A crucial element for you to become a successful trader is the trading plan. Many traders never even made a plan, others have done it, but then do not use it. I say here that it is absolutely essential you make and use a trading plan to succeed in the Forex market.
These are the important points to consider in relation to a trading plan at Forex:
Following a plan, have a diary, record your trades
The intention is that you become and remain an organized and disciplined Trader. For that these three things are needed:
- Create a trading plan for the Forex;
- Create a trading diary to record your trades;
- TO USE both.
Lets say your effective strategy to approach the market is by moving or price action. In this context, the process of creating a trading plan will help you in order to solidify and better understand your strategy and at the same time will allow you to look at a simple diagram that was by itself created and that will help towards knowing what to do each time you interact with the market.
Have a document that will serve you as a guide or map as will develop in you, a military discipline, fundamental to achieve success in the Forex market.
Another important aspect to note is the registration of your business in a diary that you create for this purpose. Thus it is possible you go and monitor their performance in the markets over time and realize after a few months if your advantage is present in the market and allows you to go adjusting some things that are not working as well in your strategy.
All trading plans shall have a routine and a check list
Have a document that will serve you as a guide or map as will develop in you, a military discipline, fundamental to achieve success in the Forex market.
Another important aspect to note is the registration of your business in a diary that you create for this purpose. Thus it is possible you go and monitor their performance in the markets over time and realize after a few months if your advantage is present in the market and allows you to go adjusting some things that are not working as well in your strategy.
All trading plans shall have a routine and a check list
We mean that the trader needs to have a work routine in their trading activities. If not, he will not know what hes doing and the road to disaster is fast!
As a trader you need to define your way of being in the markets and maintain the same performance, always with the same philosophy. To your trading plan you should not forget to include a check list, you should follow. This checklist includes actions you demand the market to do (for example, the price reaches certain support) and actions you need to have before entering a trade. So, if your check list are all filled you enter the trade, otherwise have to wait until another opportunity arises, that is until your check list are all filled.
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