The one thing all serious traders have is a Forex trading plan.
A trading plan ensures you have a set of rules for every part of your trading system or strategy.
To become a profitable trader you will need to create an edge over the market that makes sure after all your wins and losses you come out in front.
A trading plan will make sure you can create this edge and you are following the same rules every single trade, not just gambling and guessing.
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Table of Contents
Your trading plan does not need to be an elaborate or complicated document. It does however need to cover and go through all the rules of your trading system or strategy.
The best trading plans are often the simplest. The reason for that is because you want to have very clear-cut and simple trading rules that are easy to follow time and time again.
As we are about to go through in just a moment, you need to write down and plan out every part of your trading. This includes everything from the markets you trade, the times you trade them, how you trade them and what exactly your trading strategy looks like.
The more clear-cut and simple your trading plan is, the more you will benefit from it.
Also keep in mind that your trading plan is not something that will be set in stone. As you continue to get better as a trader and learn new strategies you will continue to update it. As the markets change and your personal style changes so will your plan continue to evolve.
The first thing you will need to think about when creating your trading plan is your overall trading outline.
What are your trading goals? What are you trying to achieve? And what is the main focus?
The reason these types of questions are important is because it will help you create a trading plan that is personalized for you and your trading style.
For example, are you a conservative trader who only wants to make the best trades and is happy with smaller profits?
Or, do you want to look for higher risk trades and are more suited to scalping the markets on the smaller time frames looking for bigger gains?
Below I have gone through an example Forex trading plan template that you can use to help create your own trading plan.
This template will help you think about the sort of questions and rules you need to create in your own trading plan.
You can also download a PDF of the trading plan template below.
NOTE: Get Your Free Trading Plan Templates Below.
