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In this Forex trading vlog, I share with you how to organize your Forex trading plan onto a single sheet of paper. This is a format I developed after being stuck creating a trading plan that was too complex. Vlog #210
How To Use The One-Page Trading Plan Template
The format of this trading plan is meant to simplify your trading methodology.
You might have heard before “the best trading strategies are the ones you can write on a napkin.” I’m a big believer in that.
With that principle in mind, I want you to print out this template. If you want to use a blank sheet of paper.
Your One-Page Trading Plan should contain 3 major parts:
– At the top, your vision
– In the middle, your trading strategy (create one of those plans per strategy)
– At the bottom, your money management & implementation plan
Let’s now dive into each section…
Define Your Vision
If you don’t have the right reasons to succeed in trading, why should you bother trying?
Your vision represents what you want to achieve from trading. You can decide to make this vision process-oriented or outcome-oriented.
The purpose of having your vision on your One-Page Trading Plan is for you to be reminded of it every single day (or before entering a trade).
By being clear on your vision, it’ll be easier for you to make the right decisions (i.e. sticking to the plan instead of taking profits early).
So write out a few lines in regards to what you want to achieve.
Simplify Your Trading Strategy
This part is fairly straight-forward…
By now, you should have come up with backtesting results and compiled them into a Forex trading playbook.
What you’ll want to do is to write down on your One-Page Trading Plan the setup, entry, and exit of your trading strategy.
Money Management & Implementation Plan
Even the best trading strategy wouldn’t be complete without a money management plan.
You should spend some time getting familiar with the concepts of money management. Then come up with the % of your account you are going to risk per trade. This is based on the Risk-Of-Ruin.
This will lead to helping you define your maximum drawdown. If you have a minimum reward-to-risk you’re looking for in any given trade, write it down as well.
The implementation plan concerns how you intend to progress with this trading strategy. Are you going to trade it demo for some time? Are you going to start on a small live account? What reward/punishments are you going to use for proper execution?
Resources Mentioned In This Video
Download the template: http://bit.ly/2j5iu5o
Risk-Of-Ruin Calculator: http://bit.ly/2y8kNY5
So that pretty much sums it up for the One-Page Trading plan. Once again, do not forget to grab the template if you want to save a few hours!
What advice would you give someone creating his first trading plan? Comment below and we’ll chat!
Forex Trader Community (Facebook Group): http://bit.ly/2esoMYj
// About Me
My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
What you must know: I’m all for trading foreign exchange, but I think freedom is much more important than time spent in front of your computer.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
// All Products Used In This Video
Sony a5000: http://amzn.to/2sbMO11
Joby GorillaPod: http://amzn.to/2r0xqQo
Editing software: Final Cut Pro (Mac)
Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. I always disclose this information when it is the case. As part of the Desire To TRADE family, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn’t affect you in any way in the checkout process (I’m sometimes even able to arrange a discount for you that is special from other customers).