THE ForexTrading Knowledge Trading Plan

The first thing you need to do before you start a business is to have a Business Plan . In this case, it is called a Forex Trading Plan. Now, with your goal set, you have to break down this goal into smaller components of actions that will lead to achieving your goal eventually.

This is the place to set your Goals that you want to achieve. Be as specific as possible while being not to easily or impossible to achieve. Set yourself a goal that is challenging to you without it being too big a goal.

You will also need a measure of what actions are right and which are mistakes. Without such a standardized and formalized measure, you will always think all your actions are right, even when you are losing money! That’s the default optimistic human nature in control.

This is your action plan. Be detail and realistic. If you are working full-time and you can’t always look at the market every minute, don’t put an action that requires you to monitor your trading positions every moment.