I found these tips on this website and I thought I should share.
Trading Plan example
Short Term / Day trade
- No more than 2% total account balance on any one trade
- Set stop losses at 7% below current price
- Take profits at 10% gains
- Trade high volume markets for profit from volatility
- Slow and steady wins the race
- Don't get caught up in the hype/FUD listen to yourself
- Make sure you write down the pros cons of the trade
- Never make a trade for the wrong reasons
- Don't trade money you don't wanna loose
Long Term / Buy hold
- Buy in 1,2,3 bottom formations
- Make sure you never buy with money you don’t want to lose cause you will be to emotionally attached to the investment
- Never panic sell
- No more than 15% of your account balance on any one trade
- The longer you can hold the better
- Don't check on the graphs too often you might trick yourself into panic selling or buying.
- Don't sell unless you have profit
- Sell 80% of your position at 100% Gains
!!!Disclaimer by the author: This trading plan is a “Example/template” I have traded with these plans and had great success its important to customize it to your personal trading style though))!!!
Self control and trading plans / risk management is the most important thing in trading.