Sean K
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What aren't you buying mate so I can get some good stocks on my watchlist?moses said:
Trading Plan
- Thread starter Prime
- Start date
It's Snake Pliskin said:stink said:
LOL probably alot more than i know myself mate.
In all seriousness i practically paralyzed myself from being able to do anything. It was the good advice from people here that have got me on what i consider to be the right track.
Sometimes i think wall street big shots made up half the jargon and theories just to make thenselves sound clever
Anyway cheers
tech/a
No Ordinary Duck
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Prime before I answer in any depth.
What timeframe will you be trading in?
What timeframe will you be trading in?
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Fortunately we don't need a guarantee because it can't be given. But I will settle for "a very high likelyhood". If it doesn't work in the past then why would one want to trade it going forward?
The concept of writing down a trading plan and pinning it on the wall is foreign to me. I prefer to hard code it into a trading system - entries, exits, position sizing and anything else I want.
If I can't code it I won't trade it. But as has been said many times "This above all: to thine own self be true..."
Stevo
http://drawdown.blogspot.com/
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hello stevo
it appears you already have a basic trading plan, without realising it, by stating that you would like to hard code entry, exits ets into your trading system.
But a trading plan is much more than just writing down or keeping in your head how you will decide entry, exits and so on. It should include things like why you are trading, what markets you will trade, what bench marks you will use to measure your trading performance by, what type of stocks you will trade, managing risk and so on and so on.
it appears you already have a basic trading plan, without realising it, by stating that you would like to hard code entry, exits ets into your trading system.
But a trading plan is much more than just writing down or keeping in your head how you will decide entry, exits and so on. It should include things like why you are trading, what markets you will trade, what bench marks you will use to measure your trading performance by, what type of stocks you will trade, managing risk and so on and so on.
CanOz
Home runs feel good, but base hits pay bills!
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babyboomer said:
I think hes had a plan for sometime...it was only a response for the thread starter.
Cheers,
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ok thanks CanOz
led me to think he had only a basic plan since you can't physically hard code some of things I have in my plan.
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Hi folks,
Here's some more fuel for the fire .....
No, it's not perfect, but it HAS helped a lot of traders
to address some of the issues, associated with developing
their own personalised trading plan.
..... and you can download it for free, at:
http://authorsden.com/visit/viewwork.asp?id=10134
happy days
yogi
stevo said:
Agreed. And isn't that what writing a plan and developing and tuning a system is all about?
Ok, now we're getting down to some nitty gritty.
How are you "hard coding" this? ... with a sophisticated charting package or something? In my case because I'm still looking at tools of the trade, I'm developing a written plan and following what is hard coded into it. This is the kind of info I was looking for ... how are other people developing their systems?
Cheers
yogi-in-oz said:
I followed the links and found pretty vague info ...
I have been using a tutorial I found on the manfinancial site ...
http://www.manfinancial.com.au/documents/tutorials/DevelopTradePlan/Page1.asp
It's not perfect, but it was a good starting point for me.
Cheers
tech/a said:
The time frame depends on the instrument I will use at the time.
(The following are listed on order of income stream type ... passive thru to opportunistic)
I have managed funds that will remain in place for years.
I currently use a buy/write strategy where the time frame is usually 1 - 3 months depending on whether or not I get exercised.
I write naked puts with a similar time frame expectancy as the covered calls.
I have direct equities that have medium to long term prospects.
I use CFDs where I feel there is a very high certainty of price movement in the desired direction.
I am still developing the trading parameters for active options trading but I expect the time frame will be anywhere from one day to three weeks.
tech/a
No Ordinary Duck
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Prime said:
So your looking for help in developing a trading plan in which area.
The options side you seem to have covered.
How do you determine Very high certainty.
You need not use the full 10:1 leverage of CFD's either.
Use 3:1 or whatever by adjusting position sizing.
tech/a
No Ordinary Duck
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nizar said:
Yeh but BB didnt know that.
I only knew about Steve's blog just reciently yet he's been around and involved in this and Reefcap forum for years.
Im sure no offence was meant.
Prime said:
My original questions was "I'd like to know what are others putting in their plan".tech/a said:
I was primarily wanting to make sure that I was covering all the important points of my business/trading plan. From all the posts so far I haven't encountered anything yet that I haven't already addressed or that I haven't already planned to address. So I guess I'm pretty much on track.
So in answer to your question, I'm looking to identify areas that I haven't yet identified.
Weight of evidence (technical analysis) ... research (fundamental analysis) ... all of which looks at market, sector & stock information.tech/a said:
I'm ok with leverage ... I have risk and money management strategies and parameters in place. I dont see how adjusting position size has anything to do with leverage ratio? ... or are you talking about the margin requirements (hence LVR) of my broker?tech/a said:
So far I haven't read much specific detail here except a few sage esoteric statements.Prime said:
People might simply have said "Build it ... they will come" ... and expect me (and all other beginners) to be suddenly enlightened? Remember, this is the beginners lounge.
I have for many years worked on the philosophy of "Take that which is useful, discard that which is useless, add that which is essentially your own" (Bruce Lee).
I am still interested to read about what others are successfully doing.
Cheers
professor_frink
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I don't actually have a written plan.
Is that bad?
Is that bad?
Perhaps I'm missing something here ...ice said:Not if your trading is profitable.
Now I come to think of it I don't either but then my plan is very simple as are the methods I employ to implement it.
Everyone is different.
ice
I originally asked a couple of questions about a trading plan, and also about what others are doing successfully ...
I accept that not everyone wants to put their plan of attack on paper ... me I'm a technocrat so detail is something I thrive on, and writing it down has some magical property about it that seems to ensure a greater possibility of success (just read any book on goal setting).
You stated your plan is very simple as are the methods you employ ... the old KISS principle at work ... why not share the detail?
Am I treading on sacred ground in these forums where they are designed to discuss stock trading but participants don't/won't provide detail? ... or is it that I have inadvertantly graduated from the "Beginners Lounge" and need to seek out specific topics in other forums?
Cheers
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By discounting what others have said you have ignored some.
Your link seems to provide a lot.
There is not CORRECT way.
