How do I develop a Forex trading plan and how do I evaluate my performance as a trader?

[jelousgal]

Developing a Forex trading plan and evaluating your performance as a trader are essential activities that can help you achieve success in the Forex market How can one achieve them?

 

[Enivid]

Reading, watching, learning, practicing, backtesting, and forward-testing - these all are necessary steps to develop your trading plan. You will be able to track your performance with a trading journal you keep and account reports from your platform.

 

[AlexOZ]

Do some google searching on that topic. But it is essential and needs to be tested before risking real money. Also once in place stick to it and expect losses (even consecutive) without panicking and fiddling with it. I'm assuming you will have a very strict risk management setting for all your trades (with something like 1% of your account balance risked on a trade). Best of luck

 

[CallahanSinclair]

For making a trading plan you must define your goal, choose a trading style, set a risk for your trades, and also by keeping a trading journal and review it regularly analyze your trades.

 

[NatureGirl]

you need to set clear goals choose Ur strategy use technical and fundamental analyses, risk management and entry and exit criteria. its way more than a single paragraph

 

[jelousgal]

Thanks you all for the perfect replies, I was not expecting so many people that are willing to help, god bless you all.

 

[Zerologic]

It takes a process to build a profitable trading strategy in forex, what is important in my opinion is more practice recording the results and evaluating, correcting what is not good, and being patient in the process.

 

[NoShowBrooks]

Make a trading journal and analyze there.

 

[ChelseaR]

Honestly, keeping it simple works best for me. I keep a few things in mind while curating a trading plan - what pairs I trade, what setups am I looking for, and my risk per trade (I stick to 1-2%). I just write all these down and stick to it, no matter what!
I journal every trade in detail - entry, exit, what went wrong, and how was I feeling during the trade. This is not just to take notes of my profits but I really get to see and improve my strategies.

 

[David79]

Honestly, keeping it simple works best for me. I keep a few things in mind while curating a trading plan - what pairs I trade, what setups am I looking for, and my risk per trade (I stick to 1-2%). I just write all these down and stick to it, no matter what!
I journal every trade in detail - entry, exit, what went wrong, and how was I feeling during the trade. This is not just to take notes of my profits but I really get to see and improve my strategies.

Interesting! I feel journaling really helps too majorly in spotting patterns and improve by time. Do you ever revisit you journal for insights?