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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 Mon. November / 28 / 2022What is FX trading? MoneyWeek Forex Trading Tips: Currency Trading Tips for Beginners The Online Citizen Asia FOREX-Currency trading in a spin after Polish explosion Yahoo Finance Top 6 Forex trading companies for 2022 Business Insider Africa Forex Trading: 4 Things To Know Before Trading Murcia Today Weekly Forex Forecast – GBP/USD, EUR/USD DailyForex.com Forex Trading vs. Stock Trading: What’s the Difference? BOSS Magazine GBP/USD Forex Signal: Pullback to 1.2000 Highly Likely DailyForex.com Majority Stocks in NASDAQ are Trading -10% Below Their 200 DMA Investing.com India Japan shares lower at close of trade; Nikkei 225 down 0.43% Investing.com India 24 Exchange hits currency trading milestone Royal Gazette Advantages In Titan Fx Forex Trading My MMA News.com Who Controls The Forex Market DailyForex.com Rupee Stayed In Range As Policymaker Agreed To Slow The Pace Of Interest Rate Hike Investing.com India Rupee vs US Dollar Today: Rupee slips 6 paise to 81.77 against US dollar The Indian Express EUR/USD: Weekly Forecast 27th November – 3rd December DailyForex.com Asian shares mixed as investors eye Tokyo inflation data WJXT News4JAX Amazon now shuts wholesale distribution biz in India Investing.com India BTC/USD Forex Signal: Brief Rebound Likely DailyForex.com Vivo fined Rs 25 lakhs for violating GRAP rules Investing.com India PMK wants TN Guv's assent to bill banning online gambling bill Investing.com India SBI Chairman on the Bank's Record High Profit & Broking Houses' Praises Investing.com India 10 Best Forex Brokers in 2022: Top 10 FX Trading Platform Reviewed and Ranked ABC Action News Tampa Bay Reference exchange rate down 2 VND at week’s beginning http://en.vietnamplus.vn/ The Most Popular Ways To Trade Forex And Earn Good Money Drift Travel Magazine Basics of Forex Trading – Part 1 Yahoo Finance What is Forex Trading? A Beginner's Guide for [cur_year] Business 2 Community TR Is Forex Trading Profitable? Beginner's Guide for November 2022 Business 2 Community TR Volatility Spells Opportunity in the Currency Trading Market Legacy Research Group What Is Forex Trading? Finance Monthly Asian benchmarks mostly decline amid lingering China worries The San Diego Union-Tribune 9 Best Forex Trading Apps for November 2022 Business 2 Community TR What Are the 4 Types of Forex Traders? Which One Are You? DailyForex.com Best Pairs to Trade in Forex in November 2022 Business 2 Community TR Forex vs crypto: what are the differences? IG International What are the Pros and Cons of Forex Trading? RealtyBizNews Can You Make Money Trading Forex? Finance Monthly China's Yuan Surges in Global Currency-Trading Rankings The Wall Street Journal Federal Court Orders Texas Fraudulent Forex Trader and His Company to Pay Over $940,000 | CFTC Commodity Futures Trading Commission Bank of America Grows its Global Foreign Exchange and Emerging Markets Macro Trading Team Bank of America Newsroom How to Know Which Currency Pair to Trade Startup.info What is forex trading and how does it work? The European Sting Moscow Limits Foreign-Currency Trading to Shore Up Struggling Ruble The Wall Street Journal Forex vs. Crypto Yahoo Finance What are the Benefits of Currency Trading for Corporate Leaders? Analytics Insight 10 Best Automated Forex Trading Software in November 2022 Business 2 Community TR AI: 9 Benefits of Trading Forex Global Trade Magazine Currency trading in overdrive with dollar at highest level in two decades (NYSEARCA:UUP) Seeking Alpha Forex (Foreign Exchange) Explained | U.S. News U.S News & World Report Money Forex Trading TD Ameritrade Two Men Plead Guilty in $30 Million Foreign Exchange Fraud Scheme Department of Justice Major Forex Currency Pairs - The Most Traded Currency Pairs DailyForex.com How to Trade Currencies, Avoid Forex Trading Scams U.S News & World Report Money Why currency trading involves major risks Nairametrics How to Trade Forex with $100 Yahoo Finance
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