I don't wake up and pick a trade based on what catches my eye. I have a written plan I follow every week. Here's exactly what it looks like — you can use the same template.
Why You Need a Trading Plan
A trading plan isn't a prediction. It's a decision tree. It answers "if X happens, I do Y" before the market even opens. When you're in the heat of a trade — money on the line, price moving against you — your brain turns to mush. That's when you follow the plan you made when you were calm.
I learned this the hard way. Lost $1,800 in 20 minutes because I had zero plan. Just making decisions in real time during a market panic. Terrible idea.
My Sunday Evening Setup (30 Minutes)
Every Sunday, I block out 30 minutes to prep for the week ahead:
1. Review last week (5 min). Open my journal. What worked? What didn't? Any patterns — emotional, timing, setup-related?
2. Check the weekly calendar (5 min). Scan economic events: FOMC minutes, CPI, NFP, central bank speeches. Mark high-impact events in red. I don't trade 30 minutes before or after these.
3. Mark key levels (10 min). On the Daily chart, I draw: previous week's high and low, previous month's high and low, major S/R levels that held last week, current Fibonacci levels (38.2/50/61.8 from major swing).
4. Identify bias (5 min). Am I looking for longs or shorts this week? Not a commitment — just a starting point. If the market shows me something different, I adjust. But having a bias keeps me from wandering aimlessly.
5. Set alerts (5 min). I place alerts at my key levels on MT4. If price hits a level at 3am, the alert wakes me or at least leaves a record. I never trade an untracked level.
My Daily Routine (Trading Days)
Before London Open (7:00–8:00 UTC):
Check Asian session action. Mark the Asia high and low. Review overnight news. Prep my trade plan for London.
London Session (8:00–16:00 UTC):
This is my main window. I execute according to the plan. If my levels don't get hit, I don't trade. No force, no chasing.
NY Open check (13:00 UTC):
Check if London and NY overlap creates volatility at my levels. Adjust stops on existing positions if needed.
Post-session review (after close):
Journal every trade. Note any levels that broke. Jot down thoughts for tomorrow.
The Rules Section of My Plan
I keep these rules on a Post-it next to my screen:
- ☐ 2% max risk per trade — no exceptions
- ☐ 1:3 minimum R:R — if the target isn't there, don't take the trade
- ☐ No trading 30 min before/after news events
- ☐ 3 consecutive losses = stop for the day
- ☐ 10% drawdown in 30 days = stop for 1 week
- ☐ If unsure, don't trade. Missing a move is better than forcing one.
Your Turn
Copy this template. Adapt it to your schedule and style. The specifics don't matter as much as consistency. A mediocre plan followed every day beats a perfect plan followed sporadically.
I've been using this same structure for years. It doesn't make me more profitable on any single trade. But it makes me consistent over 100 trades — and consistency is the real edge.
— Lin