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What is your biggest desire as a trader?
I want to give up my day job and become a full time trader so I can work from home.
What is your biggest problem as a trader?
I jump from method to method and I have been following the pack.
How will you overcome your biggest problem to achieve your biggest desire?
I need to pick a method and stick to it. I also need to stop blindly following others.
How much time can you dedicate to learning to trade?
4hrs per week.
Will you be trading with money you can afford to lose?
Yes.
What are your trading goals?
1. To keep my trading simple and stress free.
2. To pick a method and stick to it.
3. To grow my account consistently this year.
What are your biggest weaknesses that will impact your trading?
1. I take revenge trade, out of anger, when I lose a few trades in a row.
2. I overtrade because I am greedy and don't know when to stop.
What rules are you going to set in place to combat your weaknesses?
1. Revenge trade - To prevent revenge trading I will implement a 3 trade rule. If I lose more than trades in a row I will take a break for a week.
2. Greed - To combat greed I will set weekly pip targets. Once I meet my targets I will stop trading.
Which currency pairs will you trade?
gbpusd, eurusd, gbpjpy, eurjpy
What time frames will you trade?
15 min, 30 min, 4 hr charts.
What do you need to do daily before you start trading?
1. Check an economic calendar for any upcoming economic news releases that could impact the market.
2. Do my analysis on my chosen pairs.
What currency pairs will you trade with this method?
gbpjpy, gbpusd, eurusd
What time frames will you trade with this method?
4 hr time frame.
What will trigger an entry?
1. Reversal trades.
2. Master candles.
3. Trend lines.
4. Scalp lines.
5. Constant lines.
How many pips from entry will you place your stop loss and target?
gbpjpy = -30 p and +40 p
gbpusd = -20 p and +30 p
eurusd = -10 p and +20 p
Will you exit before your SL or TP is hit? If so what signals would you have to see to exit?
No, I have no proper exit strategy so I will not exit early. Except for in the following scenarios.
1. If a trade runs longer than normal and an important news release is due out I may exit.
2. If my trade is open on Friday I may exit before the market closes.
Or
Yes, I will use price action analysis, on smaller time frames, to determine if I should exit a trade early.
Trading Plan : Adding Money Management
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-A mini account with $5000 in it.
-I am a conservative trader so I will be very careful with my overall risk.
or
I am a risk taker so I will be open to some risks if a high return is foreseeable.
-My goal is to grow my account from $5k to $10k in a year.
-I am willing to lose 40% of my account before I stop trading and reassess what I am doing.
-If I lose 6% (3 trades) I will take a break.
-I will risk no more than 4% per trade, using my chosen methods.
-I will not open multiple positions
or
I will open multiple positions but I will lower my normal risk per trade.
or
I will open multiple positions and I won't do anything to manage the extra risk.
Making Your Plan Dynamic
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1. The 364 average daily range of the pair/pairs you are trading.
2. A calculator.
3. 5 minutes of free time.
NickB Advanced Price Action Method
Ranging Market
* Reversal Trades.
* Master candles.
Trending Market
* Trend lines.
* Constant lines.
* Scalp lines.
* Master candles.