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