To make a good trading plan

If you have a good plan and strategy you will find trading easier.

The only difference between a successful and unsuccessful trader is that one has a plan and the other does not. I once read somewhere that “Trading without a plan is nothing less than gambling” and I completely agree with it. A well-thought trading plan ensures a successful trade and it even helps you learn better through a demo account.

Williamfreed posted:
If you have a good plan and strategy you will find trading easier.

A good plan can make you rich in this market.

@SteveHanks With a good plan we also need proper execution of the plans. Without effective execution, a good plan is not a good plan.

Unellene posted:
without a good plan for work in forex, there is really nothing to do, but in principle, this is how you can talk about any occupation

Exactly some people come in and dont have a structure and literally hope for the best each day/week

@CraigMcG2020 yes they think they will open trade and it will make them profit. It does not need any skills and experience. That is the sad part of forex market.

1- Outline your motivation.
2- Decide how much time you can commit to trading.
3- Define your goals.
4- Choose a risk-reward ratio.
5- Decide how much capital you have for trading.
6- Assess your market knowledge.
7- Start a trading diary.

AliForexTalks posted:
1- Outline your motivation.
2- Decide how much time you can commit to trading.
3- Define your goals.
4- Choose a risk-reward ratio.
5- Decide how much capital you have for trading.
6- Assess your market knowledge.
7- Start a trading diary.

Of course, the subject needs to be maintained. We are all traders but some are profitable and some are a loss. What is the reason for this? The answer is if I want to say Proper Mindset and Plan can make me successful in trading.

Plan, discipline and mindset is important for trading. Without them, even a good strategy can not save a trader from losing.

UweMoench posted:
Plan, discipline and mindset is important for trading. Without them, even a good strategy can not save a trader from losing.

I agree with you, a good strategy and a disciplined trader can always make his trading profitable.

Strategy that has been back-tested for different time frames has the more probability of landing you on the ground of success.

According to me, a good trading plan with sufficient knowledge leads to more profitable results.

@CocoChannel Yes plan and enough knowledge is important but probably not enough as psychology plays a big part in trading. We need a good trading mindset as well.

UweMoench posted:
Plan, discipline and mindset is important for trading. Without them, even a good strategy can not save a trader from losing.

It is not possible to secure investment without a plan. A trader needs to coordinate his plan and discipline.

Trading plan should be as objective as it is possible and it should also include the objectives, risks and hedging.

To make a good trading plan, you should have certain opinion and vision on forex. It is next to impossible to make a trading plan if you don't know anything about the market and trading and about yourself. You should know what you are good at and what your personality is. After it you have to combine certain requirements and your skills in order to make trading plan which will bring you profits.