What Should Go Into A Trading Plan?

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slugFX

Well-Known Member
Instead of actually posting our trading plans I figured it's better to talk about what is in our trading plans and what should be in our trading plans.

I am attempting to put one together as I continue to learn and trade, but I always feel like I am missing something.

Once I get it put together, then the most important part is actually abiding by my plan and tweaking it with improvements.
 
Re: Post Your Trading Plan

Slug, My trading plan used to be like yours only much more detailed. I presented it to Chris Lori, he told me quote; "it lacked depth"

I have since made changes that have transformed my trading.

Make of that what you will.
 
Re: Post Your Trading Plan

slugFX said:
Are you going to post it?
Click to expand...

err No, lol

Slug, a trading plan is a business plan, it takes months of work to develop (years in my case) if everyone traded like me, my trading plan simply wouldnt work.

This is why ICT teaches the way he does, he understands that trading will always be winners and losers, therefore teaching people to trade is far more effective than simply giving away his trading plan.

I cant tell you what a trading plan is, but I can tell you what it isnt. Hope that helps.

Best of Luck
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Re: Post Your Trading Plan

slugFX said:
This thread probably wasn't a good idea, we can remove it.
Click to expand...

If you'd like, I can.. just PM me to confirm.

What I think would be cool though, is if we transitioned this talk into what goes into a trading plan and how to start crafting one... maybe start a fresh thread about it.
 
Re: Post Your Trading Plan

There was a guy, BostonEJ, that had an 80 page compendium lol.

Mine was 3 pages then it evolved to about 12 then 15 then I stopped adding to it because it just became about small details I dont fret anymore.

Could probably shift it to an online listed trading plan of yours
 
Re: Post Your Trading Plan

Mine is about 3 pages of checklists(still evolving),and some flowcharts,about the interpretation of those checklists.Then i'm writing my weekly analysis and plan,according to those,then i'm utilizing it in what i'm seeing via the intraday charts and trading accordingly.Well most of the time. :-X
So basically i got a new trading plan every week 8)
 
Re: Post Your Trading Plan

Are you seeing results?

Piper said:
Mine is about 3 pages of checklists(still evolving),and some flowcharts,about the interpretation of those checklists.Then i'm writing my weekly analysis and plan,according to those,then i'm utilizing it in what i'm seeing via the intraday charts and trading accordingly.Well most of the time. :-X
Click to expand...
 
Re: Post Your Trading Plan

When i'm disciplined and trading according to that,then yes,even some very good results.But my human greedy side still intervenes sometimes ::),and i'm doing things i'm not supposed to.Then i'm usually eating dirt.
 
Re: Post Your Trading Plan

Thought i would share where I am with this, after another disappointing day and after reading the initial comments on this thread. I have decided to completely revamp my very weak trading plan (more of trade entry plan). For me I don't think I could have written to the depth I need without all the ups and downs I have currently been through, I feel this will be the same for most people as the trading plan is unique to each individual. To take foreigners point about it being a business plan, a business plan only works for the business it's created for as it captures the essence of the individual company. So if you think about it each of us is the "business", so the plan needs to control our wild tenancies in a way that fits our style and utilise our strengths to the full, again only now do I feel I can really put into this what I need to achieve my goal. So my new plan is not going to be banged out in a couple of hours, I intend to craft it carefully, so I can work with it and not feel restricted or constantly fighting this or that element. Today I intend just to think about the points I need to address to go forward. I have attached a pic of where I am at this point, so any constructive points are welcome.
 

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Given the thread has morphed a bit, and on Slug's request:

Title changed to "What Should Go Into A Trading Plan?"

I also moved it to the Development section.

:)
 
My understanding is, that there should be quite clear terms to be fulfilled when making any sell or buy orders. I wonder though, should there be a trading plan for that particular day only, or do you stick with that one? I'm quite sure there are lot of traders who are making decisions that may vary, maybe they lack of disciplines. I mean, if they just cant wait for a good setup they end up scalping and doing it without a plan.
 
Will depend on market movement and/or range. Each manual trade is individual, but with basic setup intents.

Nothing in manual trading is totally mechanical.

P.S. check your signature... it has double wording. :)
 
Ramy3 said:
Will depend on market movement and/or range. Each manual trade is individual, but with basic setup intents.

Nothing in manual trading is totally mechanical.

P.S. check your signature... it has double wording. :)
Click to expand...

Hmm, so it really depend on how experienced you are. Veterans have more eye to current market conditions and have ability to see more setups forming. I mean, beginners may have a simple trading plan just to trade certain setups, so they have less options on their sleeves.

Thanks for correcting my typo :thumbsup:
 
"Screen time." Although, it does not always compute to winnings. Just more possibilities as you mentioned.

The rest is “savoir faire”, cycles/patterns and whatever else rakes it in for you…

All of this is achieved through trial and error… And knowing thyself.
 
Re: What Should Go Into A Trading Plan? => See Golden Rule #4

The attached is a free resource from Simon Townshend. Read it all because it is worth the time but Golden Rule #4 is directly relevant to this thread.
 

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