How to Write a Good Silver Trading Plan

trading plan checklist - the following is a template examples of a silver trading plan template example:

JUSTIFICATION

1. XAGUSD Trading IS A BUSINESS, SUCCESSFUL BUSINESSES ALWAYS HAVE PLANS

• Businesses that are successful always start with a plan.
• Successful business planning will guide you to success, think of silver trade plan as a map: it is a constant reminder of how you will consistently pull profits from the xagusd trading market.
• Difference between a successful trader and a losing silver trading one is the trade plan.

2. TO KEEP ME IN THE RIGHT DIRECTION when Trading Silver

Consistency is important in your routine to measure how successful you are.

Keep you on target, read the trade plan every day & stick to its trading rules.

When it comes to your plan you should think of it as a map which shows you this is what you follow, it should have clear rules which specify when you open or close trade.

Your silver trading plan should cover all aspects of silver trading, you should read the silver trading plan every day until it is on your fingertips so that when you are transacting on the fast moving market of silver trading you'll always know what to do in every situation.

Your silver trading plan can be as simple or as complicated as you like, but the most important thing is that you've one. By having a one you have an advantage over the xagusd trading market, you'll have better odds of making a profit than those who do not have one.

This silver trading plan checklist tutorial topic provides with an example silver trading plan template that you can use for creating your own trade. By now you have already written down the justification part of your silver trading plan template, If not get a pen and paper & write the justification part. Next we shall look at how to write the system.

Silver plan is one of the secrets that can help you to improve your profits. A good silver trading training guide like this one should show you how to come up with one using a silver trading plan template which you can use as an example to develop your own trade plan.

One of the most common asked question is, Is Silver profitable? one of the methods to make it profitable is to have a good plan.

IF YOU HAVE A GOOD XAGUSD Trading PLAN AND YOU'RE DISCIPLINED ENOUGH TO STICK TO IT When XAGUSD Trading Silver, YOU WILL BE SUCCESSFUL.

GOALS OF THE TRADING SYSTEM

1. Ability to IDENTIFY TREND AS EARLY AS POSSIBLE .
2. Ability to AVOID WHIPSAWS .

The trade system should find a compromise between the two Goals,

Find a way to identify a trend as early as possible but also find ways to help you distinguish the fake signals from the live ones.

FUNCTIONS OF EACH INDICATOR

MA - Identify a new trend as early as possible.

MACD - Identify a trend as early as possible.

Determine strength of a continuing trend.

RSI - Swing failure to confirm the start of a new trend.

Extra confirmation tools to help determine the strength of our trend.

Parabolic SAR - Help to ensure that we aren't caught up on the wrong side of the trend.

Trend Lines - Signals a reversal when the line is broken

Price Action Signals - confirm the weakening of a trend.

Bollinger Bands - for xagusd price action study

To know more about each indicator & how these indicators can be used to generate trading signal setups you can go to XAGUSD Indicators Section

CHART TIMEFRAMES

• Main time frame is the 1H.
• Signals are generated on the 15 minutes time frame.

15 Minute Charts

• Trend Lines (Support and Resistance)
• 5 and 7 LWMA
• RSI (14)
• Bollinger Bands (20, 2)

RULES

LONG ENTRY

Entry

15 Minute Charts

1. Both MAs are moving UP
2. MACD moving UP
3. RSI >-> 50
4. Parabolic SAR is below the xagusd trading price ( Support )

When signal is generated on the 1 Hour Chart, use the 15 min chart time frame to open and close positions.

LONG EXIT

1. RSI gives opposite signal
2. Price breaks Support Trend Line
3. Parabolic SAR is hit (Trailing Stop)

RULES

SHORT ENTRY

Entry

15 Minute Charts

1. Both MAs are moving DOWN
2. MACD moving DOWN
3. RSI <-< 50
4. Parabolic SAR is above the xagusd trading price ( Support )

When signal is generated on the 1 H chart, use the 15 min chart time frame to open and close trade transactions.

SHORT EXIT

1. RSI gives opposite signal
2. Price action breaks Support Trend Line
3. Parabolic SAR is hit (Trailing Stop)

ROUTINE

1. Signals are generated using 1H silver chart time frame and executed using the 15 min xagusd chart time frame.
2. Trading trading signal to be executed immediately trading rules are met.
3. Entry alert signals should be executed during daytime.

