Scalping trading plan

I have built forex trading plans, futures trading plans and day trading plans. Now I will establish a scalping trading plan.

First of all, why would you want to scalp? Novice traders only want to get rich in trading. However, professional traders would like to learn how doing scalping trading.

Second, what are your daily trading goals? Many beginners want to double their forex trading account every day. But veteran traders just set daily goals about 0.1%

Third, which market to scalp trade? Forex or Futures? I will choose the forex market.

Fourth, where can I learn about forex scalping trading?

• I have to find the best forex strategy books to read.
• I will learn a scalping strategy at babypips and dailyfx.

Fifth, how much is required to scalp forex?

• You have to open a demo account and practice your forex scalping trading strategy. 
• As a novice trader, you can open an account with only $1000.
• If you are going to scalp trading for a living, you have to open a live account with $10000.

Sixth, what is your forex scalping trading secrets? 

Many beginners want to find the forex scalping secrets. They think it is a few scalping strategy rules.

In fact, veteran traders will build scalping trading plans, learn to scalp with a demo account and maintain a scalping trading journal. As the saying goes, success comes from hard work and execution.

Seventh, what is your scalping strategy?

• I will use a 20-period moving average to determine the major trend on the 15 minute chart.
• When the RSI is above 70, I will buy in an uptrend on the 15 minute chart.
• When the RSI is below 30, I will sell in a downtrend on the 15 minute chart.

Let's see an example:

• The validity of currency pairs: majors. For example, AUDUSD
• 15 minute chart
• Forex trading indicators: the Relative strength indicator, 20-period moving average ( available on the MetaTrader 4 platform or the cTrader platform)
• Forex trading sessions time: any

15 minute chart strategy

Eighth, I will keep a scalping trading journal. It can track, measure my trading performance.

Finally, I have already finished the scalping trading plan. Now you have to set a trading plan that fits your personality.

make a scalping trading plan and develop a trading strategy

How to create a trading plan

Many beginners just want to find a few trading rules, so they never even create a trading plan. In fact, veteran trading will make a detailed trading plan. Today I will show you how to create a trading plan.

First, why would you want to trade? Rookies would like to buy a new car or an Iphone. But I want to learn how to trade and improve my trading performance.

Second, what a real trading goals? Rookies are expecting to get 10 times return per year. In fact, experienced traders are able to get 10% per year. 

Third, which stocks, currency pairs, Exchange-traded fund, futures or options to trade? Novice traders are focusing on too many trading markets. But veteran traders will focus on forex trading and only choose one currency pair. Therefore, I will just trade AUDUSD.


Fourth, how much can you afford to trade? Many beginners just have $100, but they want to double their live account. It is obviously impossible! A professional forex trader will open an account with at least $10000.

Fifth, what is a Forex trader's morning routine?

• I will set a Forex trading checklist at 7:50.
• If I am a day trader, I will check the forex economic calendar.
• I will review the Forex trading plan and diary at 8:15. It helps in reaching an optimal mental state.
• At last, I will clean the Forex trading room at 8:30.

Sixth, how to build your trading strategies? I will use the moving average crossover strategy, the grid trading strategy, buy low and sell high strategy or day trading strategy.

• I will use the time frame analysis to find the entry and exit points
• I will use a trend line to identify the dominant trend on the weekly chart.
• If I want to trade with the day trading strategy, I will find the general trend on the daily chart.
• Once I have determined a trending market, I will trade with the moving average strategy.
• If a trend is not present on the weekly chart, I will use buy low and sell high strategy.
• I will use the grid trading strategy to increase and reduce the size of the positions

Seventh, rookies never open a demo account and practice the trading strategy. So I have to demo trade until I develop a forex trading strategy and at least twelve months.

Eighth, rookies never maintain a trading journal. So I will keep a forex trading journal excel. I think it is important to update it every evening.

Finally, now I have created a trading plan, but it may not fit your trading strategy. So you should make a trading plan for your personality.

set a trading plan, write your trading goals

Forex investment plan

Novice traders don't want to take time to build Forex investment plans, develop a forex trading strategy and maintain a trading journal. They would like to make most money in the shortest time! Ha ha, it is absolutely impossible. Now I will show a forex trading investment plan.

First, what a real forex trading goals for beginners? Rookies are expecting a 300% return per month. In fact, experienced traders are able to get 13% per month. Therefore, they always set investment goals about 10%.

Second, why would you want to invest in forex? Rookies just want to make extra income in forex trading. They never loved trading forex. But veteran traders really love it from the bottom of their hearts. They want to learn how to trade forex.

Third, how much can you afford to invest in forex trading? Many beginners only have $1000, but they want to make $50000. It is obviously impossible! A professional forex trader will open an account with at least $10000.

Fourth, I will open a trading account with $20000. But I just use a small percentage of it. For example, 30%-40%. I will never risk more than 10% per trade.

Fifth, before trading, beginners never check the direction of the trend. So I will build a checklist before trading forex.

Sixth, which currency pairs should I trade? I will use the moving average strategy. So I will select a pair that is right for my trading strategy.

