Which Markets to trade this week? Sunday Forex Chart Analysis and Trade Ideas

Sunday Analysis Video for the Week Ahead 

Hi, hope you are having a good weekend.

Earlier this month I had shared a video idea on tradingview about the Euro Dollar. Find out what happened NEXT.

What is the USDCAD doing and could you still trade it short?

WATCH HERE to Find Out What Markets to Trade Next Week? 

Hope you enjoy it and if you do please don't forget to hit the LIKE button and leave a comment if you have a question or a suggestion. 

10 Proven Techniques to Eliminate Fears and Anxiety

Are You Scared of Losing? 

Do You Find it Hard to Pull The Trigger?

Do you suffer from Performance Anxiety? 

Are You Scared of Losing? 

Or Taking a Trade? 

Do You Suffer from  FOMO: Fear of Missing Out?

If Yes! Then WORRY NOT!!! 

Because...

In this video:  I'm going to Share with you 10 Proven Techniques to Destroy Your Fears in Forex trading 

Forex Trading with Cherry Signal - Secret Remedy

I won't take much of your time. Time is precious we all know that. So here we go.

AIMS The Hunt Strategy has a signal , an Entry Signal  Called The CHERRY.

The cherry signal or AIMS The Hunt method is a Higher Probability System.

What is Probability? 

According to Wikipedia, 

"Probability is a measure quantifying the likelihood that events will occur"

 AIMS The Cherry Signal or AIMS The Hunt System is a "Higher Probability System".
This method, now tested by dozens of AIMSters, has a proven 66% win rate. You can test it too. Either Live trade (forward test it) using 20-50 trades or backtest it.

Current Example AIMS The Hunt - Cherry Signal

GBP/JPY

Lets take a look at today's chart of Pound vs Yen. The "Dragon" or Geppy. If you'd like to know how to catch winners easily check out my blog post. 

Here is The Hourly Time Frame Chart. 

What you'd see is a yellow circle, that is the Cherry Symbol. It has a specific proprietary algorithm behind it that checks a number of rules. Once those rules have been satisfied, that is the Algorithm applied, it shows this "high probability signal". 

It was a great signal worth 4% Gain. 

What's interesting is that due to "AIMS Fractal Geometric Symmetry"  concept, the 4 times lower time frame, i.e. M15 chart has a lovely Setup 1 signal. 

Below GBP/JPY M15 Chart. Showing a Class 1 Setup 1. Great Trade. 

#Gold Entry $1330 Profit Running at Current Price $1430 ($100 Profit)

50 Time Tested Trading Rules [MUST READ]

50 Time Tested Classic Stock Trading Rules by Linda Raschke

--- These are not just 50 lines from a good writer. These are time tested, rules written by someone who's experienced it all over 3 decades of time.
It's literally Gems of Wisdom and a Good Read too!!! ---

I read about Linda Raschke in the trading classics book Market Wizards by Jack Schwager. If you have not read Market Wizard series, I highly recommend it.




1. Plan your trades. Trade your plan.
2. Keep records of your trading results.
3. Keep a positive attitude, no matter how much you lose.
4. Don’t take the market home.
5. Continually set higher trading goals.

6. Successful traders buy into bad news and sell into good news.
7. Successful traders are not afraid to buy high and sell low.
8. Successful traders have a well-scheduled planned time for studying the markets.
9. Successful traders isolate themselves from the opinions of others.
10. Continually strive for patience, perseverance, determination, and rational action.

11. Limit your losses – use stops!
12. Never cancel a stop loss order after you have placed it!
13. Place the stop at the time you make your trade.
14. Never get into the market because you are anxious because of waiting.
15. Avoid getting in or out of the market too often.

16. Losses make the trader studious – not profits.
Take advantage of every loss to improve your knowledge of market action.

17. The most difficult task in speculation is not prediction but self-control.
Successful trading is difficult and frustrating. You are the most important element in the equation for success.

