Written Example Metals Trading Plan Template
trading plan checklist - the following is a template example of a metals trading plan template example:
JUSTIFICATION
1. Metals 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 metals trade 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 trader & a losing metals trading one is the metals trade plan.
2. TO KEEP ME IN THE RIGHT DIRECTION when Trading Metal
Consistency is important in your trading routine to measure how successful you're.
Keep you on target, read the metals trade plan every day and stick to its rules.
When it comes to your plan you should think of it as a map which shows you this is what you follow, it should have clear rules which specify when you open or close trade.
Your metals trading plan should cover all aspects of metals trading, you should read the metals trading plan every day until it is on your fingertips so that when you are transacting 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 one you have an advantage over the metal market, you will have better odds of making a profit than those who do not have one.
This metals trading plan checklist tutorial topic provides with an example metals trading plan template that you can use for creating your own metals trade. By now you've already written down the justification part of your metals trading plan template, If not get a pen & paper and write the justification part. Next we shall look at how to write the system.
Metals plan is one of the secrets that can help you to improve your profits. A good metals trading training guide like this one should show you how to come up with one using a metals trading plan template which you can use as an example to develop your own metals trade plan.
One of the most commonly asked question is, Is Metals profitable? one of the methods to make it profitable is to have a good plan.
IF YOU HAVE A GOOD Metals Trading PLAN AND ARE DISCIPLINED ENOUGH TO STICK TO ITS Rules When Metal Trading Metals, YOU WILL BE SUCCESSFUL.
GOALS OF THE TRADING SYSTEM
- Ability to IDENTIFY A TREND AS EARLY AS POSSIBLE .
- Ability to AVOID WHIPSAWS .
The metals trade system should find a compromise between the 2 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 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 trend.
RSI - Swing failure to confirm the begin of a new metal trend.
Extra confirmation 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 trend.
Metals Trend Lines - Signals a reversal when the line is broken
Metals Price Action Signals - confirm the weakening of a trend.
Bollinger Bands - for metals price action study
To learn more about each indicator & how these indicators can be used to generate trading signal setups you can go to the Metal Trading Indicators Section
CHART TIMEFRAMES
- Main timeframe is the 1H.
- Signals are generated on 15 minute time frame.
15 Minute Charts
- Metals Trend Lines (Support and Resistance)
- 5 & 7 LWMA
- RSI (14)
- Bollinger Bands (20, 2)
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 signal is generated on the 1 Hour Metals Chart, use the 15 minute metal chart timeframe to open and close positions.
LONG EXIT
- RSI gives opposite 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 minute metal chart timeframe to open and close trade positions.
SHORT EXIT
- RSI gives opposite signal
- Metals Price action breaks Support Metals Trend Line
- Parabolic SAR is hit (Trailing Stop)
ROUTINE
- Signals are generated using 1H metal chart timeframe and executed using the 15 minute metal chart time frame.
- Trading trading signal to be executed immediately trading 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 trade transactions. Use this to come up with a suitable program.
Example Trading Plan Template
Tips - You can use the MT4 Metals Trading Software to save this as a metals trading template 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 plan template on the MT4 platform, read: MT4 Metals Trading Platform Lessons.
Metals Trading Money Management
- 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 Three % of account equity
- Never risk more than 2% on a single metals trade transaction
Metals 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 metals 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 trading plan as outlined.
Taking trades not indicated by the metals trading system, second guessing it and not taking trading signals given, hesitating and getting in late, anticipating and getting in early are all common place and boil down to lack of faith in plan and not having a burning focus on accurate execution.
GOAL: To have 100% undivided focus on mastering my ability to execute my Metals rules accurately.
The more you develop the ability to step back from metals price movement & watch metal market dispassionately, waiting for a metals 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 psychology to help you overcome them.
Note: by writing down your weaknesses you will start recognizing them as you make progress, once you do this you will begin to avoid this mistakes and your results will improve.
GOALS
- To focus on exit just as much as I do on entry trading signals.
- Always protect my account using stop loss, metals money management methods, follow with the metals trend direction and always following the trading rules of my metals trading strategy.
- Never second guess or go against my strategy. To always keep up my discipline.
- Follow all the rules of my metals trading strategy & never break them.
- Transact fewer times & execute all my signals correctly. Trade what I see, what the system + metal charts are telling me.
- Sit patiently & wait for signals from my strategy.
- Achieve consistent metals trading results before opening a live metal trading account.
FOLLOW THIS Metals SYSTEM
This is the most important part of creating the metals trading system.
Always follow the trading rules
Stick with the trading rules
Be disciplined and patient enough
Metals Trading JOURNAL
Log all my trades in a metals journal so that to track my training progress and improve my metals trading execution trading methods.
This 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 metals trading system template example illustrates to you how a metals strategy should look like, the Metals tutorials explained in other sections of this training website 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 are looking for one, by showing you one that is already complete. In fact you can just use it as it is, or make a few adjustments so that it suits your metals trading style.
Objective is to help you improve your metals trading results by using a metals trading plan, and another advantage is that this metals trade plan will offer you a chance to improve your knowledge and it will help you improve your metals trading results and help you make pips when metal trading 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 lesson website.
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 trading the metals trading market.
Metals Trading Plan Checklist - How to Develop a Trading Plan in Metal Trading - Metals Trading Plan Examples - Metals Trading Plan Doc
