2. Plane den Trade und trade den Plan

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Plan Your Trade and Trade Your Plan

Video Transcription:

Hello traders. Welcome to the Pro Training Course, and the second module of Pro Traders Mindset. In this lesson we are going to learn the importance of trading your trade plan. And the reason this is important is because if you deviate from your trading plan, you are going to completely crush your win-rate in the overall run.

Now, let me explain to you more in depth what I’m talking about here. Part of being a professional trader is not deviating from your trading plans. This means that when you have a setup in your hands, and decide to take it, you won’t close your position early to fast profits. Alright so basically, what I’m saying here is that for instance, if you have a setup. A high probability setup, that yields a certain amount of risk for a certain amount of future profits, you are not going to deviate from that. If you decide to take it, you’re either going to wait for your stop-loss to get hit, or your profit targets get hit. Of course, there’s some trade management in between, but we are going to look at that further in this course.

The reception is obviously trade management in both, where you might take partial profit at first targets. But this is also part of your trading plan. So basically, you are not going to try to take partial profits because you are afraid that that price is going to deviate and go against you, and hit your stop-loss once you are in profits. You are going to wait for either one of them to happen. And not following your plan will crush your win-rate and profitability, and this is what this lesson is all about. If you don’t follow your trade-plan, if you don’t follow the specific lines of your trend-line, you are going to be less and less profitable in the long run. Or you might even get to the state of being a non-profitable trader in the overall run. The reason is that you are always going to take full losses, but only partial and small profits on your trades. So when you take full losses, your small profits are not going to be enough to overcome those past losses. So you might become an unprofitable trader, but have a truly profitable system. And the reason you are going to become unprofitable is because you don’t follow your trade plan. And the main reason is that this is going to completely change the risk to reward ratio on your trades.

Now let’s look at an example. Let’s say that we are looking at price-action right here. And we have defined this area as a strong area of resistance. So we are going to wait for a retest to go short on this instrument. And price comes all the way down here, and moves up to the area of resistance. Again, giving us a rejection right here. So we decide to go short with a stop-loss above the highs. Now, this is part one of our trade plan. We decide to put our stop-loss above the highs of the move, and the targets at the previous bays of the move. So this scenario, or this setup, this high probability setup is yielding a one to four risk to reward ratio, which is excellent. And what happens next is the price comes down here, but then you see this rejection candle. When this candle closes, you get afraid of price moving against you and hitting your stop-losses for a loss, so you close your trade prematurely on a 1 to 0.5 risk to reward ratio. Which is far, far worse from your original risk to reward ratio. You still made a profit, but the risk to reward ratio is extremely bad. Then of course, price comes all the way down here and hits your original targets.

Now, this is what not following your trade plan looks like. And if we take for example, the equity growth that we saw on the past lesson. And if you remember correctly, even with 11 losses on 20 trades, we practically made 17% growth on our account. But we always respected our trade plan, and we always traded with at least a 1 to 3 risk to reward ratio, risking 1%. Now let’s say that you don’t respect your trade plan, and where we take the same trades that we did on this account. But because we don’t respect our trade plan, we end up with a 1 to 0.5% risk to reward ratio.

Now your account would look like this. Same wins, and same losses, same risk percentage on each trade. But, because you closed your trades too early, you had a very bad risk to reward ratio. And what happens here is that your wins do not cover your losses, and you end up losing 6.36% of your account in 20 trades.

So, you can see the difference between the two of them. The two of them have the same trading system, or the same trading strategy. The two of them take the same trades at the same level, risking the same percentage of the account every single time. The difference is that the first one, always respects the profit targets, and the second one doesn’t. By not respecting your profit targets, and by not trading your plan, you end up losing money in the long run.

And this is how your equity curve looks like, in comparison to the other one. So, always respect your plan, and always trade high probability setups on a one to two risk or reward ratio or better.

