Writing A Trading Plan
All 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
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
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 Sun. August / 20 / 2017
View from London: Euro/Yen Among Currency Trading PuzzlesMoneyshow.com (registration)The break of 110 in USD/JPY leaves the 130 break looking more interesting in the cross and suggests 127.50 is the next big level to watch – an indicator of the path chose by investors, writes Bob Savage, CEO of Track Research in Wednesday commentary ...and more »
The foreign exchange currency market is the largest market
in the world because it trades up to $1.9 trillion daily.
The Meaning of FOREX
Price Charts and How to Use Them
There is one very important factor that you should consider
with great care if you are willing to become a successful,
profitable Forex trader. This ever important factor that
must be always present in the trader's portfolio, is the
ability to read the charts.
Foreign exchange market, or better known as FOREX, is the
world's largest and most prolific financial exchange market
originated on 1973. Bearing the status of largest and most
prolific currency exchange market, FOREX is the center
stage where a vast majority of the currency trading or
FOREX trading takes place, with a total daily turnover of
currency worth more than $1.
Sending Signals for
Trading in Forex
Forex signals are sent by a forex firm to their subscribers
in order to buy and sell currencies. These signals are
called entry and exit signals for the forex dealers.
Momentum Trading: A
Practical Day Trading Strategy to Get Profits from Hot
Momentum day trading can be extremely profitable when done
A Look at Online Forex
An online forex broker is a firm that facilitates retail
trading using Internet technologies. Global Forex Trading
(GFT), one of the popular online forex brokers.
Forex Training: Follow
Your Gut or Your Broker
Which way will the forex market move? Do you just follow
your gut feeling? Or do you have Neo's sixth sense that
would let you be one with the market and feel the
underlying currents. Trading forex is a non stop action
movie but a good one, where you really don't know who will
win at the end.
Where to Get Forex
For those of you who are interested in forex trading, you
may want to start off by getting some good forex training.
Forex training is a necessity for anyone with this
Forex Trading -
Advantages and Disadvantages
What is Forex Trading? Forex, or Foreign Exchange, is the
simultaneous exchange of one country's currency for that of
another. This market of exchange has more daily volume,
both buyers and sellers, than any other in the world.
Forex Trading Can Be
Forex trading, or foreign currency trading, has become a
bit of a craze of late, especially since it is something
available to anyone who owns a computer. And anyone who is
willing to put in some training time can profit from forex
The following situation happens quite often to many
traders. Look it over and see if it has been happening to
you: You have been faithfully following your trading plan
and the rules you've set for trading.
Discretionary Trading - Which is Best?
Discretionary Trading. Pure discretionary trading will rely
solely on the traders judgment. For example a
discretionary trader may spot a particular pattern
developing on a chart and decide to enter a trade on that
Risk and Stock Trading
Fees: The Two Barriers To Overcome If You Want A Successful
You know the old joke:" How do you make a million in the
stock market? Start with two million?" There is no way
around it, risk and stock market fees are a part of trading
that you can't avoid. But, you can manage your risk.
Day Trading the Index
Futures - How to Judge Good Entries
QUESTION: If the SP futures fall through support and go
straight down for another two points, and I want to get
short, should I (a.) enter immediately, (b).
Example of a Profitable
Transaction in FOREX
To make a profit, in the FOREX, a trader can enter the
market as a *buy position* (known as going "long") or a
*sell position*(known as going "short"). For discussion,
let's assume you've been studying the EURO.
Choosing A Forex
With currency trading becoming ever more popular, the
number of brokers is growing at a rapid rate. What should
one look at when deciding which broker to open an account
with? These are the important points to consider.
Why Demo Account
Performance Is Often Better Than Real Account
Over the past several years, the popularity of online
currency trading has grown substantially. Each day, online
FX brokerage firms attract new investors - each of them
lining up with a glint in their eye, lured in by promises
of easy money.
Hedging Foreign Exchange
The exchange rate of the Macedonian Denar against the major
hard currencies of the world has remained stable in the
last few years. Because of the IMF restrictions, the local
Narodna (Central) Bank does not print money and there are
no physical Denars in the economy and in the local banks.
New Opportunities with
The simplest definition of currency trading is the practice
of exchanging one country's currency for another country's
currency. Basically, currency trading involves four main
variables: currencies, exchange rate, time, and interest
"Is it important to be creative in your trading?" I'm not
sure I can describe it in terms of importance. The creative
process is somewhat of a mystery, even to scientists who
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