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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 Tue. October / 08 / 2024How Currency Trading Works Investopedia What is Forex? FXCM Kantox Currency Cast: FX Hedging Beyond the Carry Trade BNP Paribas Global Markets CME to add USD/CNH spot FX basis spreads on CME FX Link FX News Group What Is an ECN Broker? Investopedia Best Times to Trade the Forex Markets: A Guide Investopedia 8 Forex Trading Tips Investopedia The Last Look… The Full FX 5 Forex Careers for Financial Professionals Investopedia As forex markets await political shocks, one tipping point could lead to a 'catastrophic trade' that unwinds markets Business Insider What Happened at the Month-End Fix? The Full FX Currency Pairs: What They Are and How They Work Investopedia Beijing tightens grip on renminbi after stimulus rally Financial Times China’s yuan faces volatility amid US pressure and home-grown stimulus: analysts South China Morning Post GBP/USD Vulnerable on Close Below 50-Day SMA FOREX.com US Top 5 Books for Beginner Forex Traders Investopedia What is Forex? FXCM GBP/USD Analysis Today 08/10: Limited Rebound (Chart) DailyForex.com Currency Carry Trades 101 Investopedia How to Trade Forex on News Releases Investopedia USD/JPY Analysis Today 08/10: Eyes 150.00 Resistance (Chart) DailyForex.com Dollar Dominance in the International Reserve System: An Update International Monetary Fund Gary Stevenson: This Is How You Make Money Trading New York Magazine Stock market today: Global shares mostly rise after Middle East tensions weigh on Wall St Mankato Free Press How to Spot a Forex Scam Investopedia Stock market today: Wall Street gains on stronger than expected September jobs report Mankato Free Press 6 Best Forex Trading Apps Benzinga Gold Analysis Today 08/10: Mixed Signals (Chart) DailyForex.com GBP/USD Forecast Today - 08/10: Pound Seeks Support (Chart) DailyForex.com Best Forex Brokers In 2024 Bankrate.com Towards Increasing Complexity: The Evolution of the FX Market Liberty Street Economics - Dax Forecast Today 08/10: Support at Large Figure (Video) DailyForex.com India, Russia central banks renew talks for mechanism to expand local currency trade - source Reuters What Is Forex Trading? Forbes 5 Best US Forex Brokers in 2024 Benzinga CAD/JPY Signal Today - 08/10: CAD Pulls Back vs JPY (Chart) DailyForex.com Gold Forecast Today - 08/10: Consolidating Gains (Chart) DailyForex.com T+1 impact on FX costs: The story so far Euromoney magazine Nigeria’s central bank to automate FX trades from December CNBCAfrica.com Investors are unwinding the biggest ‘carry trade’ the world has ever seen, SocGen strategist says CNBC CME FX Steady Amidst Record Month for Exchange The Full FX 15 Banks and Credit Unions That Exchange Foreign Currencies Business Insider Forex Spread Betting: What It Is and How It Works Investopedia Weekly Forex Forecast For DXY, EURUSD, GBPUSD, USDJPY, and AUDUSD (October 7-11, 2024) Daily Price Action Rupee rises 4 paise to 83.96 against US dollar BusinessLine How Would a New BRICS Currency Affect the US Dollar? (Updated 2024) Investing News Network Global central banks cut rates in unison, but Japan’s contrary move could upset market rally Charlotte Observer EUR/USD Forecast Today 08/10: Bounce or Breakdown? (Video) DailyForex.com Learn About Trading Forex With Binary Options Investopedia Carry trades: What are they and why are they impacting the global economy? World Economic Forum
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