Some traders think that they can just copy a trading strategy from a forum and BOOM…they have a trading plan. But if your entire trading strategy consists of these statements, then you are in big trouble. This is the biggest step to creating a trading plan…that actually helps you trade better. So many traders keep their trading system in their head, then wonder why they are indecisive and stray from their rules. Write it down and it will always be there in black and white, for you to reference later. I prefer to start out by actually printing out the Strategy Development Worksheet because it is easier to take notes and write out 2 or 3 systems to test, at a time.
From there, then I write down the final system in Evernote. Do whatever works best for you. If you want a ready-made worksheet, then you can download the one I use. First, give your strategy a name. This might sound a little weird, but it will help you track the development of your trading method later. Name it whatever you want, or simply use the original name that came with the course you learned it from. The only thing that matters is that the name makes sense to you.
Next, you want to version every single change that you make to the original trading plan. I use version 1, 2, 3, etc. Remember to change one thing at a time and change the version number with every change.
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That is when you would change your version number. After that, you might consider changing your parameters to:. Then you need to write down which currency pairs you have tested. Test the next pair, do the same. This process will help you understand which pairs are safe to trade and which ones you need to avoid. Also be sure to record the settings that you are using. It can be easy change settings mid-testing, then not know which setting worked best.
If you are doing pure Naked Trading , you can leave this section blank.
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Which timeframe have you actually tested this trading method on? The course you bought may have told you that a strategy will work on any timeframe, but test it yourself. Never trust your money to hearsay. Test one time period at a time and get statistics for each one. How will you enter the trade?
This can be more complex than it seems, but the more exact you can define your entry, the more consistent your results will be. This is really important. The same trading system can behave very differently when you risk different amounts per trade. Remember to change your version number every time you use a different amount of risk. If your trading plan includes taking partial profits when price starts to move your way, then note that in this section.
Again, be as specific as possible. Do you want to move your stop loss to breakeven, to lock in a trade that is moving in your favor? This works for some traders and not for others.
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Are you going to pyramid your trade by adding positions after the initial entry? This might not be your style, but if it is, be sure to note your add-on strategy here. Be sure to clearly define exactly when you will add to your position and when you will not. Drawing a diagram usually helps.
This can be an important rule to keep your sanity and your trading account. I have gone trough your Forex Swing Trading lessons which has cleared my mind but what I would like to know is whether I should move my stop to the resistance or support area when the price has moved beyond Kind Regards Andre. Since I have been using price action which you showed me my trading has become more stable less losses.
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Thanks Justin. Ah, nice article. It improves my confidence in daily price action trading which consist swing trading. Thanks again Sir. This is great and awesome work Justin.. Thank you very much for this.. February am officially adopting this trading style and its highly profitable.. Thanks once again Justin. Greetings guys. Be it advice, books to read or anything that can help me move forward. When you say l go to daily frame, all l know there is that the action is shown by one candle or a bar.
Please help. Justin, you always explain these forex concepts with great clarity. Thanks for sharing your knowledge! As a swing trader can Fibonacci be used to identify the reversals? If yes how do you know when to use Fibonacci and how it works? I work a very small real account but I hope to increase it in the future. Thank you for the valuable information you share, see you.
I apologize for the English but I use google translator. God bless. Hi Thanks for the content. I just wanted to ask, in your opinion, is it wise to focus on a few pairs or should i scan as many pairs as possible for set ups? Thank you sir. I like holding trade for some time and with this content, I no it will help me become a better trader and swing trader. Bennett i there a way to upload a picture here please……!? Please may i ask if it will be good using the zigzag indicator on meta trader platform to get the swing high and low. Trade broken to the understanding of a novice.
Swing trade will be my course. I really love this Justin. Thank you for this your great heart of giving, and not just giving, but qualitative and insightful giving. Thank you once again, Justin.
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Thanks a million for your time and your ideas that are free shared here. You have helped simplified my trading approach as well. Thank you for the lesson, new to trading and tried a few, I hate scalping been trying swing and failing a times, the lesson helped me a lot. Looks like swing will be great for me. But it is a very personal decision one has to make. Sorry to ask, but where is the download link?
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I consider this as one of the best educational forex lessons along with fx leaders. Congrats Justin! I want to start swing trading. You have made it easier to understand and make choice. Please assist me to start trading. Glad to hear that. Feel free to check out the rest of the blog or join the membership site.
Hey Justin, Thanks a lot for sharing a great and informative article on this topic. As a professional trader, I really appreciate your Idea and off-course it will work rest on the future. And your presentation idea really caught my eyes. I think you will be happy to know that I also have some ideas like yours. If you like to visit my website I will be thankful to you.
I am new in Forex Trading, but the way you explain Swing Trading is absolutely amazing and even encouraging to study it more and practice it.