Seventh, how to build your forex investing strategy?

• I will use the multiple time frame analysis to find the best entry and exit points.
• Use a trend line to identify the direction of the trend on the weekly chart.
• Once I have identified a trending market, I will trade with the moving average strategy.
• Once I have determined a ranging market, I will use the grid trading strategy.

Eighth, I should try to avoid large losses. So I will open a demo account and practice my forex investing strategy.

Ninth, professional traders will keep a forex trading journal. They think it can measure, track their trading performance. So I think it is important to keep it and I will update it every evening.

At last, there is an old saying: "success comes from hard work". So if you don't create forex trading investment plans, you will not make more money as a trader. Now it's time to write your forex investment plans.

Forex investment plan can clear your trading goals

Trading plan template

Whether trading stocks, forex or futures, you have to develop a trading plan. It helps you clear trading goals, develop the trading strategies, and define your trading activity. Now I will display a trading plan template.

First of all, why are you trading? Rookies just want to earn extra income. However, I am going to learn how to trade Forex and how to track my trading performance.

Second, some veteran traders can get a 10% monthly return in Forex trading. So I want to make the monthly goals about 10%.

Third, what is a Forex trader's morning routine?

• I will set a Forex trading checklist at 7:50. 
• I will review the Forex trading plan and diary at 8:15. It helps in reaching an optimal mental state.
• At last, I will clean the Forex trading room at 8:30.

Fourth, which stocks, currency pairs, Exchange-traded fund or futures to trade? It is said that veteran traders always focus on one currency pair. Therefore, I will focus on trading AUDUSD.

Fifth, how to build your trading strategies? I will use the moving average crossover strategy and the grid trading strategy.

• I will use time frame analysis to find the entry and exit points
• use a trend line to identify the dominant trend on the weekly chart
• If I had identified the direction of the trend, I will trade with the moving average strategy on the daily chart.
• If prices are bound between support and resistance levels, I will use the RSI indicator on the daily chart.

Sixth, What time frames will you trade? 

• I will check out the weekly chart. It will help me determine the overall trend
• I will look at the daily chart and spot an entry point.

Seventh, I should try to avoid large losses. So I will open a demo account and practice my futures trading strategy.


Eighth, I will open a trading account with $20000. But I just use a small percentage of it. For example, 30%-40%. I will never risk more than 10% per trade.

Ninth, how to keep a trading journal? I think it is important to keep a trading journal. So I will update it every evening.

At last, there is an old saying: "plan your trade and trade your plan". So if you don't create a trading plan, you will not make more money as a trader. Now you have to write a trading plan.

Futures trading plan

If you are about to make extra money in futures, you have to make a futures trading plan. In fact, it is similar to a Forex trading plan.

First of all, why you want to trade futures? Rookies just want to make extra income in futures market. But I am going to learn how to trade futures and how to determine the general trend on the daily chart.

Second, have you ever determined what your realistic goals are for futures? Many beginners have set really high goals, but veteran traders make a yearly goal about 13%.

Third, I should try to avoid large losses. So I will open a demo account and practice my futures trading strategy.

Fourth, I will open a futures trading account with $20000. But I just use a small percentage of it. I will never risk more than 10% per trade.

Fifth, there are many different commodities that are available to trading. For example, crude oil, gold, silver, wheat, E-Mini, Forex futures or VXX. But, I just focus and trade on EURUSD futures.

Sixth, I have to develop a checklist before trading futures. It can help you find more trading opportunity.

Seventh, what about your futures trading strategy?

• I will use the time frame analysis to find the entry and exit points.
• Use a trend line to identify the general trend on the weekly chart.
• If I had identified the direction of the trend, I will trade with the moving average strategy on the 1 hourly chart.
• Once I have determined a ranging market, I will trade with the grid trading strategy.

Eighth, what time frame will you trade? I will use the multiple time frame analysis to find the entry and exit points. For instance, Daily and weekly chart.

Ninth, How to maintain a futures trading journal?

I think it is important to keep a futures trading journal. So I have to update my futures trading journal every day.

Here is my forex trading journal excel template. I think it is similar to a futures trading journal.

At last, there is an old saying, "if you fail to plan, you are planning to fail". Therefore, you must establish a futures trading plan now

Best Forex trading plan

If you want to make extra money, you have to build a Forex trading plan. Now I will demonstrate a best Forex trading plan.

First, which currency pairs to trade? 

• There are so many different currency pairs to trade. For instance, the Majors and Cross currency pairs.
• Trend following strategy is obvious in the major currency pairs.
• If you are going to use the buy low and sell high strategy, you have to select the cross currency pairs
• It is said that many experienced traders trade only one pair. Therefore, I just focus only on trading AUDUSD.

Second, what are realistic Forex trading goals for you? Many beginners just want to make a lot of money in Forex trading. They have not set the realistic profit targets. Now I want to set a monthly goal about 5%.

Third, excessive leverage can destroy trading capital. So I am going to open a Forex account with $6000 at 10:1 leverage.

