Written Metals Trading Example Template
The following is a trade plan example template of a best metals trading plan:
JUSTIFICATION
1. Metal Trading IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS
- Businesses that are successful always begin with a plan.
- Successful business planning will guide you to success, think of the metals trading plan as a map: it is a constant reminder of how you'll consistently pull profits from the metals trading market.
- Difference between a successful metals trader and a losing one is the metals trading plan.
2. TO KEEP ME IN THE RIGHT DIRECTION when Trading Metals
Consistency is important in your trading routine to measure how successful you're.
Keep you on target, read your metals trading plan everyday & stick to it.
When it comes to your metals trade plan you should think of it as a map which shows you this is what you follow, it should have clear metals rules which specify when you open or close a metals trade transaction.
Your metals trading plan should cover all aspects of metals trading, you should read your metals trading plan everyday until it's on your finger tips so that when you're trading on the fast moving market of metals trading you will always know what to do in every situation.
Your metals trading plan can be as simple or as complicated as you like, but the most important thing is that you have one. By having a metals trading plan you have an advantage over the metal market, you will have better odds of making a profit than those metals traders who don't have a metals trade plan.
This metals trading plan tutorial topic provides metals traders with an example metals trading plan template that you can use for creating your own metals trade plan. By now you've already written down the justification part of your metals trading plan template, If not get a pen and paper and write the justification part. Next we shall look at how to write the metal trading system.
Metals Trading plan is one of the secrets that can help you to improve your trading profits. A good metals trading training guide like this one should show you how to create a metals trading plan using a metals trading plan template which you can use as an example to create your own.
One of the most commonly asked question is, Is Metals Trading profitable? one of the methods to make it profitable is to have a good metals trade plan.
IF YOU HAVE A GOOD Metal Trading PLAN AND YOU ARE DISCIPLINED ENOUGH TO STICK TO IT When Metals Trading Metal, YOU WILL BE SUCCESSFUL.
GOALS OF THE Metals TRADING SYSTEM
- Ability to IDENTIFY A Metals TREND AS EARLY AS POSSIBLE .
- Ability to AVOID WHIPSAWS .
The metals system should find a compromise between the two Goals,
Find a way to identify a metals trend as early as possible but also find ways to help you distinguish fake signals from the real ones.
FUNCTIONS OF EACH Metals INDICATOR
MA - Identify a new metals trend as early as possible.
MACD - Identify a metals trend as early as possible.
Determine strength of a continuing metal trend.
RSI - Swing failure to confirm the begin of a new metal trend.
Extra confirmation metals indicators & tools to help determine the strength of our metal trend.
Parabolic SAR - Help to ensure that we are not caught up on the wrong side of the metal trend.
Metals Trend Lines - Signals a reversal when the metals trend line is broken
Metals Price Action Signals - confirm the weakening of a metal trend.
Bollinger Bands - for metals price action study
To learn more about each metal technical indicator & how these indicators can be used to generate metals signal setups you can go to the Metals Trading Indicators Section
CHART TIMEFRAMES
- Main metal chart time-frame is the 1H.
- Metals Trading Signals are generated on the 15 min chart time frame.
15 Min Metals Charts
- Metals Trend Lines (Support and Resistance)
- 5 & 7 LWMA
- RSI (14)
- Bollinger Bands (20, 2)
Metals Trading System RULES
LONG ENTRY
Entry
15 Minute Charts
- Both MAs are moving UP
- MACD moving UP
- RSI >-> 50
- Parabolic SAR is below the metals price (Support)
When a metals signal is generated on the 1 H chart, use the 15 min chart timeframe to open and close positions.
LONG EXIT
- RSI gives opposite trading signal
- Metals Price breaks Support Metals Trend Line
- Parabolic SAR is hit (Trailing Stop)
RULES
SHORT ENTRY
Entry
15 Minute Charts
- Both MAs are moving DOWN
- MACD moving DOWN
- RSI <-< 50
- Parabolic SAR is above the metals price (Support)
When signal is generated on the 1 H chart, use the 15 min chart timeframe to open and close positions.
SHORT EXIT
- RSI gives opposite trading signal
- Metals Price action breaks Support Metals Trend Line
- Parabolic SAR is hit (Trailing Stop)
ROUTINE
- metals signals are generated using 1H metal chart timeframe and executed using the 15 minute metal chart time frame.
