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Guest oilfxpro

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Guest oilfxpro

A trading plan is a must for every new trader.

 

Go to trade2win forums site and pick up this trading plan and read the article.

 

http://www.trade2win.com/articles/886-trading-plan-template

 

Plan for the psychology management .Trading success is 20 % skill 80 % psychology

5.1 Almost any professional trader will tell you that the key to success in the markets
lies in understanding your own psyche.. Many inexperienced traders
are unprepared for the violent assault on their thoughts and emotions at the start of their
careers. They soon find their heads spinning with euphoria when winning (greed) and the pits
of their stomachs knotted with anxiety when losing (fear). Contrast this with many
professional traders who, it is said, achieve a sort of trading nirvana, whereby their thoughts
and emotions blend into a sea of calm regardless of whether they are winning or losing. Their
heads do not spin and their stomachs do not churn – ever. For you to achieve this exalted
state, you will need to know yourself and how you will react to both winning and losing
positions. Once armed with this information, your trading plan can incorporate some of the
positive aspects of your psychological make-up and filter out some of its negative aspects.

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Could you not keep filling this forum with hundreds of links to 'trade2win'. Try posting something original or, if you comprehend a point, summarise it yourself for us, this constant sending people on wild goose chases onto other forums or cut and paste on mass is distracting, futile and boring. 

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Guest oilfxpro

Actually this is a good plan, it is free , I am sure it will help many beginners.If you don't need it , there are other members here who may find it useful.

 

It is a good start for many to read this plan

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Guest oilfxpro

I G also have a trading plan  help , good points here , but the missing part is the psychological trading plan.The 80 % success element is psychology.I am actually going to develop this practical psychology ,one that I use, plan and post it here.

 

 

 

https://www.ig.com/au/why-use-a-trading-plan#main_title_h2

 

 

What does high or low risk mean for you? By quantifying this in advance, you can apply a scientific approach to assess whether a particular trade is too risky. Your risk-per-tradescale could look like this:

Low risk: 1-2% of total equity
Medium risk: 2-5% of total equity
High risk: More than 5% of total equity
Reckless: More than 20% of total equity

 

https://www.ig.com/uk/learn-to-trade/building-a-trading-plan

 

Tim Racette: Creating a Trading Plan - Step by Step

 

 

How To Create A Day Trading Plan That Consistently Generates Profits

 

 

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