Learn and do Trading plan?
What is trading?
Trading is the buying and selling of financial instruments in order to make a profit. These instruments range from a variety of assets that are assigned a financial value that can go up or down – and you can trade on the direction they’ll take.
You may have heard about stocks, shares and funds. But there are thousands of financial markets you can trade, and a variety of products you can use to trade them.
What assets and markets can you trade?
There are more than 17,000 financial assets and markets that you can trade.
These include:
Shares
Indices
Forex
ETFs
Bonds
Commodities
Interest rates
IPOs
Whatever instrument you trade, the ultimate intended outcome is always the same: to make a profit. If your speculation about the market’s movement is correct, you’ll make a profit. But, if the market moves against your position, you’ll make a loss.
💬 “100” below to receive my free guide showing you the steps to take to become a successful trader.
Day 1-5: Trading Preparation
- Define your ‘why’
- Identify your short, medium, and long-term goals
- Identify your risk tolerance and capital allocation
Day 6-20: Trading Fundamentals
- Study trading types (scalp, intraday, swing, position)
- Research financial markets (stocks, forex, crypto, commodities)
- Choose the style and market that suits you
Day 21-35: Building The Basics
- Learn from YouTube, books, and podcasts
- Book recommendation: “Market Wizards” by Jack D. Schwager
- YouTube suggestion: The Trading Channel
- Podcast suggestion: Words of Rizdom
Day 36-40: Trading Environment
- Make sure your hardware and software are optimal for trading
- Create a productive and organized trading station
Day 41-60: Technical & Fundamental Analysis
- Learn price charts, time frames, candlestick patterns, price action, trends, market structure, and support and resistance
- Study fundamentals such as economic indicators, global events, and more
Day 61-70: Study Risk Management
- Stop-loss and take-profit orders
- Risk planning
- Risk-to-reward ratio (RR)
- Position sizing and margin
Day 71-80: Navigate Trading Psychology
- Study psychological factors that drive price action
- Understand the Wall Street “Psychology of a Market Cycle” Cheat Sheet
- Create stress management techniques in trading
- Become familiar with emotions that influence trading decisions
Day 81-90: Develop a Trading Plan & Strategy
- Establish a systematic method for identifying trade positions
- Create a trading journal
- Implement timeframe analysis
Day 91-100: Test Your Plan & Strategy
- Test your plan and strategy on a demo account
- Analyze your results and refine your plan
Day 100+: Execute Live Trades
- Transition to trading a live account
- Learn from your mistakes
- Start low and go slow
- Don’t give up