Sample trading plan for Forex

The purpose of this article is to show you the sample trading plan for Forex.

First, experienced traders believe that Forex trading is a business and run it on business principles. So I will not only develop a Forex trading plan, but also follow my trading plan.

Second, many beginners think that day trading is easy to make money, but successful traders don't think so.

Third, many beginners think that they can earn 100% a year. In fact, it's impossible! For this reason, my trading goals earn 10% per year, stick the Forex trading plan, remain disciplined and avoid over trading.

Fourth, a large number of beginners never open a demo account and test their Forex trading strategy. So if you want to succeed in Forex, you would open a Forex demo account to practice with online Forex trading market.

At last, there are a lot of beginners never research new day trading strategies, review performance, work on goals and keep a day trading journal. However, when successful day traders aren't day trading, they are practicing, working out, studying their opponents and preparing for the next action.

Here is a sample trading plan for Forex

1. After demo trading, I think I like trading the USDJPY pair the most.
2. I will use 0.01 to 0.02 lots with $3000 
3. I'd like to use the grid trading strategies, so that I will pick a range-bound market.
4. what's more, I will decide the support level is at 110.52, resistance level is at 111.33 on the daily chart and the Average Direction Index is below 25.
5. Place a stop-loss order @ 109, and take profit target is @ 111.50

USDJPY daily chart from ctrader

The order book would look like this: 

• 27 March buy limit 0.01 @ 110.33
• 39 March close 0.01 @ 111.227

USDJPY weekly chart from ctrader

This article covers the sample trading plan for Forex.

Further reading: Why Can't I Follow My Trading Plans?

Forex trading checklist template

Best intraday trading techniques

In this article, I will show you the best intraday trading techniques.

First, every successful trader thinks that Intraday trading doesn't need to trade all the time. It is one of the day trading secrets.

All beginners want to make money right away. 

They never learn intraday trading strategies online.

They also forgot the intraday trading tips.

Second, I will build a day trading plan, a day trading checklist and trade with a demo account.

Some beginners will ignore the demo trading. In fact, a demo account is the best way for beginners to explore the MetaTrader 4, test the day trading systems and receive the trading experience.

Third, keep a intraday trading journal.

Some beginners just want to make money. In fact every successful intraday trader believes that keeping a trading journal can track trades and thoughts. Especially focus on concrete goals for improvement.

Here is an example:

EURAUD daily chart from ctrader

First, I will set up a grid on EURAUD, select the daily chart and use 0.01 to 0.02 lots for a $3000 account.

Second, EURAUD remains in downtrend from 1.6100 on the weekly chart. On the other hand, the support level is at 1.3750.

Now the ADX is below 20.

Finally, I will place a stop-loss order @ 1.4200.


The order book would look like this: 

• 2 March sell limit 0.01 @ 1.3770 (the worst entry points)
• 3 March sell limit 0.02 @ 1.3891
• 6 March sell limit 0.01 @ 1.3977
• 7 March close 0.01 @ 1.3891
• 10 March sell limit 0.01 @ 1.4076
• 13 March sell limit 0.01 @ 1.4169
• 13 March close 0.01 @ 1.4144
• 14 March close 0.01 @ 1.4071
• 20 March close 0.02 @ 1.3887
• 27 March close 0.01 @ 1.4200 (touch my stop price of 1.4200)

It is the failure. I can't pick the low-risk points and decide the S/R levels.

I think that keeping a day trading journal is the best intraday trading techniques.

Forex trading checklist template

Forex trading checklist is a simple and effective trading plan. You will be able to find the trading opportunity with it. Now I will show you the Forex trading checklist template.

Is the market trending or ranging?

Many beginners just want to make a lot of money in Forex trading. They never draw a trend line to identify the main trends on the daily chart.

A downtrend or an uptrend?

Many experienced traders use a 20-day moving average to determine the direction of the trend. 

What about the Average Directional Index indicator?

I think that Average Directional Index is the best trend strength indicator.

These first three questions on my forex trading checklist template help me to determine the direction of the trend. Keep in mind that the first step is to find the trend in forex.

Is there a support or resistance level?

If you found a horizontal support and resistance line, you would use a range trading strategy. For this reason, it is very important to price highs and lows. 

Are there any new releases from the Dailyfx Economic Calendar?

Sometimes the markets move so much after the a major news release. So, many veterans focus on the Dailyfx Economic Calendar.

Where is my stop-loss order?

