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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. May / 24 / 2022Best books to learn Forex Trading from scratch Free Press Journal BC: Tips for Success in Forex Trading Punch Newspapers Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha Base Currency Definition: What Investors Should Know DailyForex.com Nifty's Opening As Asian Markets Trade Lower Despite Overnight Rally on Wall St Investing.com India Why forex trading is not gambling Nairametrics USD/TRY Forex Signal: Lira Trading Near Lowest Level in 2022 DailyForex.com Value of Pakistani Rupee touches fresh low at PKR 200 against US Dollar The New Indian Express GBP/EUR: Pair Looks Towards €1.1850 Currency Live Forex Today: Crypto Firmer, US Dollar Continues Retreat DailyForex.com What is forex trading? Bankrate.com Basics of Forex Trading - Part 1 FX Empire Investor's Guide To Forex Trading Seeking Alpha How to Know Which Currency Pair to Trade Startup.info Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal FX trading: A loser's game? ETF Stream Gold forex trading explained City Index Trading Forex vs Futures: Key Differences IG International EU fines banks €344m in forex trading probe Financial Times How to Trade Forex TD Ameritrade The Most Common Warning Signs of a Forex Scam Finance Monthly Is forex trading a way to make a living? Nairametrics Forex Trading TD Ameritrade Currency Trading Basics & How It Works Investopedia How To Compare The Relative Strength Of Currencies Finance Monthly FOREX.com Review | The Ascent The Motley Fool Forex Trading Hours: Limitless Trading in an Endless Market The Coin Republic Analysis | How Sanctions Make the Ruble Harder to Trade or Value The Washington Post Turks Abandon the Lira for Dollars as Currency Crisis Deepens The Wall Street Journal Changing the Top Global Currency Means Changing the Patterns of Global Trade Carnegie Endowment for International Peace Bank of England stumbles over FX trading gold mine Financial Times Falling Dollar Shows Resurgence of Infamous Carry Trade The Wall Street Journal What Is Forex Trading? Guide to Foreign Exchanges Investopedia Is forex trading halal or haram? The Armchair Trader Attorney General James Shuts Down Virtual Currency Trading Platform and Stops Cryptocurrency CEO From Continuing Fraudulent Conduct New York State Attorney General Global currency market seen as the premiere way to trade central banks' pandemic-era policy divergence MarketWatch Currency Exchange Near Me: Find Locations Nearby GOBankingRates Volume of foreign exchange trading helps predict returns on currency trading, says study Cambridge Network 6 Questions About Currency Trading Investopedia Basics of Price Gaps in Foreign Currency Exchange Market The Southern Maryland Chronicle HSBC and Wells Fargo to settle currency trades with blockchain Financial Times Ukraine crisis hits global FX, but reaction not always as expected Euromoney magazine Local currency trading with Sri Lanka not feasible, says govt official Business Standard Short Selling Currency: How to Short Forex CMC Markets Central bank sync puts foreign exchange market to sleep Financial Times Why online forex trading is not allowed under Islamic law New Straits Times How Forex trading works in India 2021 Star of Mysore Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency Department of Justice 10 frequently asked questions about Forex trading in India Augusta Free Press Investing in currencies Greater Kashmir How Do You Make Money Trading Currencies? Investopedia Currency Trading Platform Defintion Investopedia 9 Forex Trading Tips Investopedia
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