- metals signal to be executed immediately rules are met.
- Entry alert trading signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET - MARKET HOURS
Watch market during daytime when most companies & online metals brokers are open for trades. Use this to create a suitable metals trading schedule.
Example Trading Plan Template
Metals Trading Tips - You can use the MT4 Metals Trading Software to save this metals trading plan example as a metals trading template on the MetaTrader 4 platform - that way you do not have to lay it afresh every time you open a new metal chart. If you want to learn how to save a metals trading template on the MT4 platform, read: MT4 Metals Trading Platform Lessons.
MONEY MANAGEMENT RULES
- Day trading - Low risk High return method
- Trade when I have a high risk to reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set TP target 40-60 Metals Trading Pips
- Never transact beyond 3 % of metals trading account equity
- Never risk more than 2% on a single trade
MINDSET/PSYCHOLOGY
- Trade without Emotions (greed, fear, impulse, bias, anticipation, over-excitement)
- I trade what my eyes see not what I feel.
- I will be patient.
My job is not to be the metals trading system!
It is not to decide which signal looks promising.
That is the job of my metals system - which has a set of rules that tells me this is what I follow. Don't get caught up in metals price action and make rules as you go along.
MY JOB DESCRIPTION IS
To sit patiently & wait for my metals trading strategy to show that it is time to enter or it is time to exit. And then with great focus I execute the metals trade plan as outlined.
Taking trades not indicated by the metals trading system, second guessing the metal trading system & not taking trading signals given, hesitating and getting in late, anticipating and getting in early are all common place & boil down to lack of faith in plan & not having a burning focus on accurate execution.
GOAL: To have 100% undivided focus on mastering my ability to execute my metals trading rules accurately.
The more you develop the ability to step back from metals price movement & watch metal market dispassionately, waiting for a signal, the easier it will be to witness the fluctuations of your emotions without getting sucked into them & allowing them to throw you off your game.
WEAKNESS
- I am greedy.
- I over-trade
- Make a list of all your weaknesses that are interfering with your trading. This is first step to help you overcome these weaknesses. Use Metals Trading psychology to help you overcome them.
Note: by writing down your weaknesses you will start recognizing them as you make progress in metal trading, once you do this you will start to avoid this mistakes and your trading results will improve.
GOALS
- To focus on exit just as much as I do on entry trading signals.
- Always protect my metals trading account using stop loss, metals money management methods, follow with the metals trend direction & always following the rules of my metals trading strategy.
- Never second guess or go against my metals strategy. To always keep up my discipline.
- Follow all the rules of my metals trading strategy & never break them.
- Trade fewer times and execute all my metals signals correctly. Trade what I see, what the metals trading system + metal charts are telling me.
- Sit patiently & wait for metals trading signals from my metals trading strategy.
- Achieve consistent profitable results before opening a live metal trading account.
FOLLOW THIS SYSTEM
This is the most important part of creating the metals trading system.
Always follow the rules
Stick with the rules
Be disciplined and patient enough
Metal JOURNAL
Log all my metals trade transactions in a metals journal so that to track my training progress and improve my metals trading execution methods.
The metals strategy uses momentum to determine the metal trend.
Even if you are new to metals market and you don't know how a metals trading system looks like, this metal system example illustrates to you how a metals trading system strategy should look like, the Metals Trading tutorials explained in other sections of this learn metals trading training web site will also explain further different aspects which you need to learn.
Hence, the aim is to help you come up with your own complete metals trading strategy that is if you're looking for one, by showing you one that is already complete. In fact you can just use this metals trading plan example as it is, or make a few adjustments so that it fits your metals trading style.
Objective is to help you improve your metals trading results by using a metals trading plan that is written, and another advantage is that this metals trade plan will offer you a chance to improve your knowledge and it will help you trade better, make pips and keep them so that you do not keep giving them back to the metals trading market.
Read this metals trading plan training tutorial about developing a metals trade plan of your own, along with learn metals trading courses and metals trading strategies listed at top of this learn metals guide.
The Most Beneficial part of using this metals trading plan template is the "Metals Money Management Part" you will learn how to trade metals and minimize risk, which is the most important thing when it comes to the metal market trading.