Many beginners never think about the stop-loss orders. 

Where is my take profit order?

You should prepare for a stop-loss order as well as a take profit order

How about my leverage in forex trading?

Many experienced traders use low leverage. Personally, I use a leverage of 1:10.

Should I enter this Forex trade?

The Forex trading checklist is like a simple trading plan. If you wanted to succeed in forex, you would build a Forex trading checklist.

Here is a Forex trading checklist template:

EURADU weekly chart from ctrader

EURAUD daily chart from ctrader

Is the market trending or ranging?

• EURAUD remains in downtrend from 1.6100 on the weekly chart.
• On the daily chart, the EURAUD downtrend is ripe to continue as it touches the support levels.

What about the Average Direction Index indicator?

The Average Direction Index is below 20.

Is there a support or resistance level?

• The support level is at 1.3750 on the weekly chart.
• Resistance for EURAUD is at 1.4100 on the daily chart.

Are there any new releases from the Dailyfx Economic Calendar?

Check the Dailyfx Economic Calendar.

Where is my stop-loss order? Where is my take profit order?

• I will set the sell limit order 0.01 @ 1.41.
• Place a stop-loss order @ 1.4400, and take profit target is @ 1.3950

How about my leverage in Forex trading?

1:5

Should I enter this Forex trade?

Yes

My Forex trading checklist template can help you to find the forex trade entry points.

Further reading: Trading Support/Resistance levels

Online intraday trading training

Today my online Intraday trading training guide will help you to learn the Intraday trading strategy. It may take 10000-hour to read.

Because experienced traders think that success comes from hard work and execution. 

Therefore, if you want to be a successful day trader, you must spend 10000 hours to test the day trading strategies.

First, you have to choose the best stocks or currency pairs to day trade.

1. If you'd like to pick stocks for day trading, you should find the popular stocks like Apple or Google.
2. If you are a forex day trader, you should decide the 7 major currency pairs to trade.

Second, you have to choose the right currency pairs that fits your day trading strategy.

• If you have identified a trending market, you will use the moving average strategy.
• If there is a range-bound market, you will use the grid trading strategy.

Third, you should become a self taught successful day trader. For instance, you have to read the best day trading books and learn forex trading with babypips.

Fourth, many beginners never open a demo account and practice the day trading strategy. However, many experienced traders believe that trade with a demo account is the best way to learn Intraday trading strategy. 

• you must trade the same amount of capital in the forex demo account as will be traded in the live market. 
• you have to take forex demo trading seriously. 
• you should develop a solid, profitable day trading strategy while on demo trading.

Fifth, a lot of beginners just want to find a simple day trading strategy. But many experienced traders think Intraday trading is a business and run it on business principles. 

Sixth, experienced traders have been building a day trading plan and maintaining a day trading journal. They often review and analyze the trades constantly.

Seventh, even a day trader, you will read the daily chart.

Eighth, you should develop a checklist before day trading. It can help you find the best day trading entry and exit points.

Now this day trading diary summaries the reason for failure. It all comes down to one thing: I can't determine the best day trading entry point.

Here is the EUR/AUD daily chart:

EURAUD daily chart from ctrader

Without any doubt, EURAUD on the daily chart is in a downtrend. Therefore, I set the sell limit order @ 1.3770.

However, the weekly support level is 1.3750 on the chart. 

From the chart, this is the worst day trading entry point.

EURAUD weekly chart from ctrader

This is my Intraday trading training courses. Next I will teach you the day trading system secrets.

Further reading: Learn Forex: The ADX Indicator Is a Power Tool for Trading Trends

Best daily chart forex strategy

Many successful traders believe that identify the trend on the daily chart to be much easier than trading with 1 hour chart. Now I will show you the best daily chart forex strategy. 

First, Traders that are trading on a daily chart should be aware of the larger intraday swings of the market. They will need a significant amount of capital to begin. So I will deposit my forex live account with $100000.

Second, I will limit leverage and use smaller lot sizes. So that, I will use 0.01 to 0.02 lots with $3000.

what's more, I will decide the S/R levels and pick the low-risk entry points.

Here is a failure: I can't pick the low-risk points and decide the S/R levels.

The support level is 1.3750 on the weekly chart, but I set the sell limit order @ 1.3770.

