Saturday, August 18, 2012

1st Plan

1st Real Plan:

I like this plan to work so I can make income from trading to pay my bills. I have BGE bill and worried is not a good feeling, I trust the universe to take care of this for me. But I like to profit from this market.

***I like to read this and when necessary, tune it for more profit. This plan is to my trading business as a business plan would be to any other business. This plan is to me what written plans are for winning quarter-backs / teams (Strategy). I look past trades I missed, there are always trades to be had, when it runs up you can short, if it drops it will rise.

Affirmations:
I am a highly skilled forex trader.
I believe in my ability to be a successful forex trader.
I can sense the right time to take action on a trade.
I am patient AND fast-acting.
I am naturally in-tune with the markets.
I like all the work involved in successful trading.


Goals:
Short-term goal is to make pips everyday. And by end of day be positive in pips.
Mid-term goal is to know where the currency I am trading is heading and the overall market.
Long-term goal is to be able to trade on a Monthly or Quarterly time frame.

I like to grow in pips consistently and increase my account.


Analysis & Strategy:
  • Check fundementals for the pair (any major event coming out).
  • 1st look at what is realistic pip profit.
  • Is the pair making higher hi and higher lows or lower highs and lower lows? 
  • Draw daily and weekly support and resistance lines
  • Look for H&S and Pennants, Flags, Wedges and other patterns
  • Any opposing ABC patterns showing correct trend?
  • Draw trend lines on 4hr and 1hr charts
  • Use RSI and Bollinger Bands and draw trend lines on RSI
  • Look for Doji, shooting star or other candles at support or resistance.
  • Am I willing to loose this much $$ on the trade
  • Is the price target I am reaching for within the Daily S/R
  • Which Zone's Session did this trading happen on
  • Is my trade in-line with those I follow and that are good




Questions to ask before placing the trade:
  1. Is this trade jumping of the chart telling me I'm stupid if I don't trade?
  2. Did I have to think about this trade over and over again while checking website or tweets for confirmation?

I will learn from this trade no matter which way it goes!

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