18. Always discipline yourself by following a predetermined set of rules.

19. Remember that a bear market will give back in one month what a bull market has taken three months to build.

20. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if the market moves against you 20% from your peak profit point.

21. You must have a program, you must know your program, and you must follow your program.

22. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.

23. Split your profits right down the middle and never risk more than 50% of them again in the market.

24. The key to successful trading is knowing yourself and your stress point.

25. The difference between winners and losers isn’t so much native ability as it is discipline exercised in avoiding mistakes.

26. In trading as in fencing there are the quick and the dead.

27. Speech may be silver but silence is golden. Traders with the golden touch do not talk about their success.

28. Dream big dreams and think tall. Very few people set goals too high. A man becomes what he thinks about all day long.

29. Accept failure as a step towards victory.

30. Have you taken a loss? Forget it quickly. Have you taken a profit? Forget it even quicker! Don’t let ego and greed inhibit clear thinking and hard work.

31. One cannot do anything about yesterday. When one door closes, another door opens. The greater opportunity always lies through the open door.

32. The deepest secret for the trader is to subordinate his will to the will of the market. The market is truth as it reflects all forces that bear upon it. As long as he recognizes this he is safe. When he ignores this, he is lost and doomed.

33. It’s much easier to put on a trade than to take it off.

34. If a market doesn’t do what you think it should do, get out.

35. Beware of large positions that can control your emotions. Don’t be overly aggressive with the market. Treat it gently by allowing your equity to grow steadily rather than in bursts.

36. Never add to a losing position.

37. Beware of trying to pick tops or bottoms.

38. You must believe in yourself and your judgement if you expect to make a living at this game.

39. In a narrow market there is no sense in trying to anticipate what the next big movement is going to be – up or down.

40. A loss never bothers me after I take it. I forget it overnight. But being wrong and not taking the loss – that is what does the damage to the pocket book and to the soul.

41. Never volunteer advice and never brag of your winnings.

42. Of all speculative blunders, there are few greater than selling what shows a profit and keeping what shows a loss.

43. Standing aside is a position.

44. It is better to be more interested in the market’s reaction to new information than in the piece of news itself.

45. If you don’t know who you are, the markets are an expensive place to find out.

46. In the world of money, which is a world shaped by human behavior, nobody has the foggiest notion of what will happen in the future. Mark that word – Nobody! Thus the successful trader does not base moves on what supposedly will happen but reacts instead to what does happen.

47. Except in unusual circumstances, get in the habit of taking your profit too soon. Don’t torment yourself if a trade continues winning without you. Chances are it won’t continue long. If it does, console yourself by thinking of all the times when liquidating early reserved gains that you would have otherwise lost.

48. When the ship starts to sink, don’t pray – jump!

49. Lose your opinion – not your money.

50. Assimilate into your very bones a set of trading rules that works for you.

Smooth Equity Curve - How to maintain it

Do you want consistent smooth rising equity curve?

If YES, then you need to learn to use Risk Management technique. It should be  in line with your trading strategy and trading edge in the market. The First step towards a consistently growing and smoother equity curve is to  Define your Drawdown threshold.

The Higher the drawdown threshold the more bumpy and jerky your equity curve will be. To keep it smoother you should a lower max draw down limit.

Lets use an analogy of a car driving along a bumpy road like in the picture below. The car is travelling on bumpy road, it is by no means smooth and can never be smooth. Trading will always sustain losses. Every bump is a trading loss.

Consistently Winning Trading is a result of using a strategy that has an edge in the market. It's a strategy that gives you a higher probability of winning over a set of trades over a longer period of time.

The successful application of the winning method determines what is the direction of the proverbial car journey, losing trades are the bumps in the road, risk per trade is highs/depth of the bump, the amount of pressure on the gas pedal i.e. the speed of the car will determine how bumpy the ride is going to be.  The bigger your risk per trade the more impact the bump/ditch will have on the quality of your ride. If you take too strong bumps along the road, too many times, it might shorten the health of your car.

An Acceptable Drawdown Limit - What is it? 

