Trading Plan Development Help (INPUT PLEASE)

[ephi144 10]

any and all of your input will be very helpful.

I am developing a trading plan for FOREX, Futures and Stocks.

 

First starting with FOREX:

 

1.

 

I need help with figuring out the the times and days when i should trade FOREX (i am plan on trading only EURUSD as a starter; at least until i double my intial investment)

 

I have noticed that the best times are from 6 AM until 7:30 AM and then 9:45 to 12 and then 1:30 until 3:30. am I correct?

 

 

2. I need help with developing signal. I am not sure what works the best with the forex. I plan on taking trades usin 25 ticks or 50 ticks. Then i will move on to higher ticks as i feel comfertable.

 

I was thinking of using simple indicators like 2 FAST MAs (posted on this site) along with a slower EMA. e.g. when 2 FAST MAs cross above/below, look at support/resistance/ and pivots to enter/exit. but i am not sure what works the best/better than what i am thinking please help.

 

Here is my list of questions i need to answer for my Rules of Engagement:

 

 

5. Rules Of Engagement :

a. FOREX –

i. Outline your money management

ii. How much to risk

iii. Percentage of money to risk on each trade

iv. Where to place stops

v. When to add to a winning position

vi. When to liquidate part / all of a losing position (Stop Placement)

vii. When to liquidate part / all of a winning position

1. Target 1

2. Target 2

3. Target 3

 

viii. Profit objective for trade / week / month / year

ix. Impact of commissions and fees on trades – individual and overall

 

this is a start for me

 

thank you in advance for your input.

[Head2k 10]

I am afraid nobody can help you much with this. You can recieve some general guidelines from experienced traders, but such specific question that you ask require your own engagement. You must develop your setup(s) and trade management and then back- and forward test it. No advice should prevent you from doing this.

[ephi144 10]

i agree to some extent that no one can "help" with certain expect of the trading plan. but i am certain that there are times in which experienced traders would suggest not trading. such as don't trade during 12-1 etc.

 

also, for signals there is always inputs such as such as such indicator is not good but such and such is great etc.

 

even personal experience of using indicators etc will help

[sevensa 10]

So all you are looking for is what to trade, when to trade, how to trade and to summarize it for you in a trading plan?

[ephi144 10]

i think my list may be confusing. i said "i need to answer..." the list of questiosn are for me to answer.

 

 

i only want input on 1 & 2.

1. is times of the day when to take trades and not take to take trades. e.g. "hey man don t trade during lunch hours"

 

2. what sort of signals one can look at. e.g. "hey man try EMA 13 and 8 they work well for me"

 

etc.

 

the rest are just for your input such as yes yes this is a good list for to develop a trading plan or no no u moron u forgot to add X to your list.

 

 

sorry for consusion.

[atto 20]

I have no restrictions as to what time I trade.

 

Unfortunately, the answer to your second question is not as simple and easy as you are expecting. I'd strongly suggest this as a good place to start reading.

[darthtrader2.0 10]

Personally, I think the whole trading plan thing has got a bit out of control and leads to ideas like this.

Somewhat akin to renting an office, hiring a staff, then having a conference on what exactly the business is going to do.

A business has to start from an idea that can be exploited to make money...then you add the structure to help that idea grow.

If you don't have the idea though, then you have nothing.

[Soultrader 12]

If you are new to trading and interested in developing a solid trading plan, I highly recommend Vadym Graifer's, The Master Profit Plan - your 5-Step Trading Plan Workbook.

[ephi144 10]

thank you i was looking for this exact kind of input.