6 Aspects To A Successful Trading Plan

edge risk Apr 09, 2024

What is a Trading Plan? How do you make a Trading Plan? What goes into a Trading Plan?

When first starting off in Trading, it can be daunting, which is why HTA thought it would be a great idea to bring you a course that introduces and builds upon how a new trader should approach the market.

To summarize, there are 6 key points to a Trading Plan:

Find An Edge - Why is an edge important? It’s your way to become profitable. There’s a million ways to make a million dollars, you have to find the one that works for you. You have to know what you want to see in the market. Find the right trading style for you. The edge is the way you can get in and out of the market.
Build A Watchlist - Why is your watchlist important? What are you looking at? A watchlist is basically what you are looking at that matches your edge. A Watchlist is provides you with the ability to catch the profitable opportunities.
Identify Market Conditions - What are the conditions of the market? Is it continuation reversal or consolidating market? Knowing the Market Conditions is crucial in deciphering if the trade may work out or not.
Strategy To Enter The Market - What makes a strategy work? Is it simple enough to just buy and hold? Do you watch the latest tweet from Elon Musk to determine when to buy? You need to have the right strategy that can be profitable over the long term. AKA, your edge needs to have a probability of a trade of opportunity in your favor.
Manage The Trade - Moving your stop loss toward the recent open will lock in profit and also limit the potential of a full loss. Trade management allows you to trade another day.
Exiting The Trade - Where the profit is made. Is it a manual or mechanical? Am I waiting for an indicator to take me out or do I just let the trade run indefinitely?

Knowing these 6 points of your Plan/Approach is the only way you will have your dreams of becoming a full-time trader come to fruition. It's not always easy to do. Which is why we have decided to create a beginner course. You can check the links below for more details!

Aloha! We are Glenn & Reid, founders of Hawai'i Trading Academy.

Our Mission: Empower & nurture traders.

Our Ethos: Integrity and transparency guide us as we focus on the essential pillars of trading success: Risk Management, Edge, and Psychology.

Create Your Own Success In The Markets.

Book a FREE call with us: https://bit.ly/HTACall

Ready to take the leap to get funded? Click the link below!

https://www.surgetrader.com/?afmc=HTA

For more information about Trading Education in Hawaii, visit our links below:

Discord: https://discord.gg/8fpwNy7d3n

Bootcamp & Trainings: https://training.hawaiitradingacademy.com/store

Website: https://bit.ly/HawaiiTrading

HTA TV: https://bit.ly/3sLQpnI