Most prop firms and professional traders would not want to go anything below 3-5%. But depending on their strategy a figure as big as 10% would still be acceptable but as said before, the higher the number the more "bumpy" it will be. 5% is a GOOD figure. It keeps the curve very smooth. So, e.g. if a method has 50% win rate there is an 80% chance of 5 consecutive losing trades.

There is a 50% chance of losing 6 trades consecutively. That means, within 50 trades there is a 50% chance that you might lose 6% of your account @1% risk per trade. I don't know how many times can this happen within one batch of 50 trades.

Now, assume you want 5% max drawdown. This would mean there are quite high chances that your strategy might hit this "trip" wire within each batch of 50 trades.

AIMS Stress Free Trading The Setup 1 method is a strategy that gives you 65%% win rate (33% losers, 33% BE) that means the chances of 5 losing streak is lower than 40%. So that means 5% draw down limit with 1% risk per trade would suit this method.

What happens if I hit my Drawdown Limit? 

After the above you then have to assess, how many trades does your method generate per week. And then decide what would be your chances of blowing your max drawdown fuse? if you take 50 Trades a month, there is a reasonable chances that you might blow the fuse once or twice a month. Is that ok or do you want to avoid it? best be to avoid it.

How many trades do you expect for your method depends on how many markets you watch and trade and what time frame. 8 FX Pairs on an hourly chart can produce half of that per month. so 5% drawdown at 1% per trade is not bad if you trade 20-25 times a month. (assuming there are no DS0 trades). This will keep your equity curve smooth and rising steadily upwards. 

AIMS The Setup vs AIMS The Hunt

Which one is Better? 

Well, it depends. Let's have a look at the following pictures of the trades I took on the GBP/USD.

First picture is that of GBP/USD H4 (Four Hourly) Chart.

This picture has three beautiful signals and three beautiful trades marked by distinct vertical lines so that you can identify all trades on the next chart that shows the same trades on the H1 (Hourly) chart.

This picture convinces me why Setup 1 is an Awesome Setup as well as why Hunt Method is even superior or  at least a great alternative. 

Superior because it requires less time to observe and trade this signal, requires less screen time and can be traded on higher time frames as well as lower time frames.

Alternative because people who can't trade the hourly chart can trade the 4 hourly chart and catch the same setup 1's that happen on H1. Same goes for H4/D1.



















Three Coloured Lines indicate trades that were taken as Setup 1 originally on H1 Chart.
But look at this h4 chart,  all 3 trades seems to be timed perfectly with Cherry Signals.
Conclusion: Trading Hunt Method on h4 would ensure you take all the great Setup 1 signals that appear on h1. 

The Mindset of a Professional Trader

There are two types of mindsets. One that is the opposite of the mindset required for consistently successful trading while the other the mindset of professional consistently successful traders.

The Non Professional Trading Mindset:

When a novice, non professional trader sees a setup, (A Trading Signal)  many doubts hits the trader. Instead of looking objectively at the rules of their trading plan (assuming they have one since most don't even bother with this fundamentally important aspect of trading) they look for all the things that have nothing to do with their plan.

As a novice struggling trader you start looking for reasons that has nothing to do with your trade plan. In other words the trader loses objectivity. Though confusingly though, for most people, when its a wrong setup, or no setup, trader somehow, finds it very easy to take those trades. There is no hesitation and they jump in without thinking. That is one type of mindset.

This mindset is a disaster. The trader may have in their hands, a very good trading methodology but they don't yet possess the mindset that is essential for peak performance. They have not trained for it because they don't yet know it is a "thing".

The Correct Trading Mindset:

Professional traders know exactly when to enter the market, where to set their stop loss and take profit levels. They understand risk management but more importantly they are disciplined. Highly disciplined. And the reason they are highly disciplined is because they have acquired the mindset called "Probabilistic Mindset". They know  that a single trade can become a winner or loser at any time. They know they cannot dictate the outcome of this one trade. But they also know that their method gives them an edge. So they keep taking signals objectively.

