Best Forex trading plan

If you want to make extra money, you have to build a Forex trading plan. Now I will demonstrate a best Forex trading plan.

First, which currency pairs to trade? 

• There are so many different currency pairs to trade. For instance, the Majors and Cross currency pairs.
• Trend following strategy is obvious in the major currency pairs.
• If you are going to use the buy low and sell high strategy, you have to select the cross currency pairs
• It is said that many experienced traders trade only one pair. Therefore, I just focus only on trading AUDUSD.

Second, what are realistic Forex trading goals for you? Many beginners just want to make a lot of money in Forex trading. They have not set the realistic profit targets. Now I want to set a monthly goal about 5%.

Third, excessive leverage can destroy trading capital. So I am going to open a Forex account with $6000 at 10:1 leverage.

Fourth, beginners always use all of the money in Forex trading. So I will use 0.01 to 0.02 lots for a $3000.

Fifth, novice traders never identify the general trend on the weekly and daily chart. So I will build a checklist before trading Forex.

Sixth, what is your Forex trading strategy?

• I will use a trend line to determine the dominant trend on the weekly chart.
• Use the time frame analysis to find the entry and exit points
• Once I have identified a trending market on the weekly chart, I will use the moving average strategy on the daily chart.
• If a trend is not present on the weekly chart, I will use the buy low and sell high strategy.

Seventh, veteran traders take demo trading more seriously, they think they can learn the necessary lessons before live trading. Therefore, I am going to open a demo account and practice the Forex trading strategy. 

Eighth, many beginners never develop a Forex trading plan and journal. But a Forex trading journal will build the discipline, improve the trading performance and self coach. So I will keep a track record of Forex trading.

"Fail to plan and you plan to fail". Now you have to also create a best Forex trading plan.

Having a best Forex trading plan is very important