over five years of coaching! If you’ve just wanted an opportunity and a reason to get some good coaching, this could be just what you are looking for and it will help you heading into next year.
So, that’s it for now! Once again, if you’d like to get a copy of that trading plan, enter your details on the form below this video and have a great weekend and I look forward to talking to you this time, next week. This is Andrew Mitchem from The Forex Trading Coach.
Bye for now!