You have to do everything in your power to switch to that mindset.

There will be a day when you experience the switch.  You'll move from  finding it easy to take just any trade to finding it hard to take any trades that don't fit your rules, you find it hard unless its your setup, following the rules of your trading plan.  that day you will have become a trader with a professional mindset. A trader who's path of least energy has shifted.

AIMS Stress Free Trading - The T20 Principle is a training methodology. The FUTURE YOU that you want to be can be achieved at the end of the T20 training course. It is the mindset that you want to switch to. You don't need to change strategy, you need to switch mindset. 

How to remain Consistently Profitable - Control Drawdowns

The Most Important thing I've learnt in life , relating to trading, is that we should risk far less than 1% per trade. Yes, that is what we are told in most of the trading books to risk 1-3%. Even though a very small proportion of the trading books talk about this very important aspect of trading i.e RISK Management in the first place.  But what they don’t consider is what happens if you have 10 losing trades in a row?

The Biggest Secret of Trading Success is: RISK MANAGEMENT.

And risk management has a lot to do with this often-ignored concept called Drawdowns. A good method should always address Risk and draw downs.

According to Investopedia

What is a 'Drawdown'A drawdown is the peak-to-trough decline during a specific recorded period of an investment, fund or commodity security. A drawdown is usually quoted as the percentage between the peak and the subsequent trough. Those tracking the entity measure from the time a retrenchment begins to when it reaches a new high. (ref)

Some people mistakenly think drawn down begins when your account balance drops below its start point. E.g. if you start with $10,000 and it drops below the 10K is when drawdowns start. I did not know until now that there are so many people who think its that way. Oh no.

We need to understand that no matter what strategy of trading you apply, drawdowns will occur. Drawdowns are REAL. They happen, they will happen, and nobody can stop them from happening.

Because it’s part of the whole game. The game of probabilities. Every now and then you will experience a batch (the T20 Principle) where you get 10 rents or more. Without a solid plan, without knowing about it in advance, it could happen and what most people would do is to abandon the plan. If your plan does not cater for this, your plan will be considered an incomplete or ineffective plan. So we must plan but not just plan, we must plan accurately, efficiently and effectively.

I learned that there are two factors, which when combined keep those damn 95% of traders below the zero line of their equity graph.  

Factor 1: Draw-down periods
Factor 2: Lack of Discipline

The above could usually be the result of NO PLAN...

When there is no plan, and there are drawdowns, there really is nothing for a trader to think  but to RUN as fast as they can. The path of least resistance is to STOP doing what they are doing. In all honesty It's actually a good rational response to stop doing it because it hurts.

The problem however is that if you stop what do you do next? The usual answer is, look for a new method. There "the demon Dr. Draw" will drag them down again and so the yo yo (AO) continues and so does the hopping mechanism. Until finally someone tells you about AIMS (ahem);...

T20 Principle keeps you grounded. It helps you with staying disciplined. However, what it can't stop is the probability of those major drawdown periods. But it does teach you about it. T20 principle deals with both the discipline of trading and probabilistic mindset. It’s a one shot medicine that cures all the trading diseases there are.

This is the main issue. So, what must we do?

The answer is simple. If you are uncomfortable with the drawdowns, e.g. risking 1% per trade, 10 consecutive losers could mean nearly 10% drawdown. and if your plan is to NEVER experience a drawdown more than 5% the simple way to achieve this is to use (no , you don't need to change entry method) Risk Manipulation.

If 10% draw-down is too big, and it is big simply lower your risk per trade. That is What makes winners consistently winners. And so here comes the example of Fruit method again. This method trades aggressively, but with very conservative risk management. We enter market only with Quarter risk, adding on the rest of 3 quarters in next 2-3 add-on trades.

This way, you can keep drawdowns relatively low, within acceptable margins. If you still experience drawdown of more than 3-5% then perhaps lower the risk per trade to 0.75% or even 0.5% and then scale in to positions. Keep in mind if you score less than 70% on your discipline then the first thing to deal with is to get that figure to above 70%.

