Full 30 Day Trading Plan: Become Profitable In 2024 (5% Traders only!)

Summary

In this video, SPC Trades outlines a comprehensive 30-day trading plan designed to enhance profitability and trading skills. The plan includes setting personal trading goals, establishing daily non-negotiables, monitoring a focused market watch list, and identifying key trading sessions. It emphasizes the importance of top-down analysis, proper risk management, and daily trade reflection. The video also provides a template for tracking progress and suggests resources for further learning, encouraging traders to journal, backtest, and read trading literature for continuous improvement.

Takeaways

• 🎯 Establish clear trading goals, such as becoming a successful trader and providing financial security for loved ones.
• 🛌 Follow daily non-negotiables like meditating, journaling, and exercising to maintain discipline and a positive mindset.
• 🌐 Focus on a select few markets (e.g., GU and NAS 100) to master them rather than spreading attention across multiple pairs.
• 📈 Utilize market watch lists and understand correlations, such as the relationship between the DXY and major currency pairs.
• 📊 Apply top-down analysis by examining higher time frames (weekly, daily, 4-hour, 1-hour, 15-minute) before refining with lower time frames.
• 🔄 Use Fibonacci and order blocks to identify potential reversal zones and points of interest for trade entries.
• 📉 Trade with the trend, looking for sales in a bearish trend and buys in a bullish trend.
• 🚧 Implement risk management by cutting losses short when trades do not react as expected and taking partial profits at old highs or lows.
• 🔄 Regularly backtest and journal trades to improve recognition of setups and learn from past performance.
• 📚 Dedicate time to reading trading books and resources to continuously enhance knowledge and trading strategies.
• 🎉 Complete a 30-day trading challenge with a structured plan and reflection to track progress and refine trading skills over time.

Q & A

What is the main purpose of the trading plan discussed in the video?

The main purpose of the trading plan is to help traders set up a structured approach for the next 30 days to improve their trading skills and become more profitable.

How can one access the trading plan template mentioned in the video?

The trading plan template can be accessed by checking the link provided below the video description or by following the speaker on Instagram @spect trades and sending a direct message.

What is the speaker's personal goal as stated in the trading plan?

The speaker's personal goal is to become an incredibly successful trader with over seven figures in trading capital, to educate and inspire others, and to provide financial security and support for their loved ones.

What are the daily non-negotiables that the speaker mentions in the trading plan?

The speaker's daily non-negotiables include meditating at 5:00 a.m., morning journaling, clearing their mind, self-checking, waking up their body, and starting the day positively.

What are the key elements of the trading plan's point of interest confluences?

The key elements of the point of interest confluences include trading with the trend, ensuring liquidity is present at the point of interest, looking for a break of structure or possible imbalance, and checking for order blocks and Fibonacci alignments.

How does the speaker suggest managing trades according to the trading plan?

The speaker suggests managing trades by always trading wisely and only in optimal setups, cutting losses short if the trade is not reacting properly, taking profits partially at every old low or high, and never marrying a setup or a market.

What is the significance of the top-down analysis in the trading plan?

The top-down analysis is significant as it helps traders to develop a weekly bias, understand market trends, identify key reversal zones, and find potential trade setups by analyzing different time frames from weekly to minutes.

How does the speaker recommend traders improve after a trading day?

The speaker recommends journaling each trade, conducting a backtest session, closing the trading platform, and reading a trading book for 15 minutes to an hour each day to improve their skills and understanding of the market.

What are the recommended steps for scaling down from higher time frames to find a trade setup?

The recommended steps for scaling down are to start with the weekly chart, move to the daily, then to the 4-hour, 1-hour, 15-minute, and finally to the 5-minute or 4-minute charts to refine the trade setup and find a confirmation entry.

What is the speaker's advice for managing emotions and avoiding tilt after a loss?

The speaker advises to journal the trade, do a backtest, close the trading platform, and then step away from the charts after a loss to avoid revenge trading and tilt. For wins, the speaker suggests the same routine to prevent greed from leading to impulsive trades.

How does the speaker propose to track progress over the 30-day trading plan?

The speaker provides a checklist within the trading plan where traders can mark off each day of trading, and at the end of the 30 days, they should write a recap of their experience and emotions during the challenge to reflect on their progress.