How to set your trading plan?
Melle:
Planning is useless without following it. It is important to follow your trading plan to be able to control the risk involved in trading currency.
Planning is useless without following it. It is important to follow your trading plan to be able to control the risk involved in trading currency.
A trading plan should include, but is not limited, to the following:
1. A daily trading routine
2. Sources for market news and events for an overall market view, to form a fundamental analysis
3. Chart time frame for analysis and time frame for entries and exits, to form a technical analysis
4. Entry and exit criteria
5. Market conditions to trade in, e.g., trending market, ranging market, significant news events
6. Trading strategies for the above market conditions
7. Currency pairs to trade and pairs to avoid
8. Market conditions to stop trading
9. Mental conditions to stop trading
10. Amount to risk per trade – i.e., money management
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Planning is useless without following it. It is important to follow your trading plan to be able to control the risk involved in trading currency.