Nov '24 in General discussion
“A goal without a deadline is just a wish”
1.) Why am I trading?
- What problem do you think trading can fix?
- What drives you to want to succeed?
- What drives you to want to improve?
- Why do you want financial freedom?
- What do you hope trading will accomplish?
2.) What am I trading?
- What instrument or vehicle will you use to achieve these goals?(Stocks, Currency, commodity, indices, Future)
- Which pair specifically?
3.) How will I be trading?
- How will you approach the markets? (Scalping, intraday, swing?)
- How will you apply your strategy?
- How will you keep yourself in line?
- Will you be disciplined?
4.) What time will I be trading?
- What market session will I limit my trading to?
- What hours will I commit to being on the charts?
- What hours will I refuse to trade no matter what opportunity is presented?
5.) Criteria to execute trades (Confirmation checklist).
- What confirmations will you use as your criteria to enter a trade?
- How did you come up with this strategy? Is this strategy tested to be successful over time?
- How will you commit to ensuring that you only enter trades that meet all of your criteria?
6.) Daily/weekly pip and percentage goals (be realistic)?
- What will be your daily goal? Is this goal achievable?
- What is your weekly pip goal? Is this goal achievable?
- Are these goals based on a function of percentage of the account, or an income goal target?
7.) How much risk to expose on each trade and account
- How much of your account will you put at risk in order to achieve those goals?
- How much risk per trade can you afford to place based on the size of your account?
- How much total risk can you expose your account to at one time, based on the size of your account?
- What percentage risk will you adopt to make sure that you don’t blow your account?
8.) How to manage emotions while trading?
- What parameters will you place on yourself to avoid allowing greed/fear to take over?
- How will you limit your trading in times of emotional distress, and take advantage of the markets in time of emotional fortitude?
9.) Behaviors to watch for, trading errors (bad habits)?
- Do you know what triggers you into bad trading habits?
- Do you know which behaviors cause losing in the markets?
- Does having a bad day, an argument, a fight at work, money troubles, relationship troubles, or other stresses affect your decision making?
- Will you decide to take a break from the markets if these triggers occur?
10.) Withdrawal strategy?
- When will you withdraw?
- How much will you withdraw? Percentage of account?
- Will you withdraw from your broker once it’s in your account?
- How will you save for taxes?
- How will you use your withdrawals?
6
0 comments
“A goal without a deadline is just a wish”
skool.com/pip-masters-trading-9093
Gain Access to our Academy and Live Trading. This doesn't include our bookmap bootcamp or 1 on 1 mentorship.
Leaderboard (30-day)
1
+10
2
+2
3
+2
4
+2
5
+2
powered by