Building a Winning Trading Plan
You wouldn't drive cross-country without a map. You wouldn't build a house without a blueprint. Yet, thousands of people open their trading platforms every morning with absolutely no plan.
The Pre-Market Routine
A winning day starts the night before. Here is the routine we teach YMI members:
- Review the Economic Calendar: Are there any "Red Folder" news events (CPI, FOMC, NFP)? If so, note the times. Do not have bots running blindly during these times.
- Check the Levels (KPLs): Where are the key support and resistance zones? Mark them on your chart.
- Determine the Bias: Is the higher timeframe trend Up, Down, or Sideways?
- Define the Risk: "Today, I am willing to risk $X. If I lose that, I am done."
The Checklist
Before you click "Buy," go through a mental (or physical) checklist. Does this trade fit my strategy? Is the risk/reward at least 1:2? Am I chasing? If you can't check the boxes, don't take the trade.
Risk Disclosure & Disclaimer
Educational Purposes Only: The content provided in this blog is for educational and informational purposes only. It does not constitute financial, investment, or trading advice. Young Money Investments is not a registered investment advisor, broker-dealer, or financial analyst.
Risk Warning: Trading futures, forex, stocks, and cryptocurrencies involves a substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and as a result, clients may lose more than their original investment.
CFTC Rule 4.41 - Hypothetical or Simulated Performance Results: Certain results (including backtests mentioned in these articles) are hypothetical. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
Testimonials: Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.
