I was updating my trading plan and i thought it would be a good idea to share this with you,
Trading plan template by Tim wilcox.
Link
Some advantages of using it(taken from the pdf)
• Relaxed, stress free trading that is simpler with a plan than it is without one
• Ability to monitor your progress, diagnose faults and amend the plan accordingly
• A plan helps to prevent many psychological issues from taking root
• A plan that is adhered to strictly will reduce the number of bad trades
• A plan will help prevent irrational decisions in the heat of the moment
• A plan enables you to control the only thing you can control - yourself
• Professional traders are highly disciplined. A plan will instil a large measure of
discipline into your trading. Gamblers tend to lack both discipline and a plan
• A plan will enable you to trade outside your comfort zone. How many times have
you let a loss run and cut a profit short because it was the comfortable thing to do?
A plan, executed with discipline, will help to prevent this from happening
• A plan is your roadmap which will enable you to get from wherever you are now to
wherever you want to be – i.e. consistent profitability
• The template (and, by implication, your plan) – is designed in such a way that if
you do take a ‘wrong turn’ on your roadmap, you will know about it very quickly
and have the opportunity to correct the problem before losses spiral out of control
Treat your trading like a business. Don't Gamble.
r9
