hi, i'm from poland so sorry for my english i've some problems with my trading plans when its finished i think everythink is included but when in few next days sth go other way that is in my plan i don't know what to do... did you have this problem?? what should i change in my plan??
If your trading plan doesn't include what to do when the stock doesn't behave as expected, then you don't have a trading plan.
i'm at beginner stage. so could you write a common trading plan??? show what must it include.. thanks for reply
a trading plan is in my opinion a very individual thing and the most important element of trading. And it is part of trading that the trading plan has always to be adjusted. In a trading plan there could even be elements such as the time you wake up in the morning. How much time you need to prepeare yourself before the markets open, etc... money management, worst case, max drawdown per week, what to do when you are sick... etc. It will take you some time to develop a working plan.. this is not something you can do over night. To give you an idea.. in a good hedge fund there is always a highly worked out trading plan that has all the details included. Just to mention how all the different risks are handled that are involved in trading. (human, market, fundamental, systematical, etc...). this is an example of a trading plan... http://www.elitetrader.com/vb/showthread.php?s=&threadid=5329&postid=104235#post104235
Thnaks, your TP is great. now i see whats important. it looks that i must write my poor TP again... thanks ang good luck!!! mikolo