Trading Plan

Here are the top six reasons why traders fail:

1. Lack of a Trading Plan
2. Lack of Discipline to Follow the Plan
3. Failure to Control Emotions
4. Failure to Accept and Limit Losses
5. Lack of Commitment or stop trading using your system after the first loss
6. Over-Trading

Trading a system helps you overcome the top six mistakes

I was reading a transcript of an interview performed yesterday between FXSTREET and Markus Heitkoetter, President of Rockwell Trading. The subject was "Trading Systems: Do They Really Work?"

Markus' most important comments follow:

* - Like all other ventures, "having a plan" will give you an edge
* - A trading system consists of a set of rules; in it's simpliest form a trading plan (or system) has entry and exit rules. More sophisticated trading plans include position sizing and money management
* - You MUST have a trading plan to succeed
* - At a minimum your trading plan should consist of entry and exit rules
* - The 2 types of exit rules are stops (to protect your capital) and profit targets to realize profits
* - The "lack of the trading plan" is the No. 1 reason why traders fail
* - The easiest way to follow a trading plan is to automate it
* - Trading with a system removes emotions from trading
* - If you're looking for trading action, don't choose a trend-following system.


10 Principles of Successful Trading Systems” to help you finding a trading system that works

http://transcripts.fxstreet.com/2006/03/trading_systems.html#more

http://lloydsinvestment.blogspot.com/2005/02/comment-on-trading-systems.html

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EclipseTrader
Stock exchange analysis system, featuring shares pricing watch, intraday and history charts with technical analysis indicators, level II/market depth view, news watching, automated trading systems, integrated trading. Based on Eclipse RCP framework.
- check source code/forum how far this automated trading systems are good ... can we use instaed of start from scratch