What should your forex trading plan have?

These are some of the essential points that each forex trading plan must have: 1- Trading system: this is the true essence of the business plan. It must be your own trading system (more about an example of a ridiculously simple trading system) that you have tried a lot and in which you have worked for at least two months on an online broker demo account. Provide all the required information about your system, such as: B: the time periods you use, the entry and exit criteria, the risk percentage, the currency pairs to operate and the number of lots you are working with. 2- Operational routine: this is a vital part of the operational plan, since it establishes three very important things: when to analyze the market, when to open the installation and when to evaluate its actions on the day of the operation.
3- Your point of view: Ask any experienced operator and he will tell you that putting aside emotions while operating is one of the most difficult things to do. This section of your business plan describes the mood you should be in when trading currencies: Example: • I will see what the graphics really say and not what I want them to do. • No matter how bad an operation is handled, I will make sure to work only with what my eyes see and not with what my feelings tell me. • I will not try to avenge the market for money lost during an operation. • I will not challenge myself if I lose an operation. On the contrary, I will take it as an experience and continue.

4- Your weaknesses: Yes, we all have weaknesses, we just don’t like to talk about it. But ask yourself the following questions: How can I go further if I don’t admit that I have to work in certain aspects and improve myself? This section of the operational plan is an objective way to keep track of everything you need to work to become a better currency trader. Example: • “I tend to open a lot of operations. If I lose a position, I get upset and immediately seek revenge in the market.” • “I tend to leave the business prematurely out of fear.” • “I don’t follow the rules of my system forever. “•” I follow my non-monetary management rules to the letter ”

5- Your goals Earning a lot of money is not a good goal. Sit for a few minutes  Moments and think about what you really want to achieve as a forex trader. Would you like to dedicate yourself to this topic for a lifetime? How much investment do you really expect from your business, based on your knowledge and experience? Your goals are not just money. You may want to be more disciplined and safer. The goals are personal. What do you want from him? Use these goals as motivation in difficult times. These goals will be your vision and you should always watch them! 6- The trading diary This will be a great tool to help you become a better forex trader. Write all the procedures and the reason you opened them. Later, you can see this and evaluate your operations and see how much progress you have made. I have seen my business records and I have seen how much I have grown as a forex trader. My first operations were very simple, now I have progressed, my operations are now more meaningful to me. I have gained a lot of confidence as a distributor and in retrospect In my operations, I was able to evaluate myself correctly, correct errors and discover that I am closer to my goals. This tool will help you greatly in the long term, so it will take a few minutes a day to record your movements of the day. Although it can be boring at first, you’ll be glad you did it over time!

 

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