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HOW TO DEVELOP YOUR OWN TRADING PLAN Trading plan is like a map that tells how the things will be done. Any trade without a plan is a gamble. You might win few trades without a trading plan but in a long run you are destined to lose your money so trading plan is a must. There are 8 key points every trading plan should have: 1) TIMEFRAME a)Day trade 15’ - 60’ b)Swing trade 4H - 1D c)Position trade 1D - 1W
2) RISK MANAGEMENT Risk 1-3% of capital per trade
3) CONDITIONS a) Ranging b)Trending
4) MARKETS a) Spot b) Margin c) Future
5) ENTRIES a) Pullbacks b) Breakouts c) Crossover
6) STOPS a) Percentage loss b) Away from market structure
7) TARGETS a) Fixed b) Trailing stop
8) JOURNALING AND REVIEWING THE TRADES (both winning and losing trades)
By using these 8 simple steps you can create your own trading strategy.
JUST IN: 🇺🇸 18 US states are suing the SEC for unconstitutional overreach and unfair persecution of the crypto industry under Gary Gensler — Fox Business’s Eleanor Terrett