This can be done with setup 1 as well. In setup 1, what we can do is to make entries  just the way we do, but simply take half off at 1:1 and let the rest be trailed with a box. This will reduce our over profitability a tiny bit but massively reduce drawdowns and keep it within acceptable ranges. e.g. if you risk 0.5% per campaign, it would  take more than 10 trades to draw-down 5%. and before you know it you will hitting the win streaks again and back in the zone.

All the best my fellow traders and AIMSters

Really and Honestly Trade The Setup 1

This setup is much more powerful than even I thought myself.

It just never seizes to amaze me. The Setup is a perfectly testable idea. Anyone can look at the rules, test it on past data and do a forward test. To date, Nobody has ever been  able to come to me and say, "this did not work". Why? Because "IT WORKS". How do you know that it works?

To Find Out, People join our forum, they go through the course material, start trading the simple method, they complete a batch of T20 (The T20 Principle has been our greatest achievement thanks to Mr. Douglas) testing the Setup 1 idea and nearly all of them get the following result.

33% winners 33% Break Even Trades and 33% losing ones.Winners are Twice as big as the losers. 

You will get 5% on average per T20 (risking only 1% per trade).

The Setup shows you where to put Stop Loss, Where to Take Profit and Where and When to move Stop Loss to Breakeven.

Plus Snorms Fantastic ATM Expert Advisor can automate the trade management bit for you. So you won't have to try to "be disciplined" because the BOT will do it for you. #for-exe.com #Snorm www.FOR-EXe.com 

Slap me on my face if you did not get it. Tell me if this did not happen for you. It WORKS

And Hey I've even shared all the pics of the Setup with you already. What we then offer inside the AIMS Forum and Chatroom is help you get disciplined and actually be able to DO IT!!!

All the money paid for discipline? oh yes... Discipline is the most expensive and hardest to find commodity when it comes to "BEING SUCCESSFUL". 

Below is screenshot of trades we took using our Favourite Setup 1 trading the #DAX30 this morning.

Followed by a Trade Setup on #EUR/USD that we were able to identify on H1 chart.

13 Quality Tips for Investors and Traders

In the following sections, we list some rules that can help investors improve their investment decisions. 

These guidelines come from our experience and are not necessarily based on new theories.

1. Know Yourself

If you start sweating when you watch the price swings of a product

you have invested in, you either have the wrong trading concept, are in

the wrong products, or your positions are too big.

2. Put Your Ego Aside

The biggest losses happen after investors make their first big profits.

If you accumulate profits with a proven, tested investment strategy,

you can pride yourself on its success.

However, if you make profits without an investment strategy, you

may lose not only all your prof its but your total investment. Unexpected

price moves do not have to mean big losses; they occur because

investors work with the wrong trading concept.

3. Hoping and Praying Do Not Guarantee Success

Many traders keep repeating the same mistake: They take small profits

and let the losses run. The main reason to work systematically

with an investment concept is to get the best average performance.

This requires placing a stop-loss with every trading position and calculating

the profit target when opening a position.

Hoping that losses will become prof its by waiting a “little bit

longer” is gambling. It might be appropriate once in a while, but in

the long run, it ruins every account.

4. Investors Must Learn to Live with Losses

It is easy to enjoy profits, but everyone hates losses. A market price that

drops below the entry price is not the only reason for a loss. If a position

with a 100 percent profit is liquidated at the entry price, this is

also a big loss in the account, although it may not seem as damaging.

5. Never Double Your Losses

Dollar-cost averaging is one of the best strategies for investors if they

execute it systematically as part of a long-term strategy.

Almost all huge bankruptcies in trading companies worldwide

happened because they doubled up losing positions. Hoping to recover

losses through additional leverage never works unless someone is really

lucky.

6. Know Your Pain Level

Investors create their biggest problems when they change their investment

strategy without sufficient reason. The trouble begins when

traders jump from one trading strategy to another to follow the shortterm

sentiment, mainly because a product seems to have changed.