2. Plane den Trade und trade den Plan

Follow PLAN Following PLAN Unfollow PLAN

PLAN Stock Chart

Ideas

Contextual immersion trading strategy idea. Anaplan has a strong downside trend. This and other conditions can cause a fall in the share price in the next days. I saw it again and opened a short position from $29,97; Information about take-profits and stop-loss will be later. Do not view this idea as a recommendation for trading or investing. It is published.

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Forgot to make a trade journal yesterday for PLAN long. On Feb 4th, PLAN broke out to new highs but failed and revered in the subsequent days. During the reversal, PLAN hammered at the breakout point and the 20MA indicating strength. Since then PLAN is consolidating above the breakout area and possibly ready to head to new highs. Entry – 61.07 Stop Loss -.

nice monday morning setup!

Bearish candle after good earning report .. long red candle with large volume suggest to re-visit the broken line pre-earning and targeting main support at 47 then can be bounce from there or continue hold

Possible Entry level $49.40 dependent on market performance today. Target price at Fibonacci Golden pocket @ approx $53.20 Chart is bullish and sentiment has changed towards the cloud stocks once again, after a sell off from the summer highs. Recent Analyst commentry. 10/29 Anaplan initiated at Piper Jaffray Anaplan assumed with an Overweight at Piper Jaffray.

This is forming a nice triangle pattern. It has earnings on the Nov 21 so I won’t do anything until after that event. patience. with a watchful eye. Ideas, not investing advice.

Again broken trend line with higher volume – negative divergence with MFI – Weak RSI – Could drop to 38 to close gap

Possible reversal trade opportunity. Average analysts price target $63 | Overweight. Recent upgrade Evercore ISI analyst Kirk Materne upgraded Anaplan to Outperform from In Line with a $57 price target as he believes the recent pullback in the stock sets up a more attractive risk/reward for what he continues to view as a „category killer“ in the connected.

very nice setup for long positions with bullish candlesticks pattern

$PLAN Next target 41

Very nice indicators showing potential uptrend . Friday close was bearish so expected to pullback to 49 support or below it then bounce at end of the week also if closed above upper tail of Friday candle then it will be perfect confirmation for coming uptrend . Stoploss at black trend line if its broken then cancel this idea . Major resistance at the double top near 60

$PLAN Bullish reversal

Coming into daily trend line and seeing doji candles. at .5 fib retracement. Looking for longs here while the whole market is rending up still

Plan dropped to it’s near overall trend line, it’s time to start scaling it

An entry in the 44 to 48 per share range would be perfect in another marketwide selloff. I’ll be building a position from current price down to 44 and watch price action to guide me further. The fundamentals are on the buyers side.

I think it’s time to take more long positions

We saw a great retracement of yesterday’s fall. But this has ended now and a renewed decline may be expected.

Plan is pushing extreme levels to the upside. Its on its 5th up day and its gone a little to parabolic to the upside, almost in a straight line. Its in overbought territory and already well overextended on its bollinger bands. I think its going to need a breather for a day or two with a nice pullback to $45 level. Once it pulls back, I will exit trade because.

Plan to trade EURUSD pair on 10/04/2020

Dacnhiemtuthan

Новичок

H4 time frame
The EURUSD pair is in the process of correcting upward wave (1), which has been completed at 1.1147. The EURUSD pair is in the process of correcting to complete the wavelength (2) with the ABC structure. Wave A of the wave (2) completes at 1.0925, wavelength B completes the level of 1.1028. C wavelength is completed at the lowest level of 1.0767. Here, wave formation (3) is taking place. On the April 7, 2020 session, I recommended „Continue to watch for EURUSD at the 1.0827 test target zone of 1.1023.“

Within H1 time frame, wavelengths 1 and 2 have been completed and are in the process of forming wavelength 3 of target (3) wave 1.1020-1.1038.

Trading Plan

Table Of Contents

What is a Trading Plan?

A trading plan is a set of rules and guidelines that shape and define your trading behavior, including but not limited to: financial goals, money management rules, risk management techniques and criteria for opening and closing positions.

