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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 Mon. June / 27 / 2022The Best Forex Brokers and FX Trading Platforms in 2022 ABC Action News Tampa Bay What are the Benefits of Currency Trading for Corporate Leaders? Analytics Insight 4 Ways COVID Boosted Currency Trading Yonkers Tribune. 10 Best Low Spread Forex Brokers for June 2022 Business 2 Community 10 Best Forex Brokers for June 2022 Business 2 Community What Every Australian Forex Trader Needs to Know Analytics Insight Pros and Cons of Forex Trading ForexLive 4 Reasons Environmentalists Care About Forex Trading Green Prophet Forex Forecast: Pairs in Focus DailyForex.com Dow Futures Trade Lower After Positive Week Investing.com India MERCURIA ENERGY TRADING SA SUCCESSFULLY CLOSES USD 2177500000 MULTI-CURRENCY REVOLVING CREDIT FACILITIES PR Newswire Dollar trading margins hit Sh10 in currency woes Business Daily Forex Today: USD/JPY Hits New 20-Year High Price DailyForex.com Thousands Of Armenian Workers Face Layoffs After Dramatic Rise Of The Dram Radio Free Europe / Radio Liberty Billionaire Ron Baron Says Recent Market Weakness Offers Huge Buying Opportunity; Here Are 3 Beaten-Down Stocks Analysts Like Yahoo Finance Forex Today: Hawkish RBA Sees July Rate Hike DailyForex.com Basics of Forex Trading – Part 1 Yahoo Finance GBP/USD Forex Signal: Evenly Balanced DailyForex.com StoneX Executes First Bitcoin Cash-Settled Swap GuruFocus.com Future of Bitcoin Trading in Mali London Post What is forex trading? Bankrate.com Mastering Forex Trading Psychology Finance Magnates Basics of Forex Trading - Part 1 FX Empire What are the Pros and Cons of Forex Trading? RealtyBizNews Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal What is forex trading and how does it work? The European Sting Forex Trading for Beginners: The Essentials Business Insider Africa How to Know Which Currency Pair to Trade Startup.info Currency Definition | US News U.S News & World Report Money Proven Forex Trading Strategies that Work in 2022 BusinessLine FX trading: A loser's game? ETF Stream Trading Forex vs Futures: Key Differences IG International The Most Common Warning Signs of a Forex Scam Finance Monthly Is forex trading a way to make a living? Nairametrics Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha BC: Tips for Success in Forex Trading Punch Newspapers CEO Of Cryptocurrency And Forex Trading Platform Charged With Fraudulent Scheme Involving Over $59 Million Department of Justice What is Hedging and how can it be used in Forex Trading? Deccan Herald What are the Top 10 Benefits of Forex Trading? SAPeople News Forex Trading TD Ameritrade Five Myths About Forex Trading Tech Guide How to Trade Forex TD Ameritrade Best books to learn Forex Trading from scratch Free Press Journal Forex Trading Hours: Limitless Trading in an Endless Market The Coin Republic Currency Investing Makes a Comeback | RIAIntel RIAIntel.com Why forex trading is not gambling Nairametrics Even the Foreign-Exchange Market Is Getting Kind of Crazy The Wall Street Journal FOREX.com Review | The Ascent The Motley Fool How To Compare The Relative Strength Of Currencies Finance Monthly Russian Authorities Crack Down on Illegal Currency Trading The Moscow Times Changing the Top Global Currency Means Changing the Patterns of Global Trade Carnegie Endowment for International Peace
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