Each investment strategy has its advantages and disadvantages.

Someone who has expertise in picking stocks should continue to use

this approach, despite the risk of big drawdowns. A perfect trading concept

does not exist, unless someone has discovered a niche product and

keeps quiet. At the same moment that this niche market becomes common

knowledge, the profit potential disappears.

Each investment strategy has a predetermined pain level that investors

can identify. It is important to know this pain level before executing

an investment strategy.

7. Diversify the Risk

No matter how promising the future of a product may seem, diversify

the risk. Many traders profitably trade the same product every day and

are especially successful in intraday trading. But these traders are disciplined

and have specific product knowledge that is not available to

most people.

In general, diversifying the risk with a systematic trading approach

will result in a much more stable equity curve than investing

in a single product.

8. Making Money by Trading Is Hard Labor

Many people believe that that it is easy to make money by investing in

stocks, bonds, stock index futures, or commodities.

The opposite is true. Investors who show quick profits through

trading either have inside information or are remarkably lucky. Average

investors have neither of these advantages.

All traders must develop a personal profile of risk preference and

find a systematic trading style that fits the profile. Then they have to

execute it. Months or years of systematic trading may be necessary before

real-time trading results confirm that the trading concept works.

9. Intuition versus Execution of a Tested Trading Concept

All of the information that comes over the tickers, from newsletters,

and through the Internet is already old when we receive it. There will

always be someone with faster access who can take advantage of that

information. Speculating with this “old” information is dangerous.

Trading concepts that have been tested and have good historical

track records on paper provide valid information only if the advisor is

willing to share how the trading concept works.

Real-time trading records are only reliable if market behavior

does not change. Many of the successful fund managers in the 1980s

did less well in the 1990s because the market patterns were very

different. Investors must be highly skilled to identify trading concepts

that did not perform well in the past but will perform well in

the future.

10. The Importance of a Trading Plan

The secret of success on the exchanges is not to make money fast, but

to make it consistently.

One of the most difficult accomplishments for traders is to create

a portfolio that builds up equity over the long term, independently

of market conditions. To reach this goal, it is essential to work with a

reliable investment strategy and to guard against being greedy.

11. Feel Comfortable with Your Trading Strategy

Successful traders begin the morning with a trading concept that they

can use comfortably for executing trading signals throughout the day,

no matter what the markets are doing.

Feel good about your trading strategy as long as the real-time

trading results are in line with the historical test results. If the maximum

drawdown gets bigger than the drawdown of the historical test

results, reevaluate the trading concept.

12. Nothing Is More Important than Discipline

Discipline is always the most important attribute of successful

traders. Many traders fail or have limited success because they cannot

control their emotions and execute their established trading strategy

in any given market situation.

13. Value of Available Trading Concepts

Many worthwhile trading concepts are available. But none of them

will always make money. An effective trading concept does not have to

be difficult, but it must be executable. The trader has to believe in it

and be willing to trade it even after a string of losses.

CANDLESTICKS, FIBONACCI, AND CHART PATTERN TRADING TOOLS - Robert Fischer

GU 200 Pips Winner

Has your trading strategy produced a 200 Pips winner on #GBP/USD today? 

AIMS Stress Free Trading - The Seed produced 3 signals on cable today. Current Running profit as I write is
1. First signal at Frankfurt Open Risk 8 Pips Reward  +195 (still running)
2. Second signal at 9.00 UK. 1 hour after London Open Risk 22 pips Reward: +150 (still running)
3. Third Signal at mid day, Risk 15, Reward +125 and Running...

Total Running Profit: ???? you do the math... I'll show you where to get this method...

>>>>>BUY NOW

ps: there was also signal on EU. Risk  7 Reward 60 (still running)

AIMS Skype Live Trading Room...  This is what we said in the morning... (Pointing to the Entry Signal) 

Small is Big and Big is Small 

Trusting Your System and Objectivity

It is very important to trust and continue to take objective actions as you process
the trading signals generated by your system. 