EURAUD weekly chart from ctrader

The order book would look like this: 

• 2 March sell limit 0.01 @ 1.3770 (the worst entry points)
• 3 March sell limit 0.02 @ 1.3891
• 6 March sell limit 0.01 @ 1.3977
• 7 March close 0.01 @ 1.3891
• 10 March sell limit 0.01 @ 1.4076
• 13 March sell limit 0.01 @ 1.4169
• 13 March close 0.01 @ 1.4144
• 14 March close 0.01 @ 1.4071

Finally, the best daily chart forex strategy are deciding the S/R levels and remain the patient. Especially, I will pick the low-risk entries on the daily or weekly chart.

Intraday trading strategies for beginners

Today the article is about the Intraday trading strategies for beginners.

Many beginners suppose the Intraday trading can make a lot of money. However, Jesse Livermore believe that the trading is a business and run it on principles. 

First, I will treat Intraday trading like a business, avoid day trading mistakes and a big trading loss.

Second, I love my day trading business and want to improve my trading discipline and follow the trading plan.

Third, I will write an intraday trading plan, a day trading checklist and keep an intraday trading journal excel.

Fourth, I won't trade every day.

Fifth, I must find the right currency pair to match my day trading strategy.

It is especially important that I should choose my trading style to match my personality. Because I believe intraday trading may not suitable for all people. I must open a demo account and test my day trading systems.

Here I would like to use the grid trading system in day trading market. 

• I will write a day trading checklist and choose the right currency pair. Here I want to choose the best currency pair AUDUSD.
• I will select the perfect time frame for day trading. Here I want to use the 4-hour and one-hour chart.
• I am going to use the trend line to identify the main trend on the 4-hour chart.
• If the price could break out through the resistance line, I will open my first trade on the one-hour chart.
• My grid spacing is 40 pips
• My grid lot size is 0.02 lots
  
• When the price breaks through a trend line, I will close all positions on the Metatrader 4 platform
• I will use 0.01 to 0.02 lots for a $3000 account.
• I will only focus on one currency pair or one stock.
• I will open a demo account to test the intraday trading strategies

Here is what my intraday trading strategies looks like at entry:


If the price could break out through the resistance line, I will open my first trade on the one-hour chart.

If the current trend continues, I will add another 0.02 lots.


And then, when the price breaks through a trend line, I will close all positions on the Metatrader 4 platform

Intraday trading strategy for beginners

I think grid trading forex system can totally be used in day trading market. An important thing to understand is that you must write a day trading checklist and identify the main trend on the 4-hour chart.

More day trading video: Ways how to trade the Forex Grid system - an intro on how hedging trades 

Best Intraday trading strategies

Today I am going to show my best Intraday trading strategies.

Day trading is very hard to make consistent money. If you want to start day trading business, you will make some preparations for it. 

First, writing a day trading checklist

I think it's the most important of all tips on day trading

Successful day trader will build a checklist before every trade. They believe it can help him find best trading entries and exits. 

But a lot of beginners just trade with news or emotions, they would never observe a market's raw price action.

Therefore, you must use a forex trading checklist from this very day. 

Second, building a day trading plan

Do not be afraid to build a day trading plan. Many beginners would never build it. They suppose it's terribly involved.

Successful day trader will spend much time to make a detailed plan.

1. It can clear your day trading goals
2. It can clear your step daily trading routines
3. It can define your day trading entry and exit points
4. It can define your intraday trading strategies

Third, developing your own profitable Intraday trading strategy

You can get a lot of best Intraday trading strategies online. But, you should also ask yourself: are these day trading systems really fit for you?

I suppose the only way to create a successful Intraday trading strategy is to demo trading. 

This is my best forex Intraday trading strategy:

First, focusing on one currency pair the smart thing to do 


You can certainly check out 6 major currency pairs at once. But successful day trader will only choose one currency pair that fits his personality. Because he think it is the easiest way to keep track and trade. 

Second, identify the main trend on the 4 hour chart.

Many beginners just trade with emotions. They would never try to observe a market's raw price action. 

My first task is to write a day trading checklist and find entry and exit points. 

Third, I will use position sizing strategy

Beginners just take one position entry at a time. But top day traders will use grid trading strategy.

Well, you could also choose martingale trading system or pyramid trading system.

Fourth, I will keep a trading journal and review my forex trading performance. 

For example: I will ask myself a number of smaller questions.

• Why do I lose money?
• How to avoid losing money next time?
• Why do I make money?
• How to win consistently in forex trading?

At last, I will set up my own forex day trading blog. 

