At a recent Forex Mastery workshop I was involved in, the topic of Trading Plans was raised and I delved into one of my folders and retrieved my rather scruffy Trading Plan.  It is hand written on one side of a plain postcard.  It was written a couple of years ago and suffices to this day. It covers:

• WHY I trade (My Vision of where I want to be in Life).
• WHAT I trade (Forex/Commodities/Indices – Spot/Futures).
• WHEN I trade the Forex markets.
• HOW I trade the Forex markets – the strategies I employ and my style of analysis.
• RISK & Money Management details that I employ.
• REWARD to me for doing well – Salary as a % of monthly profits.
• PSYCHOLOGY – my psychological trading profile and what I must do to improve on that.

That’s it in a nutshell!

I look at it every trading day and it helps keeps me focussed.

Note: A personal Trading Plan is different from individual Trade Plans, the latter being the plan of a specific trade.

If you need help constructing your Trading Plan or with your development as a trader then you might want to consider investing in a personal mentorship plan.

Top Trading Tip: Spend some quality time researching and deciding what you require in your own Trading Plan, it’s a personal thing and should be meaningful to you and help you become a more focussed and better trader.