Fourth, beginners always use all of the money in Forex trading. So I will use 0.01 to 0.02 lots for a $3000.

Fifth, novice traders never identify the general trend on the weekly and daily chart. So I will build a checklist before trading Forex.

Sixth, what is your Forex trading strategy?

• I will use a trend line to determine the dominant trend on the weekly chart.
• Use the time frame analysis to find the entry and exit points
• Once I have identified a trending market on the weekly chart, I will use the moving average strategy on the daily chart.
• If a trend is not present on the weekly chart, I will use the buy low and sell high strategy.

Seventh, veteran traders take demo trading more seriously, they think they can learn the necessary lessons before live trading. Therefore, I am going to open a demo account and practice the Forex trading strategy. 

Eighth, many beginners never develop a Forex trading plan and journal. But a Forex trading journal will build the discipline, improve the trading performance and self coach. So I will keep a track record of Forex trading.

"Fail to plan and you plan to fail". Now you have to also create a best Forex trading plan.

Having a best Forex trading plan is very important

How to make a Forex trading plan

Many beginners don't care about the Forex trading plan and journal, they just want to make extra income in Forex trading. So, there is an old saying:"fail to plan and you plan to fail". Today I will show you how making a Forex trading plan. 

First of all, I always develop a Forex trading plan and follow their plans, tips, rules, systems.

• I believe that it will clear a yearly goal.
• I believe that it will define my Forex trading strategy before I enter into a trade.
• I believe that it will define the entry and exit points
• I believe that it will define my money management
• If I follow my trading plan, I can manage the emotions.

Second, it is my simple Forex trading plan.

• I want to set a monthly goal about 5%
• I am going to open a Forex account with $6000 at 10:1 leverage.
• There are many currency pairs to trade in Forex market. However, I focus only on trading AUDUSD. 
• I will create a checklist before trading Forex.
• I will use the time frame analysis to find the entry and exit points
• Use a trend line to identify the dominant trend on the weekly chart.
• Once I have determined a trending market, I will trade with the moving average strategy on the daily chart.
• If a trend is not present, I will trade with the grid trading strategy on the daily chart.

Third, experienced traders take demo trading more seriously, they think they can learn the necessary lessons before live trading. Therefore, I am going to open a demo account and practice the Forex trading strategy. 

Fourth, I'd like to develop a Forex trading journal to track my performance.

At last, if you are planning to start the forex trading career, you have to make a Forex trading plan. I believe that whether you're a novice or an expert, it should be the backbone of your trading.

Forex trading journal excel template

Today I will demonstrate a Forex trading journal excel template.

Why you need a forex trading journal excel template?

Beginners just want to make extra income in forex trading, they never build a trading journal. However, veteran traders have built a forex trading journal. 

• They think that trading is a business and run it on business principles.
• It can measure, track, and improve the trading performance.
• It can help you follow the forex trading plan
• It can help you build the forex trading discipline

Here is my forex trading journal excel template:

First, there are many currency pairs to trade in Forex market. However, I focus only on trading AUDUSD. 

Second, I want to use 0.01 lots for a $3000 account.

Third, Use the time frame analysis to look for the entry and exit signals. Therefore, I have to decide the direction of the trend on the weekly chart. 

Fourth, Once I have determined an uptrend, I will trade with the moving average strategy.

Fifth, I have to develop a Forex trading checklist excel. It is important to identify the general trend.

At last, I have to maintain a Forex trading journal excel.

Forex trading plan excel

Many beginners have created a Forex trading plan. But that's far from good enough. Now I am developing a Forex trading plan excel. 

First, I believe that the majors are the best currency pairs to trade. But I focus only on trading EURUSD and USDJPY

Second, I will use the time frame analysis to find the entry and exit points. So I first have to determine the dominant trend on the weekly chart.

Third, If there is a trend, I will trade with the moving average strategy on the daily chart.

Fourth, once I have identified a ranging market, I will trade with the support and resistance levels on the daily chart.

Fifth, I mostly use the Average Direction Index, moving averages and relative strength index indicators.

Finally, I'd like to use 0.01 to 0.02 lots for a $3000 account.

Here is a Forex trading plan excel:

Forex trading plan excel
Equity	$3,000						USA 9:30
Opening balance	$3,000
2%	$60
5%	$150
		Daily chart				Weekly chart
Date	Currency pair	ADX	RSI	range	trend	ADX	RSI	range	trend
9/5/17	EURUSD	26.51	58.8	NO	uptrend	60.45	73.88	NO	uptrend
9/5/17	USDJPY	19.98	43.8	YES	NO	20.07	43.62	YES	NO

Identify the dominant trend on the weekly chart

• I want to buy EURUSD at the market price and trade with the moving average strategy
• I want to add a limit order to sell USDJPY at the limit at 109.48, use the buy low and sell high strategy. 
• It can help me check several different currency pairs to find the trade
• I will update the Forex trading plan excel every day
• I can list more currency pairs I loved most

Further reading: How to Use RSI (Relative Strength Index)