Trading plan

Trading plan

1. Trading

1. What contract(s) I intend to trade ?

        EURUSD on FOREX market

2. What hours I trade ?

        New York session

3. What setups I trade ?

        not defined yet

2. Risk

1. My loss limit in ticks per trade

         30 pips/ trade is maximum risk/trade

2. My loss limit in ticks per day
   

        60 pips/day is the maximum risk per day

3. What will I do after x losing trades ?

         After 1 losing trade I will take a 30 minutes break, take a walk outside.
                    After two losing trades I will stop trading for the day.

4. Strategy for increasing/decreasing my trading size

        daily: I won't increase my trading size during the day
                  weekly/monthly: I won't increase my trading size for the moment as my goal is to break-even each week.

3. Goals

1. Daily goals
   

1.  How many ticks per day ?

                    My initial daily goal is to be positive at the end of the day

2.  How many trades per day ?

            2 trades per day

3.  How long do I plan to hold winners/losers ?

2. Weekly goals

1. How many ticks per week ?

            Break even at the end of the week

2.  How many trades per week ?

            2X5 = 10 trades per week at the most

4. Reporting

1. My plan for writing a brief narrative of the trading day.

        I will keep track of my trades during the day (posted on my blog) and an End Of Day analysis.

2. My plan to keep statistics of my trades.
   

        I will have to work on this. One solution is to download the excel format of my trades from broker' site.

5. Contingencies

1. What if system crashes ?

2. What if my internet connection goes down ?

        I have 2 internet connections