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Currency Trading Information Channel |
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Currency Trading Information Channel |
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Writing A Trading PlanAll professional traders have a trading plan. Trading futures is a zero sum game and those with a plan (and the discipline to apply it) will succeed over those that have no plan. A plan details the particular market anomaly that you intend to exploit - your edge. Human emotion creates anomalies - essentially, the fear and the greed of those that have no trading plan. Creating a trading plan and rigidly applying that plan allows the professional trader to eliminate emotional responses from his trading. Let's look at what your written trading plan should cover: Trading concept - What anomaly is your trading strategy intending to exploit? Timeframe - The shorter the timeframe the more trades that can be made. However short term trading leads to lower reward:risk ratio's and higher commission costs. Instrument - There are many different ways to trade essentially the same idea - options, futures, exchange traded funds etc. Which offers the most reward for your trading concept? Entry - How will you open your trade? Exit - How will you close your trade - A stop loss should be placed at a point where the trading concept become invalid, this could be a specific price or a certain length of time. A profit exit must also be established - again either a certain target price or a timed exit. Money Management - How much capital is required to trade the strategy and how much should be risked on each trade to maximise returns whilst minimizing the risk of blowing the account? End of Day Routine - At the end of each day every trade should be compared to the trading plan and any variances should be addressed. Remember the plan is their for a reason and you must trade it exactly. If a change is required then it should be properly tested before being added to the plan. No decisions should be made whilst a trade is live. Brokers - Which broker will you use and how will you trade? Automating a trading plan through the broker's API will help to eliminate any emotional responses. Your plan will require constant revision as the market dynamics change. If you have noticed a market anomaly then it's very like that many of your competitors have as well. "If you don't know where you are going, any road will take you there." Lewis Carroll
 MORE RESOURCES updated Wed. February / 05 / 2025Kickstart North American FX trading day with a technical look at EURUSD, USDJPY & GBPUSD - ForexLive EUR/USD Pulls Back Ahead of December High FOREX.com US Russia adds Nigeria, Tunisia, and Ethiopia in currency trading list Business Insider Africa Integral Provides FX Trading Tech to Access Bank in African Push Finance Magnates Stock market today: Asia shares trade mixed as investors weigh impact of US-China tariffs FOX 31 Denver What is Forex? FXCM How Currency Trading Works Investopedia Exclusive: MetaTrader Fee Bill Arrives with a 25% Increase Finance Magnates EUR/USD Analysis Today 05/02: Recovery Stalls (Chart) DailyForex.com VFTradings Review 2025 Investing.com Exclusive: Trump's meme coin made nearly $100 million in trading fees, as small traders lost money Reuters Research: 2024 Overall Situation and Regulatory Trends of Virtual Currency Crimes in China ChainCatcher Stocks rapidly cut steep earlier losses as Trump pauses Mexico tariffs, Dow down just 150 points: Live updates NBC Connecticut Gold Analysis Today 05/02: Reaching All-Time High (Chart) DailyForex.com 6 Most Popular Currencies for Trading Investopedia FxSpotStream Reports Near-Record Trading Volume in Early 2025 Finance Magnates USD/MXN Forecast Today 05/02: Stable (Video) DailyForex.com Aussie, New Zealand dollars get respite ahead of China's reopen The Economic Times BTC/USD Forecast Today 05/02: Holds Near $100K (Chart) DailyForex.com 3 Reasons the Mexican Peso Is So Liquid Investopedia Forex Trading: Comprehensive Guide for Beginners and Experts Business Insider Forex Trading for Beginners NerdWallet AUD/USD Forex Signal Today 05/02: Continues to Rally (Video) DailyForex.com MT5 Brokers Gain Access to STICPAY’s E-Wallet and Payment Services Finance Magnates Currency Pairs: What They Are and How They Work Investopedia USD/CAD Forecast Today 05/02: USD Falls Against CAD (Video) DailyForex.com EUR/USD, USD/JPY, U.S. Dollar Price Action Setups FOREX.com US EUR/USD Forecast Today 05/02: Relief Rally (Video) DailyForex.com What is Forex? FXCM GBP/USD Forecast Today 05/02: Look for Higher Levels (Video) DailyForex.com Research: Overall situation and regulation trends of virtual currency crimes in China in 2024 Binance Top 5 Books for Beginner Forex Traders Investopedia Russia expands its currency trading list to 40 countries, adding Nigeria, Tunisia and Ethiopia The North Africa Post 8 Forex Trading Tips Investopedia How Leverage Works in the Forex Market Investopedia When Foreign Exchange Intervention Can Best Help Countries Navigate Shocks International Monetary Fund BYD resorts to forex trading strategy to counter yuan’s volatility South China Morning Post 5 Forex Careers for Financial Professionals Investopedia EUR/USD Analysis Today 04/02: Further Losses Expected -Chart DailyForex.com Forex Trading Online | Forex Currency Trading CMC Markets How to Trade Forex on News Releases Investopedia Forex Currency Pairs FXCM 15 Banks and Credit Unions That Exchange Foreign Currencies Business Insider Euro: forex turnover 2001-2022 Statista GBP/USD Forex Signal Today 03/02: Drops Amid Tariffs (Chart) DailyForex.com EUR/USD Analysis Today 03/02: Renewed USD Strength (Chart) DailyForex.com Dollar Dominance in the International Reserve System: An Update International Monetary Fund What Is the USD/JPY Currency Pair? Investopedia Best Forex Brokers: Top Choices For Currency Trading Bankrate.com What Is an ECN Broker? Investopedia Russia adds Tunisia to currency trading list African Manager EN Kickstart the FX trading day for Jan 29, w/ a technical look at the 3 major currency pairs ForexLive Mexico & Canada Pause Tariffs, USD Falls DailyForex.com
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