Most of us in our everyday life start out with a plan of sorts, which helps in becoming successful in our accomplishments are personal priorities. In forex and CFD trading often our personal decisions translate into either a profit or a loss, and knowing your trading direction could be that fine line between success and failure. If you do not have a trading plan, then you have planned to fail.
Open an account today and start implementing your trading plan!

The importance of having a trading plan

Entering the trading realm can be daunting, at some point as a trader you will lose money as you engage in the buying and selling activity while the markets make their moves. Traders generally follow forex signals, technical analysis indicators like Moving Averages, CCI, RSI or MACD, and/or the daily news to find patterns and changes within the markets. However, planning your trades will reduce the risks of depleting your trading account.

How to develop a trading plan

  • Personal analysis: Ensure you are ready to trade and that you are able to follow your signals without hesitation. Find out what are your strengths and weakness prior to entering the trade.
  • Trading goals: Start off by writing out your trading objectives and setting realistic goals. Look at, and assess your financial goals and timeframes for reaching each trading goal and ensure that when you have made a successful trade you will close the position, don’t get greedy.
  • Identify your markets and trading timeframes: Select your trading trading style and market according to your knowledge and expertise. The best market for you is the one that you are familiar with. There is no sense in entering a trade in a foreign market that you have no knowledge about and assuming it will be profitable. In addition, ensuring that you are aware of each markets trading session hours is necessary, there is a certain amount of attention that these trades need at the important trading times.
  • Know up front what you are willing to risk: Every time you open a position or fund your trading account be sure to enter an amount that will be the maximum amount that you will be willing to risk. Again, do not get emotionally wrapped up in the trades, fund the account and stick to the initial balance. Control your finances by means of money management
  • Then decide when to open a position and in which direction (buy or sell), this can be determined by analyzing charts or reading up on the latest market analysis.
  • Specify your entry and exit points. Meaning you must set your stops losses and profit targets, while providing room for adjustments but not getting emotionally absorbed by your trading.
  • Manage your emotions! Do not let your feelings cloud your judgement, treat your trading like a business. (More on Trading Psychology)

Open an account today and start implementing your trading plan!

Elements that should be added to your trading plan:

  • Profitability goals should be realistic
  • How to determine the size of your position according to your trading budget
  • Record your trades as a means of keeping tabs, such as what was opened and what was closed in either profit or loss. In traders’ jargon it’s called “trading diary” and it’s a powerful tool to evaluate your overall performance and accuracy of predictions you make.
  • How to manage your positions in metatrader 4 or metatrader 5 terminal once they are open and live in the markets
  • Impartial criteria that the trader will use for selecting, entering and exiting trades

Stick to your plan!

Questions to ask yourself when planning:

  • What is your motivation for trading?
  • What is your attitude to risk?
  • How much time can you spend trading?
  • What is your level of knowledge?

Why create a trading plan?

The same reason as when you start building a house, first you need an architectural blueprint. You would not simply start with buying the bricks and cement without having the correct foundations laid and knowing very well before you enter how much money you have to spend on the house.

It is much the same with trading, even if you have market experience it is not enough to go into a trade blindly. Forex and CFD trading should be treated like a business, that has an organized structure from which it can grow into a successful business.

Furthermore, when there are sudden changes in the markets, the trading plan will assist you with keeping in line with your objectives, and perhaps guard you from making any hurried decisions you could later regret. Trading objectively with your plan in place will allow you to have more confidence and less emotional participation.

Everyone should have a trading plan

Whether you are just starting out in the trading world or you are a seasoned professional, it is always advised to be prepared. A good trading plan will help you in many aspects, such as identifying your goals, organizing your research and finding trading statistics. The decision on which direction to trade in to stay in line with the markets will assist you in managing your emotions when on a losing streak and aid when recovering from a bad trade.

The markets don’t choose who they like, and anyone is at risk, new or experts, and without a plan the market will have no mercy.

With more assistance in your day-to-day trading AvaTrade can help you with planning your trades as well as evaluating your risk. Join us now and get the best support 24/5 in your language.

We recommend you to visit our trading for beginners section for more articles on how to trade Forex and CFDs.

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