8 - Setup Trading Plan

A lot of traders struggle with confidence, doubt their trades, are scared to pull the trigger, and too quickly close their winning trades out of fear.

A lack of confidence is often caused by too much uncertainty.

It is possible to improve confidence by removing uncertainty. In trading, we can do that by defining our general approach (what we did in the last lesson) and also be establishing clear rules for your trades.

We recommend setting up a new note in Edgewonk for each setup that you trade and defining it as much as possible. Write down your rules, the criteria for entries, exit and stops, and how you manage trades. 

Those rules will be your guides and help you establish a more consistent trading approach.

Edgewonk 3 is an online trading journal for Forex, stocks, crypto, Futures, CFD and commodity trading.

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