Forex Trading Plan Samples
This article is the second in a series that addresses building your trading business. Although the above elements are typically included in each trading plan, just about any decent trading plan will ultimately prove worthless if the trader lacks the discipline or ability to stick to it. Accordingly, having a strong commitment to maintaining trading discipline in the face of whatever the market throws at you could be considered one of the most essential elements to a trader’s success.
It helps you become more like a cool and calculated trading robot (your trading decisions and actions calibrated to the code” of the plan) instead of an egoistic, emotional, and stressed trader flying by the seat of his pants, making faulty, irrational judgments in the heat of the moment.
Like I said, you get what you pay for and when you pay only $25 for this book that is about all the true value that you will get for your money, which pails in comparison to the vast amount of information that you can pay for and also find for free if you take the time to turn over every stone on the internet that concerns forex trading.
Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.
Maybe the pair you’re trading has been losing momentum and consolidating for a while around a certain level, so you decide that you’ll hold on to your current positions but won’t open any new ones until a clear break of the consolidation back in the direction of the trend occurs.
You can either go buy a Multi-Thousand dollar platform which is set up to Auto-Trade…or you can wait to TradingView…1. Gets out of Beta Testing on Chart Trading…2. Implements Strategy capabilities…3. Implements IB as a Broker you can trade through.
This is the main purpose of writing this article to warn the Naive people who think Forex is like a Garden with trees growing Currency notes instead of leaves and all we need to do is to pick some leaves/money everyday and become Millionaires within a few months.