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Consistency

Trading Plan that will help you become consistently profitableIn my trading career beyond having a strategy (actually multiple depending on market state and asset class) to base my trades on nothing has ever been as important as having a Trading plan. In this post I want to share with you my personal trading plan to help you create a set of rules that will help you stick to your plan and keep your emotions in check so that you can actually follow your trading strategy and become a consistently profitable trader. Something that was and still is key for me is the following realization: Never get attached to your opinion or view of why something should happen. The market is in fact always right and based on nothing but irrationality since its made by humans so the movements of the market do not have to make sense and at more times then not will not make sense. Trading is simply a mind game. Markets are a result of mass psychology which leads to exploitable edges. Mastering your own psychology is key to keep following the strategy that defines your edge. So now without further ado my trading plan template that has helped me so much over the years and I hope will help you as well: **General Rules** 1. Never enter a trade without a plan (TP,SL) 2. Once you are in a trade stick to the plan 3. Its ok to be wrong its not about being right its about making money 4. Be patient do not act on FOMO 5. Do not chase the market 6. Let your winners run and cut your losses short **The 5 fundamental truths** 1. Anything can happen. 2. You don't need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique. **Rules of consistency**I AM A CONSISTENT WINNER BECAUSE: 1. I objectively identify my edges. 2. I have predefined risk of every trade. 3. I completely accept risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them. **Risk and Money Management** Do not increase the standard trade size before you doubled the account. 1. The maximum amount you are allowed to lose in a day is $XXX.  2. The maximum amount you are allowed to lose on any single trade is $XXX.  3. The maximum number of losing trades in a row you are allowed to have in a day before you stop trading is three.  4. The maximum number of losing trades you are allowed to have in a day before you stop trading is five. (You may have had a win or two between losses, but there is a time to stop trading.) The maximum number of losing trades in the same direction you are allowed to take in a day before you stop trading is three.  1. If you are up $XXX on a single trade, you will put a profit floor of $XXX underneath the current price to protect a portion of those profits.  2. If you are up $XXX on a single trade, you will take the money and close out the trade.  3. If you are up $XXX for the day, you will take the rest of the day off, stay away from the trading screens, and do something you enjoy doing—other than trading !4. If you are up $XXX for the month, you will put a profit floor of $XXX underneath the month's profits to protect a portion of those profits. If you are up $XXX for the month, you will take the rest of the month off, stay away from the trading screens, and do something you enjoy doing—other than trading! Take a vacation, sleep late and read books, or do something else fun.
Education
by TradingPit
3
EURUSD Forecast and 15% trade running !Hey guys. Have a look at my forecast we are approaching a key level and should have a reaction. On my forecasted buy i took a BE. I was well aware it could drop back to mitigate a OB a bit further down and then go long which it did, also it didnt give an entry on the second long that i liked enough to take and then didnt give an entry at the top where i wanted sell. In saying this i managed to grab a nice little continuation down and then missed a scale in. Again like a keep saying master the liquidity or you will be the liquidity. Any questions fire away.
Short
by Bill-from-The-trading-Cartel
EURUSD forecast update and sell running 15%!!!Hey guys. Have a look at my forecast we are approaching a key level and should have a reaction. On my forecasted buy i took a BE. I was well aware it could drop back to mitigate a OB a bit further down and then go long which it did, also it didnt give an entry on the second long that i liked enough to take and then didnt give an entry at the top where i wanted sell. In saying this i managed to grab a nice little continuation down and then missed a scale in. Again like a keep saying master the liquidity or you will be the liquidity. Any questions fire away.
by Bill-from-The-trading-Cartel
1
EURUSD 32% forecasted trade takenHey guys. I Just closed out of EU for a whopping 32% return on investment in one trade. This is after a solid 10% trade long prior and this is all within only a matter of hours. On this forecast is where I’m looking to trade out of in future sessions. Im liking the look of what’s to come on Euro dollar. We are heading in to some really key areas where ill be looking for reversals or continuations on the lower time frames, this week could be a monster. Any questions fire away guys. Have a good day!!
