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eBook

A ForEx Trading Plan

Updated: 2018.10.23!

Updated edition!
I released the original edition during August of 2017. Since then, I have learned much, and I felt it was time to “refresh” this trading plan with new knowledge that I have gleaned over that time.
A trading plan is a business plan. When you start a business, you write a business plan. When you become a professional forex trader, you write a forex trading plan. This is a full-fledged trading plan. This trading plan is chock full of key trading information. You WILL learn by reading it. This trading plan will likely save you dozens of hours when writing your own trading plan. This trading plan is specific to the Forex (FX) market.
This is the real McCoy. You could call this a "sample trading plan" or an "example trading plan," but what this trading plan is not:
  • it is not a bare-bones template
  • it is not a "how-to" article telling you how to write a trading plan
  • it is not an article expounding on the virtues of having a trading plan
This forex trading plan encompasses the detail you must think about before you will become a successful trader. You will likely not trade the same way I do, so you cannot expect to use this trading plan exactly as written; however, you will gain benefit from reading it. You can borrow the parts you need, and you will at least have a starting point for what you don't need. This trading plan gets your foot in the door. There are sections on:
  • psychology
  • disaster recovery
  • tax status
  • which broker I chose
While you still have to do the work, with this trading plan, you don't have to re-invent the wheel.
There is a theory that suggests it takes 10,000 hours of deliberate study to master any topic. I think there is something to that. I’ve been studying trading for nearly 4 years. I’ve read a dozen or more books, many articles, and countless forum posts. I’ve written an object oriented framework that handles entries, exits, stop losses, lot sizing, and other money management techniques. I've written multi-timeframe and multi-currency indicators. Some of this information has been infused into this trading plan.

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MT5 NR7 and NR7IB Indicator

NR7 and NR7IB Indicator

Buy the Full 1.10 version from MQL5.com.

This indicator shows the narrowest bar within a range of the past seven bars, which is known as NR7 in the literature.
The range is variable; thus, you can show any range, e.g. NR3, NR5, NR11, etc. For the description of this indicator, I will continue to use the default of seven (7).
If an NR7 bar also happens to be an Inside Bar, it gives a stronger signal. Thus NR7IB are denoted in another color. Sometimes this is known as NR7ID (for Inside Day). I kept the description generic because you can use this indicator on any time frame.
As a bonus, I have added the ability to show the:
  • Highest bar (HI7)
  • Lowest bar (LO7)
  • Widest bar (WI7)
within the range N.
Does not repaint and works in the Tester.
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