Forex Trading Plan Sample
Why should a day trader bother keeping a trading diary?
Just how important is it?
Very few unsuccessful day traders keep a trading diary but those who do succeed. A trading diary keeps you accountable and helps you make the conscious align with the unconscious by making you more consciously aware of the unconscious and automatic things you do. It helps you become aware of those unconscious things that do not serve you as well as the things that do serve you in your trading and help you succeed.
Being on auto pilot is most beneficial when you have created the habits of a successful trader. Until then your current habits will only continue to bring you more of what you already have. A trading diary will help you create the habits of a successful trader.
When you keep a trading diary you are beginning to convince your unconscious mind that you are trading as a business not just a hobby.
The discipline of daily entries into your diary will help with a disciplined approach to your trading. It also provides you with the framework for continual improvement.
Your will start to see patterns in your day trading by keeping a trading diary and this enables you to assess what is working for you and what is not. This means you will make more informed decisions and this will help refine and fine tune your trading plan to do more of what is working and adjust what is not.
You should review your trading diary on a regular basis and end of day prior to setting you trading goals for the next day is the first review period. Then at the end of the week before the new trading week begins and then monthly. It is particularly important for the day trader to look at what is happening when the hectic pace of the trading day is over.
You will want to have some key questions to ask yourself in those review periods, such as:
What things worked?
What didn’t work well?
What patterns can I see emerging?
Do I notice any changes when I am under non trading related stress?
What things were happening when I deviated from my trading plan?
Even if I lost money on some trades, did I still stick to my plan?
One of the other areas in your trading diary is goal setting.
This will include short, medium and long term goals for all areas of your life. Your specific trading goals will be key in the area of wealth, but you must also know what else you want in your life. If you are clear on the ‘why’ of your goals then the ‘how’ will be the easy component.
Dream big and make your long term goals a stretch If your shorter term goals are still a stretch but a little more achievable, then you will prove to your unconscious that you can get to the next level and ready to step up and get to the next level.
Use the power of intention is to ensure every day is as productive as it can be and you address any of the things that you feel are holding you back. An example is:
‘Today my intention is to be totally focused and to stick to my trading plan.’
Use your trading diary to set an intention at the beginning of every day and watch your level of success grow and your trading skill evolve.
Karen Oates is a seasoned options trader and mindset coach who excels at helping traders understand themselves and the stock market by using a ‘keep it simple’ trading plan and the mind tools of success through mastery of mindset, focus, behaviors, beliefs and strategies.
Karen is certified as a:
Master NLP Practitioner
Master Results Coach
Performance Consultant
Specializing in Advanced Subconscious Reprogramming and Master Hypnosis
Check out how you can use the best tools and techniques to become the successful trader you want to be!
http://www.outofmymindtrading.com
http://karenoates.wordpress.com
Bull’s-Eye Forex Signals Trading Plan
