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March 3, 2024 8 mins
7 Points to Help Develop Your Own Trading Plan  Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #538: 7 Points to Help Develop Your Own Trading Plan In this video: 00:25 – 7 points to help develop your own trading plan. 00:36 – #1 Your personality. 01:15 – #2 What type of trading do you like? 02:16 – #3 What are your goals? 02:55 – #4 Risk management. 03:51 – #5 Know your strategy. 05:16 – #6 Demo, live or a prop firm? 05:50 – #7 Journal and record your trades. 07:10 – Attend my Forex Masterclass. 07:19 – Prop firm Masterclass. 07:40 – Book a call to chat with us. 07:52 – Blueberry Markets. Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now. Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538. 7 points to help develop your own trading plan. Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you. #1 Your personality. Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart. Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts. #2 What type of trading do you like? So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe. So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week. Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you. #3 What are your goals? The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events?
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Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Today, I'm going to give yousome helpful tips and information to help you
to develop your own trading plan asa forest trader. Let's get into that
and more right now, Hey thetraders, Andrew here at the Forest Trading

(00:21):
Coach with video and podcast number fivehundred and thirty eight. Today is all
about developing a trading plan that's goingto work for you. I'm going to
give you seven points that's going tobe something. If you put this together,
it's going to massively help you.Let's start with point number one.
So first of all, you haveto understand yourself. What type of person
are you, what personality do youhave, what makes you tick? You

(00:43):
know, what do you like asa trader? Now, I find that
naturally most people when they start trading, and I did exactly the same almost
twenty years ago myself, they tendto navigate through to the shorter time frame
charts, the one minute, fiveminute, fifteen minute charts. So people
think that's the way the most opportunitiesare, where the most money is to
be made, and that's why peopledo that. And then they realize that

(01:04):
probably doesn't work quite as well asthey thought it might do, and then
they start to look at something alittle bit longer time frame chart. So
figure out where you are on yourtrading journey and what type of trader you
are. I use someone that likesto watch the news. Are use someone
that likes to watch the charts.Are you a fundamental or a technical trader?
And then what you need to dothere is work out the trading style

(01:27):
and that will become, you know, in the corporation of both of those
two. Possibly it could be,you know, looking at the longer time
frame charts, the sort of moremedium time frame or the shorter time frame.
So look at what works for you. If you're out there, you
know, you've got family, you'vegot travel to do, you've got work

(01:48):
to do, you've got music,sport, whatever it might be. You
might go, well, do youknow what the reality is, I only
want to look at my charts,maybe just once a day, or a
couple of times a day, orjust a few times a week. Therefore
you're going to have to go tothe longer time frame charts. You may
go, well, you know,I've got a couple of hours. I
can look at the European session orthe US session a few days a week
and Therefore, I might look atsay the thirty minute, the one hour,

(02:12):
the four hour time frame charts ora blend, whatever works for you.
The next thing you need to dois define your goals, your personal
goals, your financial goals, thetime goals as well. Don't forget time.
It's really important. You know,it's all well and good to write
down and say I'm going to maketen percent every month and I'm going to
do this, and I want todo that, But also is you go

(02:32):
to realize that to do this successfullyand properly, it's got to work around
what your time restrictions are. Everybodyhas time restrictions. We all all have
twenty four hours in a day.It's what you do within that day that
can so how much of that timeper day or per week do you want
to dedicate to learning or trading orstudying chart to watching news events. So

(02:53):
you've got to understand that. Thenext you have to understand is risk management.
It doesn't matter what strategy you have, if you don't get your risk
management correct, then it's going toblow your account. Just you have to
understand risk management is one of themost important, probably one of the most
boring, but one of the mostimportant parts of any trade management plan that

(03:15):
you put together. As you knowif you've been following me, I work
on a percentage risk. I neverlook at pips. To me, they're
completely irrelevant in a waste of time. Look at a percentage risk, because
if I risk half of one percentof my account on a trade and it
happens to be a ten thousand dollarsaccount, I could do exactly the same
on a million dollar account or aprop firm account. It doesn't matter.

