My Trading Plan

I'II update on WK25.

Here we go....

This trading plan is a complete set of rules that covers every aspect of my trading life.It contains various methods, strategies and trading rules that will give me an edge over most traders. Sticking rigidly to this plan will improve my changes of success.

A trading plan includes a few unbreakable rules along with more flexible recommendations that call for an exercise of judgement. My judgement will grow with experience.

I wan to be a Forex trader because i want the type of lifestyle it could bring if i follow my rules and succeed. Having my own restaurant and job, limit me to trade more time but i like the idea of the independence trading could bring.

I understand the road ahead will be challenging, maybe the most challenging thing i have ever done and i must set my expectations accordingly.

I am discretionary trader and primary use the technical analysis. However, i understand that fundamentals are important and hence i study news items and economic releases. I accept that i cannot control the market; however, i can control myself which i will do by strictly following my trading plan as detailed in this blog.

I am a day trader and will have no trades on overnight unless there is a good reason and appropriate stops are in place.

i will trade only 3 times on days with consistant pips target.

Continue again...

Currency Pairs
1.GBP/USD
2.USD/CAD

Why this pairs? Strategies
. GBP/USD and USD/CAD : Volatility and liquidity. Good Swing high and lows 30-60pips. Use Custom Indi (Profit Santai). Also bounce off strong support/resistance. at least once a day these pair will put in a 60pip+ run from swing high to swing low.
I understand that the 1st 3 hours of the london session 8.00am to 11am and the first 3 hours of New York session 1pm-4pm are the busiest sessions and will try to trade these when time permits.

Timeframe
I will use a top-down approach.I will use higher tmeframe charts like the Daily and 4H to look the "big picture". I will identify the Daily trend, Support and Resistance, Pivot and Candle formation.

Pre-session Routine

I don't dive straight onto my computer and trade the 1st thing i see. I switch on my computer, Load my trading platform, open my trading journal and then logon to http://www.forexfactory.com/ to remind me of news announcements especially on major news. I will also read the main news and technical analysis at http://www.forexfros.com,www.fxopen/ and http://www.actionforex.com/.

I will do top-down analysis of the charts as detailed above starting at the daily chart and working down to the 15min. I will check the long and short term trends.

I will keep updating my trading plan..till end of wk25.