Forex trading plan example

This article will show Forex trading plan examples.

What are your trading goals?

Yes, I love to make money, but should be more focused on the forex trading plan, discipline, trading systems and financial management.

Some successful traders earn 3% a month in forex markets. So my trading goals are 3% a month in forex markets.

What types of trading you are interested in?

I like grid trading strategies.Therefore I always pick range markets. Basically I would choose AUDUSD or USDJPY.

what are you forex trading strategies?

Surely I would use grid trading strategies and multiple time frames,daily chart and 4 hourly chart.

What proportion of your account are you prepared to risk on each trade?

About 50% of my account and I will fund my forex account with $10000.

How many positions am I prepared to run at any one time?

0.01 or 0.02 lots.

What is the maximum account exposure I am prepared to accept?

The max account exposure is $1500.

How are you keep records of your forex trading?

Some beginners always neglect this aspect of the forex trading plan.However Successful day traders write a day trading journal every day.

I will write day trading track records and day trading journals.

A day trading journal includes:

First every day I will look out the forex news events.For example,US presidential elections 2016.Some successful day trader would avoid day trading. 

Forexfactory has a calendar with all the red news.


US presidential elections 2016 EURUSD 1H chart from ctrader

Second analyze the general trend by looking at the weekly or daily chart.Because the successful day trader also read the daily chart.


For example USDJPY daily chart is in downtrend.

USDJPY daily chart down trend

Third have to pick the currency pair that get best positive interest paid by broker.

It is the forex trading plan example.

Creating a forex trading plan is a simple task. As a beginner have to build your own forex trading plan before jump in the forex markets

More reading Formatting Your Trading Journal for Success

Day trading plan sample

Successful day traders set a day trading plan to guide trading business. In this article,we'll take a look at the day trading plan sample.

First how many currency pairs/stocks will day trade?

Successful day traders will trade only one currency pair. For example EURUSD.

Second what is daily/weekly/monthly goals?

Some day trading beginners believe that they can make a lot of money. But I suppose set daily goals will apply pressure and increase odds of making a bad day trade. 

A beginner would base daily/weekly/monthly goals on day trading strategies. For some successful day traders 1% a month is possible.

Third What is the over all, big trend? And how do you pick day trading entry points?

1.Analyze the general trend by looking at the weekly chart. I suppose even a day trader should read the weekly chart. Now let's take a look at a few examples.

EURUSD weekly down trend and range from ctrader

Now only sell the EURUSD at the resistance level.

2.Use the 30 M chart to look for day trading entries. And sell the EURUSD at the lower-highs. The price bounce off the resistance level.

EURUSD 30 m chart from ctrader

Fourth how do you manage positions/grid trading strategies or position sizing strategies?

I'm a fan of all kinds of grid trading methods. I'd like to describe it. Grid trading system may be the best position sizing strategy.

1. sell 0.01 unit at 1.1060
2. Sell 0.02 units at 1.1080
3. Sell 0.03 units at 1.1100

Also You can of course get creative with it.

1. Sell 0.01 unit at 1.1060
2. Sell 0.01 unit at 1.1080
3. Sell 0.01 unit at 1.1100

Fifth how do you pick day trading exit points?

1. Close 0.03 units at 1.1080
2. Close 0.02 units at 1.1060
3. Close 0.01 unit at 1.1050

Also close 0.06 units at 1.1160

Sixth demo day trading. And sticking to your own day trading plan.

Practice,practice,practice. The more you demo, the more you can.

At last when successful day trader aren't day trading, they are practicing, working out, studying their opponents, preparing, preparing, preparing.

So the day trading beginners also research new day trading strategies, review performance, work on goals. And keep a day trading journal.

More reading The art of learning how to not trade

Best day trading plan

In this section we'll show the best day trading plan.

Why am I online stock day trading again in 2017?

Day trading is a freedom job. But I'm not going to begin day trading for a living. Because it is risky.

Only follow the day trading plan can make money. In addition I enjoyed the day trading business.

What factors might affect stock day trading?

I believe stock day trading is a part-time for beginners. So you have to plan time effectively. Usually every night I will write a day trading journal and stock observation card.

Day trading is a serious business,so I won't try day trading if I am angry or happy.And I will prepare two day trading computers.

What stocks am I going to day trade?

Beginning online stock day trading traders should only be focusing on one stock.Because your margin is limited.

I am going to trade Microsoft or Bank of America.

Why these stocks? What specific stock day trading strategies will I use?

They have high liquidity and volatility.

As a day trading beginer,I will use the following strategies:

• Grid trading strategy/martiangle trading strategy
• Buy in an uptrend/trend trading strategy



Bank of America in an uptrend from etoro

How Much Money Am I Going to Allocate to Each Online Stock Day Trading Strategy and Setup?

