A basic strategy template starts with a few lines that describe the overall trading strategy, followed by a checklist that consist of the following elements:
- Date of the trade
- Currency pair
- Entry position (buy or sell)
- Reason to enter the market
- Entry level
- Stop loss
- Target profit
- Stop distance
By the parameters above, this is what a strategy template could look like:
Date | November 20, 2022 |
Currency pair |
EUR/USD |
Entry position |
Buy |
Type of PositionReasons |
|
Entry Level | 0.9750 |
Stop Loss | 0.9700 |
Target Profit | 0.9800 |
Stop Distance | 50 |