(03:37):
It's the risk. Keeping that lowand controlled on every single trade is really
important for me. And also you'dhave heard me say this keeping your reward
to risk high on every single trade, which then moves into the next section,
which is your actual strategy atself pointnumber five. What is your strategy
giving you an edge? You know? How is it doing that? What

(03:58):
is it that you're looking for orto determine a new trade where you're entry
and exit rules and criteria. Youalready know know your risk is going to
be low and controlled on every tradeif you trade the way I do.
But what is it that is goingto say, hey, this is a
trade setting up here. Where areyou instantly going to know to put your
stop loss or your profit target.You can't be making it up on the

(04:19):
go. You have to know thesethings in advance. You have to know
when to look at your charts.You have to know what pairs to look
at, what time of day ornight depending on where you live in the
world. And again where you livein the world will determine what type of
strategy you have, because you know, if you have a strategy that,
say, let say works in theUS session and you live say here in

(04:45):
New Zealand, well that's two orthree o'clock in the morning, and we're
very lucky that we have a strategythat can be traded from anywhere in the
world, and we've got clients andone hundred and four countries or trading extremely
well. But not everybody is luckyenough to have a strategy that so you've
got to bear that in mind aswell. If you're a news trader and
you know you say, well,I have to trade the European news,

(05:08):
well that could be three o'clock inthe morning if you live in certain parts
of the state. So you haveto get these things sorted out that works
for you. The next thing is, once you have a strategy that works.
How are you going to trade it? Are you going to start on
demo live, small live account,large live account? Trade for other people,
family friends, prop firms? Possibly. You have to have this as

(05:29):
a plan in advance. You know, earlier we talked about goals and financial
goals. Well, how are yougoing to get to these goals? You
know, do you need a tenthousand dollars account? Do you need one
hundred thousand dollars account? Do youneed several prop them accounts? Or working
to get to these goals? Soyou have to write this down and have
a structure and a plan in place. And lastly, performance in journaling these

(05:51):
things. You know, not everyperformance is going to be a perfect equal
equity kill. Not every month areyou're going to have the exact same profit.
Of course, you know some monthsor weeks you're going to have losing
time periods as well, So youhave to take that into account. What's
the biggest drawdown you can afford totake if you do any back testing?

(06:12):
What's the biggest historical drawdown that you'veseen in maybe the last five or ten
years if you are doing back testing. How reliable is that data and is
it credible information. Do you haveback testing data on enough currency pairs to
justify making that back testing information valid? So we'll help you going forward journaling

(06:32):
your trades. What are you goingto do to journal those trades? And
so you know exactly when you tookthe trade, why you took the trade,
what timeframe you took the trade on. Do you have a picture of
what it looks like when you tookthe trade and you made those decisions.
Do you also have a picture ofa screenshot of how the trade developed and
anything you could have done realistically toimproved that trade? And that is another

(06:56):
thing part of your strategy. Doyou like to interfere with trades or do
you like set get all these thingsyou need to have well and truly documented
and journaled upfront, clearing your mindto know exactly what you're doing now,
we can certainly help you with that. Now, if you've not been on
my masterclass, I can highly recommendthat it tells you all about how we
trade, what we do, andhow we can help you. I've also

(07:19):
had a master class, a onehour session with the five Percenters, the
well known prop firm. I'm goingto put a link to them on this
video and podcast post here. Ihighly recommend that you look at that if
you want to get into prop firmtrading and understand about strategy and risking that
as well. If you'd like tobook a call with either myself or one

(07:41):
of my team, I'll put alink to a booking calendar so you can
book up a thirty forty minute sessionand discuss your trading and your goals and
how we can help you. Andif you're out there looking for a very
high quality forest broke that offers theempty four and Empty five platform, I
can highly recommend markets in Australia.I hope that helps. Don't forget to

(08:03):
define the rules of your plan.Write these down, make sure it suits
you as a person, as atrader, as your strategy is, your
risk management, your goals, everythingwe've talked about. Write it down and
make it work for you. Ifyou need any help, please do reach
out and email me personally Andrew attheforust Trading Coach dot com. Don't forget
to like and leave a comment ifyou'd like me to ask elle answer any

(08:26):
questions that you have and I'll seeyou this time next week. Bye for that
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