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More Tips On Designing Your Own Forex Trading Plan

okpinoy · 6 · 2028


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I once said to my Forex Trading group that "There is always a simple solution for everything. We just have the faith to believe that there is and never stop looking and trying."

I used to be an engineering  professor in one of the top universities in the Philippines. As I teach circuit designing, some of my students were asking why they couldn't find the methods and formula that I had been teaching them in text books and books in the library. My answer was "You won't find it anywhere because I developed them on my own to simplify the process. Even if you will double check it with the long methods in the books, you will get the same answer". This is how I look at everything. I always believe that there are always simple ways to solve any problem. All you need is to believe and never stop exploring and experimenting on how to achieve it.

I have carried this belief in my entire 17-year life as a Forex Trader. You know what? It is true in every meaning of each word. If I am going to describe in one word the Forex Strategies and "Secret Sauces" that I have discovered, that would be "SOLID".

I will give you some tips about it in here...

There are 4 focuses in our methods; Entry Plan, Money Management Plan, Exit Plan, and the Attitude/Behavior (Psychology) in implementing those plans.  Let's discuss entry plan here...

There are 3 categories of entry plan analysis; Weak, Moderately Strong, and Strong...

1) Weak - to tell you the truth there are so many weak entry analysis out there. These are the type of entry plans that make the traders disappointed most of the time. Weak entry analysis is bad to your trading plan because no matter how good your money management, exit plan, and attitude, your chance to profit is almost zero. Meaning it has no chance at all. If you keep doing it, you will see your account to burn. There are 2 ways to check, manual or automated forward testing, and automated backtesting. If you are hoping to find a method that you can use a stop-loss without a script/robot, you have to have a patience to forward test your entry strategies for at least two years. Why 2 years? Because in a successful entry strategy that uses a stop-loss, you will experience weeks, months or even a year with a negative profit. Not all the time of course, but once you encounter it, you may doubt your plan and may stop the testing process or change the plan in the middle of it. Changing plan in the middle of the test is as bad as stopping it. That's the truth on Trend-Following type of trading plan. For scalping with 2 to 10 pips of target profit and with a tight stop-loss, that has long been made difficult by the brokers platform due to high spread volatility, or calculated fixed commission on low or zero spread platform. This is a fix on brokers problems more than a decade ago on scalping expert advisors that can turn $100 to $1M in less than a year.

If you trade with fundamentals, you have no choice but to manually forward test your strategy. You can not fully automate it, but you can create tools to semi-automate and make trade entries and exits faster. There are still many fundamentals traders out there because it is one of the best strategies that you can learn. Some combine it with technical analysis to create a strong entry plan. But whatever you do with fundamentals, you can only forward test it manually. This is the reason why there are more pure technical traders nowadays.  There have been even debates and battles going on between the 2 purists; the fundamentals and technical traders. Let's just respect these 2 group of traders. Opinions of traders are limited to what they have experienced so far, so let's just respect if they don't want to explore more and if they just believe that their methods are the only best methods of all methods. Me? I purely trade technically by choice but I do believe that there are still more better strategies out there than mine. That made me keep going and never stop learning more everyday.   

To read more click here...

« Last Edit: Feb 20, 2019, 07:56 PM by okpinoy »


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Gusto ko matuto. Gusto ko na mag umpisa kahit demo lang. Pero dami palang dapat i consider. Please teach me to start kahit demo lang. I am using mt4 now.


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Nice sharing. I read your other post on the types of plans that a trader shoud have, and I must confess that they are quite informative. Actually, one should purpose to have a solid entry plan, and an escape plan if things go south. Trading psychology and discipline are very important in implementing all these plans


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