Is a common question I get asked, and not without reason. I mean, if you have no trading system to speak of and you’re not making any profits… how on earth are you going to know what to write in a trading plan?
I was exactly the same. I would constantly keep saying; “I’ll do it when I have _________ .” The blank being several answers:
- A working trading system.
- Have made a profit.
- An idea of what to write.
- A mentor.
- I could go on as I’m pretty sure I came up with a lot more excuses than that.
Self Fulfilling Prophecy
It seems funny to me now because I never had time, I never found a working trading system, and I never knew what to write. And the reason it’s funny is that it’s self-fulfilling.
I never found a working trading system because I didn’t have a trading plan…so I never made a profit, and because I couldn’t make a profit, I never seemed to have any time, which would stress me out and leave me with no idea what to write in a trading plan if I did sit down to write one. I was stuck in a negative feedback loop with no way out.
Until I got a mentor
He showed me how to change my mindset and helped me write my trading plan.
He helped me to understand the importance of the trading plan as a whole. And how each section of the trading plan has a significant effect on my behavior as a trader. A proper trading plan covers everything, including your life plan and your business plan, because trading will be your business, which is a big part of your life.
And the purpose of each component of the plan is to work hand in hand with your mindset to become the best version of yourself. There are several critical areas of your current perspective that can greatly affect your trading:
- To learn, you need to commit. But you can’t really commit to the learning as that has only enough motivation to get you started. You need a vision to keep you going. In the trading plan, these will be your goals/outcomes for all areas of your well being.
- To be able to trade proficiently, you have to accept losses. These losses mean that you cannot be right all the time. And this is soooo much harder than you can ever imagine. The trading plan keeps you focused on mistakes and not results, which will allow you to let go of this need to be right in your trading.
- To be a successful trader, you have to accept responsibility for everything in your trading to prevent any mistakes going forward. Mistakes cost money, so your trading plan works by keeping you mistake-free, by keeping you responsible for your actions.
The Trading Plan
If you want to be a consistently profitable trader for years and years, you need to start with a plan… a trading plan. You won’t have a completed article when you start, but you need a base, a foundation to build from.
As you go along the trading journey, you add the relevant parts to your trading plan; doing this keeps you focused on good practice, which leads to mastery. Without the trading plan, you may be practicing… but it could well be bad practice, and that leads nowhere.
So the short answer to the question “Do I need a Trading Plan?” is a big fat “YES” however, I have never found a free one that works and giving you tips would be a waste of time for both of us. Because everything intertwines with mindset work that needs to be addressed and completed, it would need to be a book… an actual book with hundreds of pages, to really help you and get you started.
A plan for my future, perhaps?
A Plan For Your Future
But for now, the best option would be my Do-It-Yourself Trading program because we go through each step of the trading plan together, building it as we work through the program.
You are never left wondering what to write because we write it together. We create the trading system and trade it together (until your ready to go alone). So, on completion of the program, you have the completed Trading Plan as a working document that will keep you consistently profitable for as long as you follow it. By the end of the program, you will also know how to adapt your trading plan as you adjust to trading and the financial markets.
Spots are filling fast because this program is still in beta, I only have room for 25 people, and did I mention that the price of £60/month will only available this time? It will be significantly higher once we open the doors again.
What you should do right now!
If you are struggling to successfully extract consistent payments from the markets, then I do suggest that you take a look at my “Do It Yourself” Trading Course.
In this course I will personally coach you the necessary technical and psychological skills needed to be a successful Prop Forex Trader and create the life of your dreams, whatever they might be.