Towards the end of 2004, a thread entitled ‘A Trading Plan – You MUST Have One!’ on the ‘Trading for a Living’ forum was started on www.trade2win.com (T2W). The purpose of the thread was to produce a template by which all traders – regardless of experience, instruments traded, timeframes and brokers etc. – could create a professional trading plan. This document is the result of that thread. It comprises two main sections with a third section that in time will, hopefully, contain examples of real plans created using the template.
TRADING PLAN OVERVIEW
The Trading Plan Overview addresses fundamental questions regarding the subject, starting with a simple definition. It then moves on to discuss why traders need a plan at all and, once they have created one, what it will do for them. Those traders who are already convinced of the merits of having a plan, please feel free to skip this section! TRADING PLAN TEMPLATE This section is the nuts and bolts of the whole document. It comprises ten key units, with a series of questions in each one: about 50 in total. This is rounded off with a final unit: ‘Golden Trading Rules’. The hope is that any trader can use the template to create their very own bespoke trading plan. Make no mistake, it will take time and effort to complete. But, having done so, you will at the very least, gain a greater insight into the kind of trader you are now and enable you to focus on the kind of trader you want to become. Explanatory notes and an outline for a possible answer accompany all the questions. For ease of navigation, there is a reference number at the start of each paragraph. If you get stuck at any point, help is at hand from fellow T2W members. Just post your query with the relevant reference number on the thread: http://www.trade2win.com/boards/showthread.php?t=12585 Naturally, you can add elements to your own plan that you think are missing on the template and, conversely, delete elements from the template that you feel are not applicable to your plan. In order that other traders may benefit from your amendments, please post your ideas on the thread above.