7 Points to Help Develop Your Own Trading Plan

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#538: 7 Points to Help Develop Your Own Trading Plan

In this video:

00:25 – 7 points to help develop your own trading plan.

00:36 – #1 Your personality.

01:15 – #2 What type of trading do you like?

02:16 – #3 What are your goals?

02:55 – #4 Risk management.

03:51 – #5 Know your strategy.

05:16 – #6 Demo, live or a prop firm?

05:50 – #7 Journal and record your trades.

07:10 – Attend my Forex Masterclass.

07:19 – Prop firm Masterclass.

07:40 – Book a call to chat with us.

07:52 – Blueberry Markets.

Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now.

Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538.

7 points to help develop your own trading plan.

Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you.

#1 Your personality.

Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart.

Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts.

#2 What type of trading do you like?

So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe.

So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week.

Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you.

#3 What are your goals?

The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events?