Creating a trading plan is critical to success. Here are a few key components that you should keep in mind when working on one: Trading involves risk. Losses can exceed deposits.
What set-ups work best for you, those that resonate with you the most? It probably goes without saying, but these should be at the core of your trading. Set-ups are based on the alignment of any number of factors which make for a high conviction trading opportunity. If you are new to trading, then this will take some time to figure out, so be patient in making progress towards understanding what works best for you.
A set-up is one thing, but how you execute it is another. There is the set-up, then the method by which you will take advantage of the set-up. For example, a group of ten traders could sit down at a computer with the same set of tools, but how the market is analyzed and then executed upon with vary from one to another.
It is also important to have a plan in place for when things are going well. Overconfidence can be a killer and lead to a drawdown if not correctly managed. While it is good to be more aggressive when market conditions are conducive and you’re doing well, but you need to do so responsibly. Increasing your risk by 50% isn’t out of control, but suddenly quadrupling your risk is, and is setting you up for a frustrating and potentially devastating outcome.
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