Define your rules before the market defines them for you
How to use this template: Fill in each section honestly and completely. Your trading plan is a living document — review it weekly and update it as your strategy evolves. Print it out and keep it next to your trading setup, or fill it in digitally.
Trading Identity
Risk tolerance level
Define whether you are conservative (0.5% per trade), moderate (1%), or aggressive (2%). This sets the foundation for everything else.
Account size
Record your current account balance and the minimum balance at which you will stop trading and reassess your approach.
Trading style
Identify your primary style: scalping (minutes), day trading (hours), or swing trading (days). Pick one and commit to it.
Time commitment per day
How many hours can you realistically dedicate to active trading and analysis each day? Be honest — overcommitting leads to burnout.
Market Selection
Primary pairs (list 3-5)
Choose 3-5 pairs you know well and will focus on. Examples: EUR/USD, GBP/USD, USD/JPY, GBP/JPY, XAU/USD. Fewer pairs = deeper understanding.
Preferred sessions
Which trading sessions align with your schedule and strategy? London, New York, Asian, or London/NY overlap? Define your active hours.
Pairs to avoid
List pairs you will not trade — exotics with wide spreads, pairs with poor historical performance in your strategy, or pairs you don't understand.
Entry Rules
Setup criteria (minimum 3 confluence factors)
Define at least 3 conditions that must be true before you enter a trade. Example: trend direction on higher timeframe + key level + candlestick confirmation.
Entry confirmation
What is the final trigger that confirms your entry? A candle close, a break of structure, a specific indicator signal? Define it precisely.
Timeframes used
Define your analysis timeframe (higher TF for direction) and execution timeframe (lower TF for entries). Example: H4 for bias, M15 for entry.
Risk Management
Max risk per trade (%)
The maximum percentage of your account you will risk on any single trade. Most professionals risk 0.5-2%. Write your number and never exceed it.
Max daily loss (%)
The maximum you will lose in a single day before stopping. Typically 2-5% of account. When you hit this, you close the charts — no exceptions.
Max open positions
How many trades can you have open simultaneously? Consider correlation — 3 long USD trades is effectively one large position.
Position sizing method
Define your method: fixed percentage, fixed dollar amount, or volatility-adjusted (ATR-based). Use a position size calculator to convert risk % to lot sizes.
Exit Rules
Take profit criteria
Define how you determine your take profit level. Key support/resistance, fixed R:R ratio, Fibonacci extensions, or a combination.
Stop loss placement method
How do you place your stop loss? Below/above structure, ATR-based, fixed pips? Your stop should be at a level where your trade thesis is invalidated.
Trailing stop rules
Do you use trailing stops? If so, define when you move your stop to breakeven and how you trail it (structure-based, ATR, or fixed increments).
Partial profit rules
Do you take partial profits? At what levels? Example: close 50% at 1:1 R:R, trail the rest. Define this before the trade, not during.
Daily Routine
Pre-market checklist
What do you review before trading? Economic calendar, overnight price action, key levels, news events. Build a 5-minute routine you do every day.
Trading hours
Define your exact trading window. Example: 8:00 AM - 12:00 PM EST (London/NY overlap). Outside these hours, the charts are closed.
Post-session review time
Block 15-30 minutes after your session to journal trades, review performance, and note emotional states. This is where improvement compounds.
Weekly / Monthly Review
What to evaluate
Weekly: win rate, R:R, plan compliance, emotional patterns. Monthly: equity curve, drawdown, strategy performance by pair and session.
When to adjust the plan
Minor tweaks weekly. Major changes only after 50-100 trades of data. Never change your plan mid-week based on a single bad day.
Performance benchmarks
Set clear targets: monthly pip goal, maximum acceptable drawdown, minimum win rate, plan compliance rate. Track these numbers consistently.
Pro Tip: Plan Compliance Is Everything
Your trading plan is only as good as your compliance rate. PipJournal tracks plan compliance automatically — so you know if you're following your rules or just writing them down.