*** My Trading Plan ***
- Thread starter I Trade 4 Money
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Quote from osorico:
Im trying to determine if you really want (or deserve :eek: ) useful input or if you already know this is doomed and just want to prove it.
If you say so, it is.
Osorico
Yes, I want USEFUL input.
Pivot points, previous days highs and lows, highs and lows for the current day, fibonaci levels, are one of the few indicators I'll use to find my entry and exit points. Read " Mastering the Trade" to get a picture on how I'm going to trade. I'm also going to look heavily into Spydertrader's Jack Hershey Futures Trading Journal
Quote from dhpar:
ok - USEFUL advice: instead of pumping money into the market buy yourself a lollypop.
C'mon man. Let's be serious. I put a lot of effort and time into this trading plan. All I want is constructive criticism, not childish remarks.
Atleast be honest with yourself.
Because you dont a well defined and tested system then you are still in the research phase of developing a trading system.
It could take several months or even years to find a system that fits your personality and objectives.
After that you need to develop discipline to trade your system(s), this again will take months or years to master.
Then you can think about the trading plan and money management rules etc that will make you rich.
Thanks for your advice, much appreciated. The trading plan was intially created to help me with my discipline. Like I said, this trading plan is a work in progress. It's far from done.
Lets start at Level 1.0...
1 contract, 1 ES point = $50
Per the plan, stop loss for the day = $100
What kind of stop loss will you be putting on your very first trade?
What RT commish do you have? I ask because if you anticipate using a DAILY stop loss of 2 ES points you will likely be doing true scalping (1 to 3 ticks). But giving the benefit of doubt, I don't know what your (untested) setups are.
Ready to move on to Level 1.1?
4.10 rt
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