All the great conquerors we know of never went to war without a plan; neither should a great trader.
What is a Trading Plan?
In creating a trading plan, make sure it answers four questions: What? Why? When? How?
Why Do Forex Traders Need A Trading Plan?
Simple. Failing to plan is planning to fail. Remember, 90% of new traders don’t survive their first year of trading.
Why Trading Discipline is the Key to Consistent Profitability
Contrary to popular belief, the end doesn’t justify the means. Let us explain why profiting despite deviating from your trading plan is still a loss.
How To Find A Trading Style That Suits Your Personality
Yeah, it may sound like a question on a Facebook quiz, but knowing yourself is critical in finding the right system.
What is Your Motivation to Be a Forex Trader?
Good goals should be specific and realistic. Why?
What Is Your Risk Capital? How Much Money Can You Afford To Lose?
How much money can you trade with? Can you afford to lose all of it? You don’t want to risk what you can’t afford to lose!
How Much Time Can You Dedicate To Forex Trading?
Your time availability will determine your trading style. How much time per day can you dedicate to trading?
Which Kind Of Returns Do You Expect To Make From Forex Trading?
Figuring out what kind of returns you expect to make plays a role in determining what type of trading strategy you should implement.
What Is Your Daily Pre-Trading Routine?
Your pre-market routine is critical to your success as a trader. Think of it as a warm up before you start going after those pips!
What Forex Trading Software, Hardware, And Other Tools Will You Use?
What software, hardware, and other tools will you use for trading? Don’t forget to think of your backups as well.
21 Questions You Should Answer In Your Trading Plan
Don’t plan to fail. Here are critical questions that you should have an answer to as part of your trading plan.
Stick With Your Trading Plan
Your trading plan should be tailor-fit to your goals, risk tolerance, and lifestyle. Stick to it at all times!
Summary: Developing a Trading Plan
No matter how good your trading plan is, it won’t work if you don’t follow it. Check out the benefits of having a trading plan.
