Fast_Money: Plan Your Trades, Then Trade Your Plan

Friday, July 10, 2009

Plan Your Trades, Then Trade Your Plan

You should know by now, to be a successful trader you must follow a plan. Now who is going to write this plan for you? YOU ARE! Notice the word “write”. Your plan needs to be written down, on your trading desk, in front of you. Your trading system will give you the rules to follow. All you do is translate these into your plan. Your trading plan must have these three parts:

SETUP . . . . . .
ENTRY . . . . .
EXIT . . . . . . .

Sorry, I cannot provide you with your own personal plan, which is why I call it your own personal plan. If you will read my past blogs you can develop a plan similar to mine. My plan is to only trade the first 60 minutes using a specific amount of money. I keep it very simple and make 75-80% winning trades, day in and day out. I pull out over $60,000 per year on a $25,000 trading account and only make 1-2% per day. Never an overnight position. Hey, enough about my plan, there are literally hundreds of them! The point is that a trading plan covers every eventuality. You know what to look for in the market, when to get into a trade, and when to get out. Keep it simple. Then follow it religiously!
Happy Trading :-)

1 comment:

UnknownJuly 10, 2009 at 11:55 PM
I know I have told you before but I do learn alot from you and actually use your trading method.

I did get a little greedy this week and then I read your blog and thought to myself that you get 75% 80% winning trades I need to just stick to the system and stop trying to be a millionaire.
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I hope you will learn from my years experience as a professional trader.

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Friday, July 10, 2009

Plan Your Trades, Then Trade Your Plan

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