A home run means creating a forex trading plan that will help you win. If you are serious about your trading and want to earn profits than you must be willing to do what is necessary to get the desired result. The first thing that you must do is create a trading plan. Forex trading is a business and you must treat it as a business. Ask a management professional what is the first thing any good businesses have, a business plan. This step is non negotiable it must be done to ensure success. Than why do so many traders say ‘Huh’ when I ask them about their plan?
That is the purpose of this article to educate traders on how to create a winning plan. First you have to determine what is going to be in your plan, here is the basics:
* Rules that must be followed
* It must not be in your head it has to be in writing(if it is in your head it is a fantasy not a plan)
* Purpose of the plan
* Find a winning system and Strategy (this part sounds hard but it’s not) the hard part is following the winning system
* Write your mindset (For Example: I will be a winner and I will follow my plan)
* Write your goals (trade for a living)
* Trading Journal( I use a spread sheet)
* Proper risk and money management
Those are the basics of how to create a winning trading plan. The most difficult part is following the plan and following all the rules for the plan. Please comment on what you use for your personal trading plan so I can learn more about trading plans from other traders.
For an example of a good trading plan.
