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Chapter 29, Part I. Trading Plan Framework – Common Thoughts.

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Mar 9, 2012.

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  1. Administrator

    Administrator Just Administrator :-)

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    Part I. Trading Plan Framework – Common Thoughts.
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    Commander in Pips: Step by step we’re approaching to graduation from our school. Although there are a lot of topics to discuss ahead – we mostly have finished with technical tools. In coming parts, we will mostly focus on organization of trading and trader’s being – trading plan, psychology and other applications. Although these co-issues of trading are not the core and do not stay on the surface of the trading process – they are such important blocks, that your trading house will not hold up without them. Today I would like to start with the trading plan creation procedure.

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    Pipruit: I suppose that it will be very helpful.​


    Commander in Pips: I hope so. In our daily and weekly research I always tell that you do not follow my posts blindly. There are a lot of reasons for that. First, even if I succeed with some approach to the markets – it does not mean that you will do as well with the same approach. We have different ways of assessing the current situation on the market, different mentality, psychology of our personality, experience and risk sensitivity. Probably my approach to markets will not be suitable for you. Even if you truly understand it, you may have problem to efficiently apply it in practice.

    Second, if you see that some analyst makes good assessments of the market and his analysis is pretty good – you may stick to it for some time to understand his methods and take something that you’re really like to use in your own practice. This is a wise approach and it is called “study”.

    Third, as a result of study and your own experience you should come to your personal trading style and planning procedure. Although the common trading plan of different traders has almost all the same points – the foundation and approach to these points usually different. Initially your trading plan will be a bit blurred and not so good as you desire it tobe , but when you will work hard, study and get experience – it will become more and more precise and effective.

    The trading plan includes two major actions that are the foundation of trading discipline – development of trading plan, and following it. Trading discipline is a most difficult stuff in trading – not study, not creation of a trading plan – but sticking to it with no steps to the right or left.
     
    #1 Administrator, Mar 9, 2012
    Lasted edited by : Mar 20, 2012
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