Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders 045: The Power Of A One-Page Trading Plan!
I resisted the idea of creating a trading plan for so long...
but the moment I finally came up with my first trading plan, I felt much better.
First, I no longer had to keep everything in my head as I used to do. Second, I had clear guidelines concerning what I was supposed to do.
The problem: that trading plan took 30 days to write and was huge. It was very hard for me to go back in that plan to check something.
A couple months ago, I came up with the idea of simplifying my plan on a single sheet of paper. The truth is, I've always been a fan of tracking checklists for their simplicity, but I wanted to bring the concept further.
As soon as I completed my One-Page Trading Plan, I posted it on my trading desk. I has made a huge difference. Instead of having a set of entry rules, I have everything I need to see on that plan.
In episode 45 of the Desire To Trade Podcast, I share about my experience with trading plans and tell you precisely how to create a powerful one-page trading plan.
[bctt tweet="Big trading plans bring confusion. Great traders have everything on one single page." username="DesireToTrade"]
What is discussed in this podcast episode?- I used to hate the idea of having a trading plan.
- Most people you see online recommend a trading plan that looks like a business plan...it never worked entirely for me when it comes to executing.
- How to create your one-page trading plan:
- There are a few parts:
- Vision (where you want to go with trading)
- Context (time frames, trading times, instruments)
- Trading strategy (signal, entry, exit)
- Support (money management, implementation plan)
- Examples (at the back of it)
- There are a few parts:
- Making a plan isn't enough, you must make it visible!
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.