THE ULTIMATE TRADING PLAN
By Ewen Collier
Welcome to my Ultimate Trading Plan. If you require support, assistance, or
guidance, you can reach me in the WxCafé Discord lounge. You can click the
hyperlink or find the invitation in my Instagram bio. Otherwise, enjoy!
Maintaining discipline in the markets and establishing a personalized system is
crucial for successful trading. With a plethora of timeframes, indicators, and
patterns, it's easy to get lost in the noise and make irrational decisions.
Take a step back and analyze charts based on price action from one end to the
other. This checklist serves as a tool to create a clear mindset, laser focus, and
precise execution in the markets. Use it daily and weekly!
NOTE: This is an evergreen trading checklist. As trading is a highly individual
journey, feel free to tailor this list to your own preferences and trading style,
creating a system that works uniquely for you.
TRADING CHECKLIST
HIGH TIMEFRAME (HTF) ANALYSIS | WEEKLY - MONTHLY:
What is the general direction of the market?
What is the macro volume looking like?
What are momentum indicators telling us (usually lagging)?
What level is the Stoch RSI sitting at?
What macro events/FED updates should we be focusing on currently?
What is their likely impact on risk markets (S&P500 and crypto)?
Where is the DXY sitting? Is the trend bullish or bearish?
MEDIUM TIMEFRAME (MTF) ANALYSIS | 8 HOUR, 12 HOUR, DAILY:
What is the trend looking like on the daily? Are we range-bound, trending
up, or trending down?
Where are we in relation to the previous week (mark previous weekly
levels)?
What are the key weekly and daily levels to focus on for Support and
Resistance (S&R) zones?
Is the market overbought or oversold?
Does daily have confluence with the weekly timeframe?
Who is in control, and at what point do we reverse sentiment (bulls vs
bears - long/short - fear & greed)?
Is crypto correlated with the S&P currently?
LOW TIMEFRAME (LTF) ANALYSIS | 4 HOUR - 1 HOUR:
What are the current behaviors of price action within the LTF structures?
What LTF patterns are at play? What are our LTF support and resistance
(S&R) zones?
Are we ranging between S&R, or are we looking to break out?
Look for confluence on multiple LTFs to see if we have a strong base for
the attempted direction of the market.
Is crypto correlated with the S&P500?
TRADE POSITION:
Do you have conviction in the direction you are taking?
Have you adjusted and calculated risk management correctly?
How does my trade position differ from my macro perspective?
If I get stopped out, where can I re-enter?
TRADING JOURNAL
By keeping a record of your thought process and trades, you'll learn to be
disciplined, effective, and more successful. Here's my template:
Entry log
Position size
Open price
Close price
Hold time
Total profit/loss
Screenshots before trade
Screenshots after trade
Emotions felt (e.g., fear, greed, confidence, uncertainty)
Notes
Reflecting on your journal often helps you learn from your wins and mistakes, so
be honest with yourself. Ultimately, the journal will help you adjust your strategy
and approach over time, leading you to a higher win rate. Don't underestimate
how important it is!
If you prefer not to journal manually, check out TradeZella to automate your
journaling.
Again, feel free to adapt this according to your preferences.
NAVIGATING EMOTIONS
Trading is not just numbers and charts, it requires a deep understanding of the
human elements and emotions that are the driving forces of price action.
If you have ever traded before, then you’ll know that it is a very emotional and
psychologically taxing process.
Succumbing to these emotions may feel like the right thing to do in the moment,
however, more often than not, they will be the deciding factor in whether you
end up winning or losing.
Understanding the psychological aspects of trading will allow you to make
informed decisions before taking positions in the market.
The key thing to remember is never to trade or make decisions from emotions!
Here are tips on certain emotions you will feel and what they signal:
Greed = sell
FOMO = don’t enter
Anger = step back
Impatient = do more research
Confidence = be cautious
Bored = take 1-2 days off
Write these down and place them somewhere visible during your trading hours!
To learn more about trading emotions and how to navigate them, refer to the
Library of Guides in the WxCafé Discord server and read “The Psychology of
Trading: Managing Your Emotions.”
TRADING RULES
Risk management is everything in trading. Therefore, having a set of risk-
management rules is crucial as they offer protection for capital, contribute to
long-term viability, and aid in emotional discipline in the dynamic nature of the
markets. Here are my golden rules for you to steal:
If you have 3 consecutive losses in a day then step away and stop trading.
You do not want to elevate your losses.
Avoid losing 6% of your equity in a week.
Avoid going 10% below your starting balance.
If you drop 10% below your starting balance you need to stop live trading and
go back to a demo account to work on refining your strategy.
Use this ultimate trading plan as a checklist to keep your trades, journal,
emotions, and risk management tight.
By doing so, you’ll increase your chances of becoming a successful trader.
If you want to trade with me and my team, check out the WxCafé website and
join our Discord for live trading sessions and educational masterclasses.
As always, feel free to send me a message if you need any help!
Thank you
Ewen Collier
(Founder & CEO of WxCafé)