TIME OF DAY TO WATCH MARKET - MARKET HOURS

Watch market during daytime when most companies and online brokers are open for trade transactions. Use this to create a suitable program.

Example Trading Plan Template

Tips - You can use the MT4 Trading Platform Software to save this as a silver trading template that way you do not have to lay it afresh every time you open a new xagusd chart. If you want to learn how to save a silver trading plan template on the MT4 platform, read: MT4 Silver Software Tutorial Guides.

Silver Money Management

• Day trading - Low risk High return technique
• Trade when I have a high risk to reward ratio 3:1 or more
• Stop loss = Parabolic SAR

• Set TP target 40-60 Silver Trading Pips
• Never transact beyond Three % of account equity
• Never risk more than 2% on a single trade transaction

Silver MINDSET/PSYCHOLOGY

• Trade without Emotions (greed, fear, impulse, bias, anticipation, overexcitement)
• I trade what my-eyes see not what I feel.
• I will be patient.

My job description is not to be the trading system!

It isn't to decide which signal looks promising.

That is the job of my silver system - which has a set of silver trading guide-lines which tells me this is what I follow. Don't get caught up in xagusd price action & make rules as you go along.

MY JOB DESCRIPTION IS

To sit patiently and wait for my trading strategy to indicate that it is time to enter or it is time to exit. And then with great focus I execute silver trading plan as outlined.

Taking trades not given by the trading strategy, second guessing it and not taking signals given, hesitating & getting in late, anticipating and getting into trades early are all common place & boil down to lack of faith in the plan & not having a burning resolve on accurate execution.

GOAL: To have 100 % undivided focus on mastering my ability to execute my Silver rules accurately.

The more you develop the ability to step back from trading price movement and watch market dispassionately, waiting for a signal, the easier it will be to witness the fluctuations of your emotions without you getting sucked into them & allowing them to throw you off your game.

WEAKNESS

1. I am greedy.
2. I over-trade
3. Make a list of all your weaknesses that are interfering with your trading. This is first step to help you overcome these weaknesses. Use Silver psychology to help you to overcome them.

Note: by noting down your weaknesses you'll begin recognizing them as you make progress, once you do this you'll start to avoid these mistakes & your results will improve.

GOALS

• To focus on exit just as much as I do on entry signals.
• Always protect my account using stop loss, silver money management methods, follow with the trend direction & always following the trading rules of my silver strategy.
• Never second guess or go against my trading strategy. To always keep up my discipline.
• Follow all the guide-lines of my trading strategy & never break them.
• Transact fewer times and execute all my signals correctly. Trade what I see, what the system + charts are telling me.
• Sit patiently and wait for signals from my strategy.
• Achieve consistent silver trading results before opening a live xagusd account.

FOLLOW THIS Silver SYSTEM

This is the most important part of creating the trading system.

Always follow the rules

Stick with the rules

Be disciplined and patient enough

Silver Trading JOURNAL

Log all my trades in a trading journal in order to track my training progress & improve my silver trading execution methods.

This trading strategy uses momentum to determine trend of any silver.

Even if you're new to market & you do not know how a trading system looks like, this trading system template example illustrates to you how a silver strategy should look like, the Silver tutorials explained in other sections of this training website will also explain further different aspects which you need to learn.

Hence, the aim is to help you come up with your own complete trading strategy that is if you are looking for one, by showing you one that's already complete. In fact you can just use it as it is, or make a few adjustments so that it suits your silver trading style.

The objective is to help you improve your silver trading results by using a silver trading plan, & another advantage is that this trade plan will offer you a chance to improve your knowledge and it will help you improve your silver trading results and help you make pips when xagusd trading and keep them so that you do not keep giving them back to the xagusd market.

Read this silver trading plan training lesson about developing a trade plan of your own, along with learn silver trading tutorials & silver trade strategies listed at the top of this learn silver lesson web site.

The Most Beneficial part of using this silver trading plan template is the "Trade Money Management Part" you'll learn how to trade silver and minimize risk, which is the most important thing when it comes to trading the xagusd market.

Silver Trading Plan Checklist - How to Develop a Trading Plan in XAGUSD - Silver Trading Plan Examples - Silver Trading Plan Doc