|
| |
 | |
|
|
Currency Trading Information Channel |
 |
|
|
| |
|
| |
|
|
Currency Trading Information Channel |
|
|
|
|
|
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 Fri. December / 08 / 2023CME launching a new spot currency trading platform Crain's Chicago Business GBP/USD Analysis: NFP, CPI, FOMC, BoE on the Horizon FOREX.com US FX: How to choose a liquidity provider Euromoney magazine Best Forex Brokers In December 2023 Bankrate.com USD/CAD Signal: Dollar Bounces Against Loonie DailyForex.com Iran's Chief Banker Denies Currency Crisis | Iran International ایران اینترنشنال HSBC Advances FX Trading Protection with Quantum Keys Finance Magnates What Is Forex Trading? Forbes Forex market daily volume 2001-2022 Statista USD/ILS: Return to Mid-Term Value and Trading Consolidation DailyForex.com Forex Trading for Beginners NerdWallet Stock market today: Asian shares are mostly up as weak jobs data back hopes for an end to rate hikes KCAU 9 CBM ends fixed exchange rate, permits sales at market rate Nation Thailand Cboe FX Outperforms in a Month of Mixed Currency Trading Results Finance Magnates How to Trade Forex Investopedia What is forex trading? USA TODAY Trader's Case Tests DOJ's Policing of Global Currency Market The Wall Street Journal December 07, 2023, Technical analysis of the GBP/USD DailyForex.com Stock market today: Global shares trade mostly lower ahead of updates on jobs, inflation Santa Maria Times Kickstart the trading day:Technical analysis unveils opportunities in top currency pairs - ForexLive CME launches new all-to-all spot FX marketplace The TRADE News Silver Forecast: Looks for the Bottom DailyForex.com How can blockchain platforms make currency trading cheaper? Financial Times December 07, 2023, Analysis of euro price against the dollar DailyForex.com Forex Today: Weak JOLTS Data Boosts Fed Rate Cut Hopes DailyForex.com BTC/USD Forex Signal: Has More Upside as FOMO Intensifies DailyForex.com Forex Today: Crude Oil Falls Strongly to 5-Month Low DailyForex.com NZD/USD: Short-Term Range Producing Choppy Trading Results DailyForex.com South Korea to Extend Forex Trading Hours Next Year The Wall Street Journal Trading Support and Resistance – USD/CAD DailyForex.com US Dollar Subdued on Jobs Data Miss TorFX News AUD/USD Forecast: Dances Around the 200-Day EMA DailyForex.com December 07, 2023, USD/JPY Analysis DailyForex.com Stock market today: Asian shares mostly fall as investors look ahead to economic data The Associated Press USD/CAD: Recent Move Higher and Near-Term Resistance Levels DailyForex.com Top 8 Most Tradable Currencies Worldwide Investopedia December 07, 2023. Gold Forecast and Analysis DailyForex.com USD/JPY: Near-Term Resistance Approached and Speculative DailyForex.com Forex Christmas Holiday Trading Hours & Schedule 2023 DailyForex.com Forex Account: What It Means and How It Works Investopedia The Dollar: The World's Reserve Currency Council on Foreign Relations U.S. dollar closes higher on Taipei forex market Focus Taiwan EUR/USD Forex Signal: May Be Arriving at Support DailyForex.com December 06, 2023, Analysis of euro price against the dollar DailyForex.com
|
