Winning trading plans are the secret to successful trading and our trading of the Crude Oil Inventory Report Live Session proves that to be true.
Again, our day trading plan and strategy posted another efficient winner.
What was interesting about this session was how lucky we were that our full target, and trade plan goals were NOT reached with the very first trade.
Counter Punch Trader and Spotlight Power Trader are so efficient that they often do hit their trading plan goals with the very first trade and we are normally very happy to be able to get in, get out and get done.
5 Crucial Aspects Of A Winning Trading Plan
Writing a trading plan is not that complicated and it amazes us that many traders do not have one. Perhaps traders think it is too complicated or don’t understand the importance of having one.
A basic trading plan (most times that is all you need) should contain the following:
- Simple rules to follow
- Clear and concise trade setups, planned from start to finish
- Easy to follow structure on the chart
- Dynamic setups that adjust to market condition
- A strategy based on pure price action
While this may look simplistic, don’t think that it is not effective.
There is nothing more comforting than to face the markets with a trading plan that lays out exactly what to do at certain points during the trade. That also means having a clear determination of what gets you into the trade in the first place.
Trading Session Goals
The trading plans that come with all of our trading systems are ones that we’ve tested and currently use in the markets.
One of the best parts of the trading plan is the setting out of session trading goals. What this means is we know exactly when we are to stop trading for the session.
You may find it incredible but sometimes we are lucky that we don’t hit our goals on the first trade of the session. Does that sound strange?
Winning trade plans work in mysterious ways and often it is not how we start that matters most but how we finish.
As you will see in this week’s Crude Oil Inventory Report Live video, missing our goals by one tick caused us to have to take the next trade, per our trade plan rules. That trade turned into an unexpected big home run and all new equity highs for the trading plan.
Daily Crude Oil Trading Sessions
The Crude Oil Inventory Report is not the only way we trade Crude Oil Futures. Spotlight Power Trader has many winning trade plans, one of which is the early morning crude oil session.
Check out one of the earlier sessions this week that hit its goals, allowing us to quit with that all important positive result.
Other winning tradeplans using the exact same approach include Spotlight Power Trader and the Russell eMini (below), Nasdaq eMini, Unleaded Gas and some selected Forex pairs (we prefer to trade the more popular currency pairs) to name just a few.
In fact, below you’ll see an example of the EURUSD using the exact same approach.
The RTY (Russell eMini) is one of many winning tradeplans one can trade with either Spotlight Power Trader or Counter Punch Trader. This is a Spotlight example.
Here’s a Forex example. If you didn’t know the symbol, you probably couldn’t tell the difference. That’s what I mean by simplicity.
Winning trade plans do not have to be complicated.
Simple is best.
Notice with all these examples that we use the same almost the same approach. Learn it once, use it for a lifetime. What is more simple than that?
If you would like to get involved with the Counter Punch Trader or the Spotlight Power Trader, contact us at email@example.com.