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Chapter 29, Part II. Starting With Trading Plan Creation.

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Mar 15, 2012.

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  1. Administrator

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    Part II. Starting With Trading Plan Creation. [​IMG]

    Commander in Pips: So, it looks like now we understand that a trading plan is a must, right?

    Pipruit: Yes, yes – absolutely.​


    [​IMG]


    Commander in Pips: So, let’s start with its creation. Although you may think that we will discuss trading systems, order placement and other stuff, the initial step is self-knowledge. The major initial question that will impact on all following steps is to determine what type of trader you are. This is absolutely necessary, since you have to make a trading plan that is 100% suitable for you, since nobody else will use it. You need to apply in your trading plan strategies, methods and tools that correspond to your personality and particular qualities. If this will not be the case – then you will have a rocky road to consistent profit or even will be unable to reach success. So, let’s try to answer on some of the questions needed to specify your profile that, as I hope, will help us to create a trading plan for you.

    Pipruit: Well, this should be interesting. I like different tests in magazines.
    Commander in Pips: Ok, let’s start:

    1. Trading is a business and should be treated correspondingly. Prepare your Business Plan.

    Here is a first question. Why have you decided to trade? What for? Is it just tribute to fashion, since this is very popular currently? Or maybe you have some financial goals and want to accumulate some money to buy something? It means that you probably plan to trade for just some time. Or you think that you will look wiser compared to your friends, because they place bets on sport competitions but you will make it on financial markets. They probably will think that you’re a smart guy, since you’re dealing with financial markets, but will it bring you profit? I’m not sure about it. Or may be you need some adrenaline rush? I call on you to spend some time and become a bit of a worry wart person. Try to find out what your reasons to start trading really are. When you will answer it this could help you to save a lot of money and probably you will look at this a bit differently. You have to take full responsibility to your answer, because a changing attitude could lead to serious disappointments. The market crushes fast those who are not quite serious about it.
     
    #1 Administrator, Mar 15, 2012
    Lasted edited by : Oct 8, 2016
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