FxGhani Golden Trading Plan.

FxGhani GoldenTrading Plan

1.         Objectives Goals

Ø  Explain why you want to be a trader (e.g. Financial Freedom, being own boss)

Ø  Where do you see yourself in next one year, two years five years.

2.         Sub-Conscious programming.

Ø  Write down all the concepts (bitter truths) about trading which you came to know by experience or learned from experience traders. These are the concepts which our brain throws out of window at the time of trading. Read them three times daily before you start trading with conviction as you are engraving them in your mind.

    You can do it best before standing a mirror by telling your image in mirror like you are motivating a person (which is your sub-conscious mind).

It’s impossible to be a successful trader without emotional control.

3.         SWOT Analysis

Ø  Write down you Strengths, Weaknesses, Opportunity Threats.

Ø  Hold on firmly to your Strengths.

Ø  Start working out the ways to remove your weaknesses, take the help of your mentor if you are struggling in working out the ways to remove/reduce you weaknesses.

Ø  Start capitalizing the opportunities as they may not stay with you forever.

Ø  Make the contingency plans against these threats. So if they emerge then you are absolutely ready to face counter them.

4.         Targets

Ø  Write down your weekly, monthly, 6 monthly yearly equity (trading account balance) targets. They must be realistic without any exaggeration. As you grow your skills knowledge about trading these targets will be reviewed reset accordingly after every 50 trades and the performance analysis.

5.         Daily Trading Routine

Ø  Write down all the steps in a checklist style which you will perform after reading the “sub-conscious mind programming” facts.

6.         Markets to Trade (Currency Pairs)

Ø  Write down the currency pairs you are going to trade e.g. Majors (EUR/USD, GBP/USD, USD/JPY , USD/CHF) and Minors (AUD/USD, NZD/USD , USD/CAD).

Ø  On the bases of your performance your mentor will decide that whether you are ready to trade other markets (financial instruments) or not e.g. Gold, Silver, Oil.

Ø  STRICTLY DO NOT TRADE ANY PAIR, NOT MENTIONED IN TRADING PLAN. IF YOU CAN NOT FOLLOW YOUR OWN TRADING PLAN THEN TRADING IS NOT FOR YOU AS YOU WILL NEVER SUCCEED IN TRADING.

7.         Time Frames

Ø  Write down your analysis timeframes e.g. (Daily, 4 hourly  hourly)

Ø  Write down your execution timeframes e.g. (15 minutes or 5 minute).

8.         Risk Management

Ø  Write down how much percentage of your account balance you are going to risk per trade.

Ø  Write down how much total percentage of your account balance you are going to risk per multiple trades in one time.

9.         Analysis (Checklist)

Ø  Write down all the steps of your trading strategy in a checklist style which must be checked before entering in the trade.

Ø  Write down the points you will analyse to set the profit target in any trade. Never change your profit target.

Ø  As your skills and knowledge grow in trading you will learn the trading strategies which don’t use profit targets, instead they just trail the stop until trade stops itself as market retrace or turns back.

10.       Trade Management

Ø  Write down the steps you will take once you have taken a trade e.g.

o   How you will trail your stop loss. NEVER EVER increase your stop loss, instead trail it to reduce/remove the risk and further on to make the trade a free trade.

o   On what signs you will exit the trade even when it’s in loss (just to avoid the further loss.

11.       Journaling

Ø  Record every single trade you have taken

Ø  Maintain a Loss Trade Journal which consist on

o   Record of every single loosing trade.

o   Snapshot of trading screen of that loss (so it can be analyse later and also can be sent to your mentor to get comments and guidance).

o   How did you see the market before taking that trade and what actually market was telling you which you missed?

o   Reasons why do you think it was a loss.

o   Lessons learned from this looser, adjust these lessons in your Trading Strategy/Trading Plan to make sure that you don’t repeat it.

Useful important Link..

7 Golden Rules for Master Traders By FxGhani.

Money Management Rules 
    
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