How to build a trading plan you can actually audit
A useful plan removes decisions at the moment they are most emotionally expensive. It specifies markets, setups, execution, risk and review.
Define the job.
State why the plan exists, the capital and time allocated, whether activity is demo or live, and what would make trading unsuitable or require a pause.
Limit the initial universe. More pairs and sessions create more chances to improvise, not automatically more diversification.
Write eligibility before entry.
Name the market regime, timeframe, observable conditions and every disqualifier. Then specify the exact trigger and when the signal expires.
Include examples that qualify and near-matches that do not. Exclusions teach the boundary of the rule.
Specify the order, not just the idea.
Record order type, maximum spread, stop placement, target or trailing rule, cancellation time and treatment of scheduled news, rollover and weekends.
If discretion remains, name it and constrain it. Hidden discretion cannot be evaluated honestly.
Set limits at trade, day and portfolio level.
Risk per trade is only one line. Add total open risk, same-currency exposure, maximum daily and weekly loss, and how size changes after drawdown — if it changes at all.
For a prop evaluation, translate every provider rule into a tighter internal operating limit.
Decide how the plan can change.
Log screenshots, eligibility, planned and actual execution, costs, outcome in R and rule adherence. Review on a fixed schedule rather than after every emotionally salient trade.
Version rule changes and test them as new hypotheses. Never mix old and new definitions in one result without labelling them.