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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 Tue. March / 02 / 2021Forex Trading – How Do I begin? - NuWireInvestor NuWire Investor The Currency-Market Snoozefest Might Not Last The Wall Street Journal OANDA clinches two TradingView Broker Awards; Launches TradingView partnership in UK and Europe PRNewswire How to Trade Commodity Currencies in Forex Trading Moneyshow.com Retail forex trading – and the Internet's role Feed Leader 3 Simple Forex Trading Strategies Mighty Gadget 2 crypto currency trading platforms shut down by New York Attorney General WWTI - InformNNY.com Comprehending Forex Trading Signals Live Bitcoin News How to Trade the Forex Market Omega Underground Moscow Exchange FX, Derivatives And Precious Metals Markets Now Open At 7 AM MSK Exchange News Direct How to Start Home-Based Business with Forex? The African Exponent Latest Update 2021: Foreign Exchange Margin Trading Market Market to Garner Much Traction While Top Players Acquires Most of the Industry | Gaitame, Central Tanshi Online Trading, Money Partners, Daiichi Commodities – KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper USD/JPY: Can Spend A Bit Of Time Above 106 Before Heading Back Towards 104 In 1-Month - NAB Forex Crunch How to increase consistency in making money doing Forex Trading Australian Times Central bank, police officials warn against investment in forex trading floors http://en.vietnamplus.vn/ USD/CAD - Canadian Dollar Awaits December GDP Baystreet.ca Japan shares lower at close of trade; Nikkei 225 down 0.86% Investing.com India Forex Trading: How To Get Started Nerd's Magazine Customer First: Mitigating currency risk within the turbulent travel industry World First Foreign Currency Exchange EMERGING MARKETS-Most Asian currencies dip; Taiwan dlr, South Korea's won gain - Investing.com India EMERGING MARKETS-Most Asian currencies dip; Taiwan dlr, South Korea's won gain Investing.com India GBP/EUR: Euro awaits German Retail Sales, EZ Inflation Currency Live Lebanon currency hits record low as multiple crises worsen The Wilton Bulletin Forex Today: US Dollar Continues to Advance DailyForex.com Gold Price Analysis: XAU/USD’s outlook supported by higher inflation and a weaker USD – ANZ Forex Crunch What Is Forex Trading? Forbes GBP/EUR: Pound Strengthens, German CPI In Focus Currency Live Trading Forex For Living – is it for real? TechFinancials Fed fund futures price in a rate hike in 2021 Forex Crunch Forex Trading Guide 2021: Universal strategy “Wild River” City Telegraph Daily market commentary: Oil is back in the green - Leaprate Forex Trading News Leaprate Forex Trading News GBP/USD Forecast: British Pound Recovers in Late Trading DailyForex.com Here are 5 things you need to consider when choosing a platform to invest in cryptocurrencies Markets Insider Daily market commentary: Share markets edged higher amid rising risk-on trading sentiment Leaprate Forex Trading News Forex Market: Unlocking Opportunities for Investors Visual Capitalist The 6 Best Online Forex Trading Classes of 2021 Investopedia GBP/INR Corrects Lower After Hitting Highest in 5 Years Currency Live Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money Next Forex Trading Terms You Need to Know Before Trading North Forty News A Forex Trading Guide For Beginners | Sponsored | state-journal.com State-Journal.com The FINANCIAL - Making Money By Forex Trading The FINANCIAL Everything To Know About Getting Into Forex Trading GQ Australia Facts You Need To Know About Forex Trading Forbes India Why are forex signals important? AZ Big Media How to Trade Forex? - A Guide to Forex Trading in 2021 DailyForex.com A guide to forex trading instruments - Boca Raton's Most Reliable News Source The Boca Raton Tribune
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