Why do you need a forex trading plan?

[toretton]

Hey guys, ma 4 reasons for having a trading journal r - 1) historical record ( it becomes ur personal performance data base and will show u such things like how successful u were, how often u traded, which currency pairs u traded etc 2) an instrument for planning
(it should also provide info on what ur plans r for each trade it allows u to consider each trade before u take it 3) methodology verification (u will be able to see just how well ur system performs in changing market conditions) 4) changing (u'll see what u need to change)

 

[toretton]

Plan is always needed in every sector of a business. Forex trading is definitely a business platform so you can not move here easily without making a proper plan. You do have your own trading plan, you will success for sure. Following my own trading plan, I made strategies according to my trading balance. So I can make profits so easily and my broker OctaFx always supports me most and help me win every time.

Does your broker help you with your trading plan?

 

[nalu]

A good trading plan is very necessary to every forex trader . Each trader should have a plan for each trade with pre-defined entry and stop target. With trading plan it help in keeping your emotion in check during trading session. To keep a trading plan you need to be discipline in order to strictly follow it.

 

[joescholz]

any business without a plan may not survive for long; likewise in forex trading a good trader should have a trading plan which should include; a clearly defined trading strategy, amount the trader is willing to risk for each trade; after the day trade journal , a long term balance for profit and los. This way you can keep go track of your process as you trade

 

[angle13]

we must put a part of money for investment. we will earn more money for our life. we can get more money in future. special. this is a way for rich man

 

[toretton]

to start trading without a trading plan it's like to cook without a recepie.. Like you can bake a pancakes without it, but you'd never cook smith really delicious nd serious..

 

[safitri]

to start trading without a trading plan it's like to cook without a recepie.. Like you can bake a pancakes without it, but you'd never cook smith really delicious nd serious..

Right sir,, all business need plans and good calculation. Its very improtant because you will be never to win without plan in forex trading..

 

[triplet]

Having a trading plan makes you organized and the plan can serve as a backup when needing to make quick decision so as to take advantage of opportunities when the need arises during trades. A trading plan helps the trader to trade with less emotional attachement and with confidence.

 

[Azforex]

Trading without a trading plan is like throwing stone to sky. A trading plan is a must to trade.

 

[JeffFX]

Good advice here! Going to plan my steps so that my emotions don't get the best of me...

 

[Karissa Graham]

Without a trading plan, this would be nearly impossible. Instead, you’d be a “cowboy trader“, shooting from the hip, trading by the seat of your pants, relying on your gut, guesses or signals from strangers. That ain’t trading – that’s gambling!

Whenever you trade, you’ll probably end up a nervous, emotional wreck, crying yourself to sleep as your rollercoaster account balance grinds at your psyche.

 

[Forex Grandeur]

Having a Forex trading plan is one of the most important pieces of the puzzle of becoming a consistently profitable Forex trader. Yet for many traders, creating a Forex trading plan can seem like something of a mystery, or perhaps something that they “will do eventually”…

 

[tolasforex]

Having a plan before trading forex is important for me. I want to base my target for profit in he planning made before.

 

[tolasforex]

Planning in forex trading is the direction for a trader going. having a good plan for traders will make him comfortable to trade and go to certain goal. In this case, I know where do i go.

 

[Fxpipper]

On the last post, the phrase "where do I go" stands for something else altogether..
Moving on, trading plans are essential for optimal trading, that's a given, but even more so when the trader stays with the plan and does not bail out on it on account of sudden nerves..

 

[duxingxia]

Normally good traders have their trading plan, it's very important to make sure trading follow the plan, and not affected by emotion.

 

[March]

Without any plan you won't see the difference between where you're now and where your direction is. Just a waste of time, I think.

Of course, it takes a lot of time to make up a good plan, especially if you'r a new in Forex. But as far as I remember, many brokers have that kind of trainings at their web-sites, FX Clearing, for example...

 

[tolasforex]

Trade your plan, and plan your trading. Planning is important as the guidance to overcome the challenge of forex and going to your success

 

[Forexaxe]

Let's just quickly take a look at the difference between a trading plan and a trading strategy. A trading strategy or a trading system is a set of rules by which your trading is governed e.g. a specific entry and exit strategy which you follow time and time again. A trading plan on the other hand, is where you define your trading goals e.g. Short term goal Medium term goal Long term goal. Short Term goal, for example: where do you want to be a year from now with your trading. Medium Term goal, maybe two years from now and for your Long Term goal, maybe 5 years from now.

 

[chief]

no trading plan, means we're not serious with these field of business. there's no mistaken why most rookie traders got wipe out at their first year. keep changing trading method without having proper trading knowledge, and end up saying forex trading aren't suitable for money making, it's just simply gambling method they said as further discreedit.