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

plan for next week

1. Select one or two trades for the entire week
2. Watch the news for FOREX trades
3. Psychological recovery.
4. Write the results at the end of the week.
5. Use STOPS and TRAIL your winners