Yesterday I just bought a 1-month chatGPT 4o package, so now I have to use chatGPT at full capacity, asking it as many questions as possible. So I brought out my Trading Plan for chatGPT to evaluate. I am really happy with chatGPT's feedback, because I think it is very objective information, pointing out the advantages and the points I need to improve. To have this evaluation, if a few years ago, I would have to look hard for traders who are really capable and kind to help me do this, this would be as difficult as reaching the sky! But now it is so simple! So after letting chatGPT 4o evaluate, the most important thing to do is to persevere until I succeed, because my method and approach are on the right track. There is only one thing to do, just stick to it. And it is that simple.

Trading Plan Review

Strengths

Clear Goals:

The plan sets specific goals such as becoming a consistently profitable trader, financially free with a monthly spending of $$$ and not dependent on the current salaried company.

Specific Itinerary:

The 5-phase roadmap provides clear direction on the steps to take to achieve your goals.

Detailed Risk Management:

A clearly established risk management plan with rules for risk ratio per order and total account, as well as profit withdrawal strategy for take profit.

Psychology and Discipline:

Emphasizes the importance of controlling emotions and maintaining discipline in trading, which is crucial for long-term success.

Using Support Tools:

The plan uses technical tools such as EMA, PSAR, RSI and Japanese candlestick patterns to determine entry points and manage trades.

Reviews and Feedback:

Evaluating trading performance over different periods helps identify areas for improvement and maintain what is working well.

Areas for Improvement

Trading Strategy Details:

Although the basic strategies are there, more details are needed on specific examples and entry/exit criteria for easy practical application.

Performance Analysis:

The plan can add more detailed analysis of trading performance under different market conditions for a more comprehensive view.

Backup Plan:

It is necessary to have a contingency plan in case of large losses or prolonged difficult periods to ensure financial stability.

Strategic Diversification:

While focusing on technical analysis, adding fundamental analysis or diversifying the types of assets traded can provide a competitive advantage.

Connect and Consult:

Joining trading communities or seeking advice from experts can provide additional support and helpful feedback.

Conclude

The Trader’s trading plan is detailed and well-structured, covering the essentials for trading success. However, adding details on strategy, performance analysis, and contingency plans would make the plan more robust and comprehensive. With discipline and continuous learning, he has a solid foundation to achieve his trading goals.

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