If you share your intraday trading strategies online, you will improve your trading performance. I believe only in this way can I become a self taught successful forex trader.

Forex trading system secrets

Today I will show you the Forex trading system secrets. We probably have 2 common forex trading problems.

1. If we just use the 20 day moving average strategy, we will can't make money in a range-bound market.
2. Once we only trade with the a forex range trading strategy, we will can't get on board a trend you missed.

What are my secrets to them?

Now I am going to reveal the millionaire forex trading secrets. I hope you must remember these currency trading tips.

First of all, we must ride the profit trend on the daily chart. So I will write a quick checklist before every trade. For instance:

1. Closing price
2. Horizontal support & resistance lines
3. Once ADX indicator gets above 25 then I will begine to see the beginning of a trend.
4. Below or above 20 exponential moving average
5. Below or above 50 exponential moving average
6. Below or above 100 exponential moving average
7. RSI (14) is used to identify overbought and oversold levels.

Second, I have to use the position sizing strategy.

A lot of novice traders are often to make use of a fixed lot size for all of their trades. It is infinitely too bad!

I often use the forex grid trading system, martingale trading system or pyramid trading system. I think they are the best money management system in forex.

Grid forex trading system

I decided to share my grid forex trading system secrets. 

First, now some beginners have a bias against the grid trading systems. For example, it will blow up the forex trading account rapidly. 

I do not think that is going to happen. It must be better than other forex currency trading system. Because we place multiple trades forming a grid pattern, instead of placing one trade


In fact, not only the forex grid trading, but also the rest of the forex trading strategies will blow up it.

Second, when to trade currency pairs, I realize some problems with it.

1. I will miss a forex trend on the daily chart.
2. I can’t deal with over trading.
3. I can’t follow the Forex trading plans.
4. I focus on too many currency pairs.
5. I will use the highest leverage.

Here are my secrets to my grid forex trading system

1. I will use multiple time frame analysis to find better entry and exit points.
2. I will use a trend line to identify the major trend on the daily chart.
3. I will stick to my forex trading business plan.
4. I only focus on one currency pair.
5. I am going to trade with very low leverage

More reading: why can't I follow my trading plans?

Developing a trading plan

Today I will show you the helpful tips for traders on developing a trading plan. As a trader, you need to have your own trading plan.

What are your trading strategy?

Setting your trading strategy is one of the most important steps in developing a trading plan. 

Many beginners do not know the trading strategy. On the one hand,they never start demo trading.

Now you have to start demo trading and get detailed analysis of your trading reports from MetaTrader 4. Therefore you can improve your trading strategy.

I like to use grid trading strategy. Many traders call it martingale strategy.

I believe that it needs huge capital. So I will pick the daily chart, focus on one currency pair and use 0.01 to 0.02 lots for a $3000 account.

For example I will set up a grid on USDJPY and select the daily chart.

The order book would look like this: 

• 22 September buy limit 0.01 @ 100.16
• 22 September buy limit 0.01 @ 100.11
• 22 September close 0.01 @ 100.5
• 22 September close 0.01 @ 100.70 
• 26 September buy limit 0.01 @ 100.82
• 27 September close 0.01 @ 100.85
• 3 October buy limit 0.01 @ 101.37
• 3 October close 0.01 @ 101.39
• 5 October buy limit 0.05 @ 103
• 5 October close 0.05 @ 103.04 (I am over-trading)
• 5 October buy limit 1 @ 103
• 5 October close 1 @ 103.02 (I am over-trading)
• 13 October buy limit 0.01 @ 103.77
• 13 October buy limit 0.01 @ 104.47
• 13 October buy limit 0.01 @ 104.1
• 14 October close 0.01 @ 104.1
• 14 October close 0.01 @ 104.18
• 26 October close 0.01 @ 104.55

What type of trader are you?

Many traders do not know what type of trader they are. Therefore you should start demo trading and get detailed analysis of your trading reports from MetaTrader 4.

I am a swing trader and hold trades for a few hours to a few days. Sometimes for a few weeks.

Therefore, what type of trader are you? Day-trader? Swing-trader?


What are your trading goals?

In fact, some successful trader will earn 10% per month. 

However my trading goals are earn 10% per year, stick the stock trading plan, remain disciplined, avoid over trading.

Many stock traders don't have sufficient cash in account. Therefore I will fund my trading account with $100000.

These are my tips for traders on developing a trading plan.