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(1) Your trading plan should have the following locked in!
Main Criteria
High Probability Criteria
Filters
Risk Management
Main Criteria High Probability Criteria Filters Risk Management
(2) Main Criteria
This is the compulsory checklist, what do you have to have in order to even consider looking at it?
It could be certain technicals like
EMA Rejection
Pinbar or Engulfing
Fibonacci
Trendline
This is the compulsory checklist, what do you have to have in order to even consider looking at it?
It could be certain technicals like
EMA Rejection Pinbar or Engulfing Fibonacci Trendline
(3) High Probability Criteria
What makes your trade have a higher chance of working? It could be things like
Structure, Psy Levels, Timeframe Confluence, Divergence, Currency Strength or even Fundamentals
For me, I always have at least 2 of these in order to have a valid setup
What makes your trade have a higher chance of working? It could be things like
Structure, Psy Levels, Timeframe Confluence, Divergence, Currency Strength or even Fundamentals
For me, I always have at least 2 of these in order to have a valid setup
(4) Filters
These are things to check to avoid any potential dangers or lowering the potential for example
News- Do not trade if within 10 candles of a major news event
Risk/Reward- Has to be 3R potential
Fibonacci- No less than 0.618
These are things to check to avoid any potential dangers or lowering the potential for example
News- Do not trade if within 10 candles of a major news event Risk/Reward- Has to be 3R potential Fibonacci- No less than 0.618
(5) Risk Management
This is very important before going into a trade you should know. What is your
Risk per trade? e.g 1%
Max Exposure? e.g 6%
Stop Loss placement? Must be above previous high
Exit: Set & Forget? or if retraces a certain %?
Management? Trail SL?
This is very important before going into a trade you should know. What is your
Risk per trade? e.g 1% Max Exposure? e.g 6% Stop Loss placement? Must be above previous high Exit: Set & Forget? or if retraces a certain %? Management? Trail SL?
(6) Hopefully, you can understand the importance of having a trading plan.
You need to define and have solid rules & stipulations written up before you even attempt to trade the markets.
This is why so many fail, simply because they fail to plan.
You need to define and have solid rules & stipulations written up before you even attempt to trade the markets.
This is why so many fail, simply because they fail to plan.
(7) The best investment you can make right now is creating a trading plan.
Write out your plan today and thank me later.
Hopefully, you have enjoyed this thread and more importantly have gone away and learnt something.
Write out your plan today and thank me later.
Hopefully, you have enjoyed this thread and more importantly have gone away and learnt something.
(8) If you liked this tweet, retweet the first one so other people can read it.
Thank you for reading!
All the best & happy trading!
Thank you for reading!
All the best & happy trading!
