To make a good trading plan

To make a good trading plan we need to know our strength and weakness. A trading plan should be based on strength. Most people ignore their weakness and try to trade in all kind of situation. It's not good.

A good trading plan works only when you follow it properly from beginning to end. It won’t help you make any profits if you don’t stick to it.

Good trading plan will ensure you a good return when it comes to strategy and profit, but you are not free from risk as sometimes planning can fail due to the volatility of the forex market.

to make a good trading plan one should be full of confidence but also aware of the weakness to ensure and avoid mistakes.

That is right. Making a detailed analysis of your strength and weakness is important for trading.

Identifying strength and weakness is as important as trading. Every trader should know what their weaknesses are so that they can work on them and get better.

The first thing to note is that writing a plan for Forex is based on market analysis for the allotted time interval using fundamental and technical analysis.

But what constitute a good trading plan?

Finding out the strength and weakness can be quite beneficial for a trader and they can successfully make a trading plan based on that.

cardigan posted:
But what constitute a good trading plan?

A trading plan must include how a trader will find and execute trades. It must also be clear in what conditions they will buy and sell securities, the position size they will take, and other rules like when to trade and when not to. As simple as that!

leahmclaughlin posted:

cardigan posted:
But what constitute a good trading plan?

A trading plan must include how a trader will find and execute trades. It must also be clear in what conditions they will buy and sell securities, the position size they will take, and other rules like when to trade and when not to. As simple as that!

Along with all this, risk management and money management should also be a part of a trader’s plan.

Demo account is the best place to make a trading plan. Plan is important to make consistent profit.

sailingconsist posted:

leahmclaughlin posted:

cardigan posted:
But what constitute a good trading plan?

A trading plan must include how a trader will find and execute trades. It must also be clear in what conditions they will buy and sell securities, the position size they will take, and other rules like when to trade and when not to. As simple as that!

Along with all this, risk management and money management should also be a part of a trader’s plan.

100% true! From skill assessment and mental preparation to setting goals and trade preparation, there are so many things that you will have to consider when building a winning trading plan.

The trading plan should consist of proper risk and money management strategies in the trading market.

most of the time i losses during news , may be its my lack of fundamental knowledge, actually without real powerful fundamental knowledge there is no way to bring profit during news at all.

Where there is a 95% chance of making a profit, it can never be a gamble. There is no possibility of gambling. It is possible to make a profit by gaining proper knowledge in forex trading. Forex is not gambling, trading is done by analysis here. It is possible to maintain the risk with stop loss after analysis.

I have seen many expert consider scalping as a risky strategy. I am not willing to consider scalping as a risk for the newcomers, if the newcomers want to get maximal result by scalping with certainly they have to make sure first of all the currency pair which has lowest trading spreads, otherwise it can be a great risky

I do not understand what is meant when you say weakness. Are these errors in the trading system or lack of any knowledge? We need to figure out what these weaknesses can be connected with, because it is impossible to ignore them.
You can build your trading using only your strengths, but be prepared for the market to exploit all your weaknesses tomorrow.

Of course, lessons should be learned from mistakes to strengthen weaknesses. If I make the same mistake again and again, I will not get a good profit by trading.