We have to learn to accept and take action based on the information given to us by the market
through the medium of our trading system. We have to accept and understand what the chart tells us
 rather than focus more on our  "feeling" about it.


Don't trade with your feelings or what you think about the markets. Our thoughts often take us
into the future trying to predict or they take us to the left of the chart pondering over the past.
Our thoughts make us look into the history tab of our platform or the running profit and loss for the day.


On average we experience and process 60,000 thoughts a day. And these thoughts make themselves
 known to us and get manifested inside our body as emotions and feelings. Yes, thoughts manifested
 are emotions, we feel emotions, we feel the manifestations of our thoughts. When you feel anxiety,
 stress or boredom it is because of the thoughts you have processed earlier.
The thought process happens ahead of those emotions.


So when you become aware of your emotions that you don't want or like you know that you have been thinking the wrong things. If you remain conscious at all or most of the time you will be in control of how you feel.


So our feelings are our feelings. They are inside of us. But the information that we see on the chart
are coming from outside, from the external environment. They become part of our inner self, the
internal environment but don't come from within.


What we need to is to respond in the manner that is the most objective and accurate. In order to
achieve that we have to find out and decide and document our course of action well in advance. The
actions that we take must have been already planned ahead of time.


Stop judging your template, your trading system or signals. Simply accept the information and take actions accordingly. If you're not sure then say no thank you with gratitude. But keep an eye open.


When the game is over you'll have the chance to go over the days performance and find out how well you did. IF you have passed valid set-ups you can then compare and analyse why did you perceive what you did and why did you take the course of action that you took. Was your perception correct or was it not.

If it was not, was it due the cloud of fear and greed or other emotions or was it based on market generated information?


If it was based on "objective" mental and technical analysis then you have done well but if it was a result of any of the negative emotions then you've made mistakes. It is time to enforce your disciplinary procedures which should have been laid out in your written trading plan.

May the Pips be with you! 

9 Reason why everyone should have a Trading Plan

What is a Trading Plan? 

"A trading plan is a complete set of rules that covers every aspect of your trading life. Many experts refer to the need to have an ‘edge’ which will tip the balance of probabilities of success in your favour." Say Tim Wilcox who wrote and shared a simple but powerful trading plan template int he trade2win forum about 10 years ago.

Everyone Needs a Trading Plan. If you don't have one, anything you do is a mistake. 

A trading plan will make the act of trading simpler than it would be if you traded without one. It will limit your opportunity to make bad trades and it will prevent many psychological issues from taking root.

9 Reasons Why YOU should have a Trading Plan 

[How to be a consistently successful trader? Have a Plan]

1. Relaxed, stress free trading that is simpler with a plan than it is without one 
2. Ability to monitor your progress, diagnose faults and amend the plan accordingly 
3. A plan helps to prevent many psychological issues from taking root 
4. A plan that is adhered to strictly will reduce the number of bad trades 
5. A plan will help prevent irrational decisions in the heat of the moment 
6. A plan enables you to control the only thing you can control - yourself  
7. Professional traders are highly disciplined. A plan will instil a large measure of discipline into your trading. Gamblers tend to lack both discipline and a plan 
8. A plan will enable you to trade outside your comfort zone. How many times have you let a loss run and cut a profit short because it was the comfortable thing to do? A plan, executed with discipline, will help to prevent this from happening 
9. A plan is your roadmap which will enable you to get from wherever you are now to wherever you want to be – i.e. consistent profitability 

All credit goes to Tim Wilcox for sharing this knowledge and to Steve of www.for-exe.com for sharing the link/document with us. Tim has shared a Trading Plan Template that should help all traders at any stage of their trading to formulate a great trading plan.

The template (and, by implication, your plan) – is designed in such a way that if you do take a ‘wrong turn’ on your roadmap, you will know about it very quickly and have the opportunity to correct the problem before losses spiral out of control.

Thanks Tim!!!

Link to Trading Plan Template