What is a trading plan?

A trading plan is a researched and written document that guides a trader's decisions. A trading plan is a roadmap for how to trade, and no trades should be placed without a well-researched plan. The plan is written down and followed. It is not altered unless it is found not to work (make money) or the trader finds a way to improve it.

What are some examples of a potential trading plan?

Here are a few examples of a potential trading plan with some recent runners… EZFill Holdings, Inc. (NASDAQ: EZFL) was a great example of one of my favorite patterns to trade — the dip and rip. It checked off a lot of boxes: EZFL dipped before the market open and continued up.

What is my opening plan trading template?

My opening plan trading template has everything you need to begin the trading day. It forces you to check and review your open positions, so you’re always knowing what to do. It also suggests to list the current stocks in play, and how you can trade them, and in what size.

Can a trading plan be too complex?

A trading plan can be as simple or as complex as you want (or need) it to be. Of course, if it’s too simple, you may not have enough information to successfully implement key points, rules (and/or) strategies during each trading session. Conversely, if it’s too complex, you may find it hard to adhere to and forego using it altogether.