HOW TO BUILD YOUR TRADING PLAN - Nial Fuller
Daily Trading Affirmation
I will never enter a trade without first consulting my trading plan, because my trading plan is what keeps me objective and eliminates emotion from my trading, and that is what will make me consistently profitable over the long-term
When I enter a trade, I will not touch the trade or edit the trade, removing all emotions and remaining firm on my initial observations
I will never trade over my risk threshold and will stick to my pre-determined $$ risk amounts
Trading Goals
Short-term trading goals: To make consistent profits each month and supplement the monthly income from my job. To be a patient and disciplined trader who follows my plan.
Long-term trading goals: To build my trading account up to $25,000 through mastery of my trading strategy, patience, and the discipline to follow my trading plan every time I trade.
To avoid over trading, be patient, remain disciplined and stick to my plan always.
Trading Strategy
Analyze the market conditions: is the market trending or consolidating?
Determine the core daily support and resistance levels and draw them on the charts
Look for price action signals that have formed at confluent levels in the market, make sure to trade only very obvious and confluent setups
Money Management
What is the most logical stop placement on the trade setup? What dollar amount am I 100% OK with possibly losing on this trade setup
What is the most logical exit strategy or reward placement on this trade setup
Others
What currency pair am I considering trading
What trading session did this setup form during
Double-check the trade setup
Make sure you only trade obvious setups