Short
by Bill-from-The-trading-Cartel
2
EURUSD. MASTER LIQUIDITY SO YOU ARE NOT THE LIQUIDITYHey guys. Ive been a bit quiet on here over the past week as ive been focusing hard on EURUSD and trying to catch all the moves it has to offer. Attached shows that really you only need to trade one pair and if you do this with complete focus it is possible to do 100% a week consistently. At the moment im waiting and seeing if we get a reaction from my POI that we have just tapped into to see if we get a setup. Preferrably i want to see a continuation down to go with the momentum. I planned out the direction to trade (which was trending down) and traded according from Monday banking some huge trades One huge aspect of trading ive learnt is that liquidity operates the same all time frames/ all sessions and if you can master this you can trade whenever you want. MASTER LIQUIDITY SO YOU ARE NOT THE LIQUIDITY
by Bill-from-The-trading-Cartel
GBPUSD FORECAST update and mini lessonThis is an update as to what im looking at on GU and why im looking at this. Pay close attention to the drawing, theres some nice lessons in this one. Im looking for swipes of the buy side and sell side liquidity which you can be seen in the green, at the moment financial institutions are stacking orders (building liquidity) which is creating this correction. Once liquidity has been taken the move will continue. Preferrably im looking for a sell to continue with the momentum down however i will take a buy down the bottom also as long as it fits the description. As you can see in the drawing im looking at this as a higher time frame continuation down. Generally flags have two highs and two lows, if you cant see this its a good idea to look over different time frames in order to find it to gain clarity of what is happening which is what i do
by Bill-from-The-trading-Cartel
1
GBPUSD FORECAST update analysis and lessonThis is an update as to what im looking at on GU and why im looking at this. Pay close attention to the drawing, theres some nice lessons in this one. Im looking for swipes of the buy side and sell side liquidity which you can be seen in the green, at the moment financial institutions are stacking orders (building liquidity) which is creating this correction. Once liquidity has been taken the move will continue. Preferrably im looking for a sell to continue with the momentum down however i will take a buy down the bottom also as long as it fits the description. As you can see in the drawing im looking at this as a higher time frame continuation down. Generally flags have two highs and two lows, if you cant see this its a good idea to look over different time frames in order to find it to gain clarity of what is happening which is what i do
by Bill-from-The-trading-Cartel
1
EURUSD forecasted trade taken EURUSD AS FORECASTED ON MY TRADINGVIEW WALL. EU Ended up filling the criteria for one of my entries types after a slow long wait tonight. We finally had a nice sweep and series of mitigations to place a limit entry at the very back of my point of interest (the best place to get the entry). As you can see when you get it right you can have pin point accuracy and get an immediate reaction. Lets see how far we can push the trade now, partials taken to BE the trade.
Long
by Bill-from-The-trading-Cartel
1
EURUSD FORECASTED TRADE TAKENEURUSD AS FORECASTED ON MY TRADINGVIEW WALL. EU Ended up filling the criteria for one of my entries types after a slow long wait tonight. We finally had a nice sweep and series of mitigations to place a limit entry at the very back of my point of interest (the best place to get the entry). As you can see when you get it right you can have pin point accuracy and get an immediate reaction. Lets see how far we can push the trade now, partials taken to BE the trade.
Long
by Bill-from-The-trading-Cartel
EURUSD forecast Looking for longs in this area. Lines up perfectly with the the US currency index as well. The point of interest mentioned / OB is what caused this BOS. This is where the orders were that created the push up so price should gravitate back down to the origin of the move and fill the imbalance in the market and have a reaction. I will look for an entry on the lower time frames. for my entry i will use the 1/2/3/4/5 min time frames and see what is the cleanest at the time of entry
Long
by Bill-from-The-trading-Cartel
3
EURUSD forecast Looking for longs in this area. Lines up perfectly with the the US currency index as well. The point of interest mentioned / OB is what caused this BOS. This is where the orders were that created the push up so price should gravitate back down to the origin of the move and fill the imbalance in the market and have a reaction. I will look for an entry on the lower time frames. for my entry i will use the 1/2/3/4/5 min time frames and see what is the cleanest at the time of entry
Long
by Bill-from-The-trading-Cartel
17
AUDJPY - Possible Opportunity? When people decide to learn how to trade, it’s usually because they have been fed this idea that trading will be the answer to all their financial troubles. Yet for me personally, that idea couldn't be further from the truth. Now I am not saying that trading cannot give you a better life or offer you more time to do the things you love, but rather that troubles, be it financial, personal, or even relational are an inevitable part of life and no amount of money can dispute that. The moment you are able to accept this reality, the easier your journey will become. Too many people look to trading as the answer to their troubles, yet if you, not careful trading can very easily contribute to your existing challenges. So for those of you looking to take trading up as a profession, remember, it’s not going to solve all of your problems, in the early parts of your journey you may experience levels of frustration that you never knew you could feel. You will be faced with decisions that may even drive you insane, "should I buy or should I sell? Maybe I should stay out; but what if I'm right? HAAAAAAAAA" But if you continue to commit, if you continue to persevere, the journey will get easier. You will feel happier, you will learn to accept that you don't have to have all the answers and that you don't have to be right to be successful. You just have to endure, persevere, and commit, and that will help you live a better, happier, and more fulfilled life. With all that being said over here we are looking at the AUDJPY for a potential short. As with many things in trading, there is no certainty, only probability, and based on my trading system I find that there is tremendous opportunity to short the AUDJPY. The reasons are as follows: 1. Price is on a key Area of Value (AOV) 2. Potential 2nd touch at the top of the daily ascending channel. 3. Intra-day triple top. 4. 1H ascending channel. These are the 4 key reasons that shaped my bias for this pair. However, I would like to ask that you share your thoughts, and please feel free to ask as many questions. For more information check out: www.wealthtip.co.za
by DeanMuller