and what doesnt work so well. If your immediate answer is, to make money you should stop right there. This one is straight forward but also crucially important. There is no one telling you how much to trade, when to trade or how to trade. Trading can be an intensely emotional profession, and if you do not follow an objectively constructed trading plan that pre-defines all of your actions in the market, you are almost certainly going to become an emotional trader, also known as a trader who loses money. Ask yourself, How much money do I really have to trade with?
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I hope this article has given you practical advice about how to write a winning Forex trading plan. Research and education, strategy using fundamental and technical tools. Dont be fooled, a common misconception is that different time frames offer different profits. Ask yourself, What are my strengths and weaknesses? This is one of the more misunderstood rules when it comes to writing a trading plan Why? A common mistake traders make is jumping around randomly between chart timeframes. A successful experiment always involves one control and multiple variables by which the control can be tested against.
To be continued in "A Forex Trading Plan Example. The reason why you need a Forex trading plan is because you need a way to make sure you do not trade based on emotion. Trading can be an intensely emotional profession, and if you do not follow. End your trading plan / check list with another positive affirmation. An example Forex trading plan.