Currency Trading Information Channel
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 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 Sat. March / 06 / 2021
FOREX.com Review 2021: Fees, Services and More Yahoo Finance
Forex Trading – How Do I begin? - NuWireInvestor NuWire Investor
Which Are the Basic Forex Trading Styles? NameCoinNews
What is the Interbank Market? Investment U
IG Review 2021: Fees, Services and More Yahoo Finance
How to Trade Commodity Currencies in Forex Trading Moneyshow.com
2 crypto currency trading platforms shut down by New York Attorney General WWTI - InformNNY.com
3 Simple Forex Trading Strategies Mighty Gadget
EUR/USD Forex Signal: Trading Sideways DailyForex.com
What Is Forex Trading? Forbes
We estimate NFP rose to 225K, unchanged Unemployment Rate of 6.3% in February – Goldman Sachs - Forex Crunch
We estimate NFP rose to 225K, unchanged Unemployment Rate of 6.3% in February – Goldman Sachs Forex Crunch
How to increase consistency in making money doing Forex Trading Australian Times
Forex Weekly Look Back: PrimeXM February trading volume reaches $909.89 billion, Refinitiv and MarketsMojo pair up to expand global reach - Leaprate Forex Trading News
Forex Weekly Look Back: PrimeXM February trading volume reaches $909.89 billion, Refinitiv and MarketsMojo pair up to expand global reach Leaprate Forex Trading News
Trading Forex For Living – is it for real? TechFinancials
GBPEUR Trades at 1.16 as Markets Fear Bonds Again Pound Sterling Forecast
The Analytical Overview Of The Main Currency Pairs Action Forex
GBP/EUR: Pound Holds €1.16 Currency Live
Central bank, police officials warn against investment in forex trading floors - http://en.vietnamplus.vn/
Central bank, police officials warn against investment in forex trading floors http://en.vietnamplus.vn/
You Can Earn 6%, 8%, Even 12% on a Bitcoin ‘Savings Account’—Yeah, Right The Wall Street Journal
USD/PKR: Rupee Weakens Amid Political Uncertainty Currency Live
The 6 Best Online Forex Trading Classes of 2021 Investopedia
Daily market commentary: Gold is still suffering against the strength of the greenback - Leaprate Forex Trading News
Daily market commentary: Gold is still suffering against the strength of the greenback Leaprate Forex Trading News
Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money
USD Gains Ahead Of The US Employment Report Action Forex
Next Forex Trading Terms You Need to Know Before Trading North Forty News
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors - Fortune
Inside the weird new world of social ‘forex’ trading—where you sign up friends, and some report risky red flags for investors Fortune
Forex Market: Unlocking Opportunities for Investors Visual Capitalist
A Forex Trading Guide For Beginners | Sponsored | state-journal.com State-Journal.com
Making Money By Forex Trading The FINANCIAL
Everything To Know About Getting Into Forex Trading GQ Australia
Best online brokers for forex trading in March 2021 Bankrate.com
Facts You Need To Know About Forex Trading Forbes India
How to Trade Forex? - A Guide to Forex Trading in 2021 DailyForex.com
Focus Remains On Yields Ahead Of US Jobs Report Action Forex
A guide to forex trading instruments - Boca Raton's Most Reliable News Source - The Boca Raton Tribune
A guide to forex trading instruments - Boca Raton's Most Reliable News Source The Boca Raton Tribune
10 reasons to trade forex - ForexLive ForexLive
What You Should Know About Forex Trading Signals - Robotics and Automation News - Robotics and Automation News
What You Should Know About Forex Trading Signals - Robotics and Automation News Robotics and Automation News