Trading Plan
Commitment -
Provide a full time livable income by consistently withdrawing profits on my trading account on a weekly or monthly basis.
Timeframes -
5M and 1M for tighter entries
Best Trading sessions -
London and NY are the best
Asian sessions mostly consolidate (don’t trade)
Currency pairs - Focus on mastering 2 pairs
GBPUSD, EURUSD
Market conditions/ plans -
· Smart Money Reversals to Liquidity
Risk management -
· I will only risk 1 to 3% per trade
· I will trade towards Liquidity
· I will target retail stop losses
· I will take partial profits once liquidity is hit
Max drawdown -
· Once I get to a 6% loss for the day, I will stop trading for the day
· Once I get to a 18% loss for the week I will stop trading for the week
Objective -
· My first goal is to protect my capital at all times
· Trade based of my proven back tested strategy and accept the potential risk following my risk management plan
· I will aim to make 10% a day
· Compound a portion of my profits back into my trading account for constant account growth
Trading psychology -
· Be comfortable with losses every trader has them. Trading involves risk. Risk equals potential loss.
· Be comfortable with missing a trade, not every trades follows through 100&
· No more than 3/5 trades a day
· Journal all trades and emotions associated with them
· Talk about your trades with your trading group for peer confluence
· Continue to learn – go through the group and look at others trades for the day.
Read/Audiobook - Trading in the Zone - Mark Douglas - Listen and or read this daily to help with your trading mindset