Strategic Plan:
Personal profile: Early 40’s, no current dependants, income level meets needs
Take advantage of the current opportunity in cryptocurrency markets over the next 2 plus years
Move into FX market eventually
Goals: i) Short Term: earn 1% compounded daily/monthly/yearly
ii) Long Term: primary source of income and financially independent
Tactical Plan:
Market: I am trading Bitcoins to increase my total BTC
Exchanges: Binance and Bitfinex
Capital: approx. $500 and, I am in either 50% or 100% invested in each setup taken (next initial capital will be $1000)
Risk: 1% - 2% on any one trade (eventually risk parameters will/may increase).
Never risk more than 5%.
R/R: 2:1 (but I often take 1:1)
System: i) at least 66% accuracy, or
ii) many small loses with tight stops; few wins but big gains.
Time Reference: 5 min chart (eventually: 1hr, 4hr, daily)
Setups Used: 1. Market Type 2. Trend Filters
1. Sideways Volatile 2. BB, S&R
1. Bull/Bear 2. EMA, RSI
1. Break-Out 2. BB, EMA, RSI, VWAP
Position Sizing: Elliot Wave + Fibonacci Retracements: entry positions at 38.2%, 50% and 61.8% levels
• Commitment: to the plan for the next 20-30 trades
•. Trade Period Complete: I will review in detail portfolio performance, trading/execution errors made and personal adherence to my trading plan.
Image Credit to: http://forexing24.com/2016/08/20/how-to-make-a-trading-plan/