This is my trading plan. I have it printed and sticked on the wall, above my laptop, so I can see it, and also on my desktop. Here goes:

« Morning preparation

1. Open up http://forexfactory.com/calendar.php and set alarms 20 minutes before and 20 minutes after an important news release (marked in red). That will make sure I don’t trade during important news.
2. Open up http://bloomberg.com and read the latest economic news.
3. Open trading platform, check the charts for new s/r levels and mark them. On the most obvious levels, add a limit order and set alarms 30 pips before the limit orders get triggered, so I have time to delete the orders if I must or manage the trade when it gets triggered. On other levels, put alarms 20-30 pips before price gets there, so I have time to watch price and decide if I trade the level or not.

Money management rules

1. Do not risk more than 2% of the current equity on a trade.
2. Use a mental stop loss of maximum 30-40 pips and a fixed 70 pip stop loss (this will make sure the broker can’t hunt your stop).
3. Do not use scaling in at all!

Trade management rules

1. Manage the trade from the M5 chart.
2. Move stop to breakeven when the trade is +20 pips and a 5 minute candle has closed after the trade was +20.
3. Target for a short should be 10-15 pips above a significant suport level. Target for a long should be 10-15 pips below a resistance level. Target for countertrend scalps should be equal to the stop or twice (RRR 1:1 or 1:2). If a trade doesn’t have a significant profit margin, then don’t take it.

Emotional rules

1. Do not fear taking a good trade!
2. Do not be greedy, thinking you must always win! Cut your losses short! Let your profits run, but exit at significant resistance. Do not be greedy and turn a winner into a loser!
3. Do not get angry after losing a few trades. Losing is part of the game. Do not take a trade just for revenge. Only take the good ones. No overtrading and no overleveraging. You cannot get rich over night!
4. Once you’re in a trade, keep your cool, try to concentrate and focus on the trade, stay rational!»

If only I could always stick to these rules, I would be a consistently profitable trader. The only way I can lose using my method of supply/demand (support/resistance) is by not sticking to these rules and especially to money management rules. I hope having these in front of me all the time will help put me on the path to success.

Cheers!