THE OBVIOUS STEPS YOU NEED IN YOUR TRADE PLAN🧵🤯👇
(This is a Thread 🧵)
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1️⃣Define your objectives: Identify your overall trading goals and the specific objectives you hope to achieve through your trade plan.
2️⃣Determine your risk tolerance: Consider your financial resources and the level of risk you are comfortable with when making trades.
3️⃣Choose your markets: Decide which markets you will trade based on your objectives and risk tolerance.
4️⃣Set entry and exit points: Determine at what price you will enter and exit a trade, and consider using stop-loss orders to limit potential losses.
5️⃣Determine your position size: Calculate the size of your positions based on your risk tolerance and the potential impact on your portfolio.
6️⃣Establish a risk management plan: Develop a plan for managing risks, including stop-loss orders and position sizing.
7️⃣Create a trading schedule: Decide how often you will review and make trades based on your goals and risk tolerance. Only trade the best of the best set ups.
8️⃣Review and update your trade plan regularly: As your goals and risk tolerance change, be sure to update your trade plan to reflect those changes.
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