Welcome to the 4x Journal beginning guide! We encourage you to have your 4x Trading Journal in hands as you go through this guide. Before you begin filling up your journal, take some time to read the 4X Trading Plan ebook that you find in the order confirmation email.
FIRST STEP: CREATE YOUR TRADING PLAN
Creating a trading plan can be hectic, chaotic and overwhelming. That is why we created a manual containing all the guiding principles you need.
Start from here!
At the end of your journal, you will find 10 blank pages. They are your starting point. Now refer to the ebook and start answering all the questions. Make sure to take some time and be completely honest with yourself!
Here's the sections you will have to fill up in your trading plan:
- KNOW YOURSELF, KNOW YOUR PURPOSE: The key to success in the markets lies in understanding your own psychology.
- TRADING GOALS: Setting goals for your trading is essential to provide you with a target to work towards, the ability to trace your progress and the motivation required to get the job done.
- MARKETS, INSTRUMENT AND TIMEFRAMES: Decide which markets to trade. Remember, less is more! Don't try to understand everything, become a specialized expert.
- TOOLS: Decide which broker, platform and tools you are going to use. These tools are critical for your performances.
- BEFORE THE MARKET OPENS: It is essential to have a pre-trading routine to ensure that you are fully prepared and focused. Some run, meditate, listen to music etc. Make it personal!
- RISK & MONEY MANAGEMENT: Failure to apply this will be financial disaster.
- EXIT STRATEGY: Everyone has a strategy to enter a trade. Few understand that a plan to exit a trade is as important.
- SETUPS AND ENTRIES: Strategies vary according to market conditions, time and personality.
- AFTER MARKET CLOSES: Decide what happens after your done with your trading. Easy, just compile your 4X Journal!
- DISCIPLINE: Ensure that you stick to the plan by creating a discipline checklist.
Now you have a detailed roadmap for your trading.
Click here to see how to compile the other sections in your journal.