Bitcoin Trading Plan Sample
The bitcoin trading plan is the logical approach to bitcoin trading which controls all aspects of the trading.
If you trade bitcoin , you need a bitcoin trading plan template if you want to become a consistent winner and to be able to make bitcoin trading decisions fast and accurately.
Each bitcoin trading plan template will have its own bitcoin trading rules that have been set sets describing entry and exit cryptocurrency trading signals. The bitcoin trading rules set for each bitcoin trading system are converted into simple to follow instructions or a bitcoin trading checklist template that the trader can easily follow.
This bitcoin trading checklist template will direct the whole trading process of trading - controlling the timing of the trade entries & exits ( bitcoin trading system) , the value of the opened cryptocurrency trades in relation to the bitcoin trading account balance ( bitcoin trading money management system) and the emotional state of the trader (emotion management system). Resultant trade details should be recorded in the trading journal bitcoin trading log and later studied for the ideas on how to improve each of the bitcoin trading systems.
Trading is often compared to business. If bitcoin trading is business then the bitcoin trading plan is your business plan which should be formulated before you begin trading with the real money. Better you prepare this bitcoin trading plan - bitcoin trading checklist template, the more success you can expect to achieve in real cryptocurrency trading.
Bitcoin Trading Plan Template
To write a good bitcoin trading plan, you will need a good bitcoin trading plan template that as a trader you can use to create your own bitcoin trading plan. But before you download the bitcoin trading plan, here is an explanation of the various bitcoin trading plan bitcoin trading checklist sections that your bitcoin trading plan requires to have.
JUSTIFICATION
This part of your bitcoin trading plan will write why you require a bitcoin trading plan, one of the reason is that bitcoin trading is a business.
Bitcoin TRADING SYSTEM
This is the bitcoin trading plan part where you include your cryptocurrency trading system. In this section you will write the bitcoin indicators to trade with, then you will write the bitcoin trading system rules that you will generate the bitcoin signals with.
For more tutorials about bitcoin trading systems
How to design Bitcoin Trading Systems
How to Write Bitcoin Trading System Rules
Tips for Bitcoin Trading Systems
TIMEFRAME
This is where you specify which is the main crypto chart timeframe that you will be trading with.
TRADE ROUTINE
This is the part as a trader that you've to specify the time when you will be trading the btcusd trading market and when you generate cryptocurrency signals and how these bitcoin signals should be generated. For examples:
- Signals are generated using 1H bitcoin chart time-frame.
- Signals to be executed immediately rules are met.
- Entry trading signals should be executed during daytime.
TIME OF DAY TO WATCH MARKET
Watch market during daytime & trade only during the best bitcoin trading hours
MONEY MANAGEMENT
This is the part where as a trader you will specify the bitcoin money management guidelines that you'll follow, for examples:
- Day trading -Low risk High return technique
- Trade when I have a high risk:reward ratio 3:1 or more
- Stop loss = Parabolic SAR
- Set TP target 100 Bitcoin Trading Pips
- Never trade beyond 3 % of bitcoin trading account balance
- Never risk more than 2% on a single bitcoin trade
To learn & know more about bitcoin trading money management
MINDSET/PSYCHOLOGY
This is the part you specify about your bitcoin psychology rules
- Trade without Emotions (greed, fear, anticipation, impulse, bias, overexcitement)
- I trade what my eyes see not what I feel.
- I will be patient.
My job is not to be the bitcoin trading system!
It is not to decide which trades looks promising.
Bitcoin Psychology Rules & Guides:
- Bitcoin Trading Psychology
- Bitcoin Trading Psychology & Emotions
- Bitcoin Trading Psychology Principles
- Bitcoin Trading Psychology Rules
WEAKNESS
By writing down your weaknesses you'll begin recognizing them as you trade, once you do this you'll start to avoid this mistakes & your trading will improve.
For Example
- I am greedy.
- I overtrade
- Make a list of all your weaknesses that are interfering with your trading. This is the first step to help you overcome these weaknesses. Use psychology to help you overcome them.
GOALS
Write the goals that you want to achieve with your bitcoin trading plan
·To focus on exit just as much as I do on entry.
·Always protect my account using stop loss, bitcoin trading money management techniques, trading with the bitcoin trend & always following the rules of my bitcoin trading system & trading plan.
·Never second guess or go against my cryptocurrency trading system.
FOLLOW THIS SYSTEM
This is the most important part of creating the system.
·Always follow the rules
·Stick with the rules
·Be disciplined & patient enough
JOURNAL
Log all my trades in a trading journal so as to track my progress. Write your Bitcoin Trades on a bitcoin trading journal to track progress of your trading.
How to Write a Bitcoin Trading Journal