If you have $10000 funds,will divide that into thirds.Per lot is $100.Obviously don't use full amount of funds.

How Am I Going to Track and Rank My Online Stock Day Trades?

Every successful day trader has day trading track record.And day trading journal.But beginners do not pay attention to these trading tools.They are only interested in money.

1. Account Balance
2. Stocks or currency pair
3. Buy/sell
4. Price bought or sold at
5. Cost
6. Lot size
7. Find the weakness.Did I jump in too soon?Did I chase?

More reading New Year, New Trading Plan: Ask Questions and Don't Skimp on the Answers!

Day trading entry exit strategy

As you probably already know, success in forex day trading depends entirely on how to find entry and exit points, trading psychology and risk management. Now I am going to show day trading entry exit strategy.

First, I hope to correct some misunderstanding and practice

Many beginners think they can make big profits in forex as long as identify great trade entries and exits. 

I think that is completely wrong!

Veteran traders always treat trading like it is a business and run it on principles. They will use position sizing strategy, write a day trading plan, checklist and keep a journal excel.

Second, finding an entry and exit point starts with a day trading checklist 

A day trading checklist can help you identify entry and exit signals. If you don't have it, you won't take your trading to the next level

• Is the daily chart an uptrend or a downtrend? I will draw a trend line to identify the major trend on the daily chart.
• Where is the support and Resistance levels on the daily chart? If you found a horizontal support and resistance line, you would use a range trading strategy.
• Is the 30 Minute chart an uptrend or downtrend? I will use the multiple time frame analysis to find the entry and exit points.
• Are there any new releases from the Dailyfx Economic Calendar? Sometimes the markets move so much after the a major news release. So, many veterans focus on the Dailyfx Economic Calendar.
• How about my leverage in forex trading? Many experienced traders use low leverage. Personally, I use a leverage of 1:10.
• Should I enter this Forex trade? The Forex trading checklist is like a simple day trading plan. If you wanted to succeed in forex, you would build a Forex trading checklist.

Third, using forex indicators to find entries and exits

1. Moving average crossover strategy
2. MACD trading system
3. RSI indicator trading system
4. ADX trading system

Fourth, trading using random entries

Fifth, buy the higher low and sell the lower high

Sixth, using grid trading strategy to identify the entries and exits

• I trade GBPUSD on the 4 hour chart
• My grid spacing is 47 pips
• My grid lot size is 0.01 lots
• My take profit is 47 pips and can't set stop loss order.
• I place buy limit orders near support lines
• I place sell limit orders near resistance
• Every day I will set new forex limit orders
• When the forex market is trending, I will use a buy-and-hold strategy.

By the way, similar strategies are martingale trading and pyramid trading systems.

These are my day trading entry and exit strategy. Next I will show how to keep a day trading journal.

At last, building a day trading track record to improve your trading performance

Many beginners just want to make extra income. They never keep a day trading journal. As a matter of fact, veteran traders believe that it provide a way to self-coach and improve on their own.

More reading Pure Risk to reward trade System - 1 to 3- Totally random entries

Simple day trading business plan

It is said that trading is a business and run it on business principles. Therefore, in this article, we're going to look at a simple day trading business plan for beginners.

First, why do you want to be a day trader? 

I love day trading. I'd like to challenge myself with the new trading strategies.

Second, what are you daily trading goals?

Many day trading beginners just want to make money in stock or forex markets. They always set their daily goals about 10%.

However, successful day traders will make 0.1% per day on the $10000 capital.

Second, which market to day trade? Stocks, Forex or Futures?

As a day trading beginner would pick forex markets and only focus on EURUSD or USDJPY.

Fourth, where is your day trading entry and exit point?

1. I think the grid trading strategy is easy and simple to use. Because I don't need to find the exact entry and exit points.
2. I will open a $10000 live trading account.
3. My grid level is 15 pips.
4. 1 mini-lot on every trade.
5. My take profit is 45 pips and stop loss is 25 pips.
6. I will use a trend line to identify the major trend on the daily chart.
7. If there is a downtrend, I will use the one direction grid trading and only sell near resistance.
8. Once I have identified a ranging market, I will use the bidirectional grid trading strategy.

sell near resistance

use the bidirectional grid trading strategy

Fifth, I will open a demo account, it is a simple way to test my grid trading strategy.

At last, there is no shortcut to success. So if you don't create a simple day trading plan, you will not make more money as a day trader. Now it's time to write your day trading business plans.

More reading 5 position sizing techniques you can use in your trading system