Follow The Rules Flashcards
What is a trading plan
A system method for identifying setups and trading
Risk
System
Timeframes
Routines
Goals objective
System of operation
Tactical applied to areas of interest
Asset traded
Entry exits
Specific setups
Pip Goal per setup
Time frames
drive trading management
System of approach
Daily weekly monthly goals
Risk appetite
Money management
Temperament of trader
Personality of trade
how much initial capital
Why is it imperative that I have a trading plan. 2 Types of traders
Discretionary : most trades start here and developed habits and not having any rules at all
System based: rules based trades who often use some level of trade automation to implement a strategy
Paradox of trading is a gift and a curse
The Gift: You are in control of everything you do with trading
The Curse we must set our own boundaries to guide our behavior
Must create checks and balances
Possibilities for trading is endless
