Whether trading stocks, forex or futures, you have to develop a trading plan. It helps you clear trading goals, develop the trading strategies, and define your trading activity. Now I will display a trading plan template.
First of all, why are you trading? Rookies just want to earn extra income. However, I am going to learn how to trade Forex and how to track my trading performance.
Second, some veteran traders can get a 10% monthly return in Forex trading. So I want to make the monthly goals about 10%.
Third, what is a Forex trader's morning routine?
Fifth, how to build your trading strategies? I will use the moving average crossover strategy and the grid trading strategy.
First of all, why are you trading? Rookies just want to earn extra income. However, I am going to learn how to trade Forex and how to track my trading performance.
Second, some veteran traders can get a 10% monthly return in Forex trading. So I want to make the monthly goals about 10%.
Third, what is a Forex trader's morning routine?
- I will set a Forex trading checklist at 7:50.
- I will review the Forex trading plan and diary at 8:15. It helps in reaching an optimal mental state.
- At last, I will clean the Forex trading room at 8:30.
Fifth, how to build your trading strategies? I will use the moving average crossover strategy and the grid trading strategy.
- I will use time frame analysis to find the entry and exit points
- use a trend line to identify the dominant trend on the weekly chart
- If I had identified the direction of the trend, I will trade with the moving average strategy on the daily chart.
- If prices are bound between support and resistance levels, I will use the RSI indicator on the daily chart.
Sixth, What time frames will you trade?
- I will check out the weekly chart. It will help me determine the overall trend
- I will look at the daily chart and spot an entry point.
Seventh, I should try to avoid large losses. So I will open a demo account and practice my futures trading strategy.
Eighth, I will open a trading account with $20000. But I just use a small percentage of it. For example, 30%-40%. I will never risk more than 10% per trade.
Ninth, how to keep a trading journal? I think it is important to keep a trading journal. So I will update it every evening.
At last, there is an old saying: "plan your trade and trade your plan". So if you don't create a trading plan, you will not make more money as a trader. Now you have to write a trading plan.
Eighth, I will open a trading account with $20000. But I just use a small percentage of it. For example, 30%-40%. I will never risk more than 10% per trade.
Ninth, how to keep a trading journal? I think it is important to keep a trading journal. So I will update it every evening.
At last, there is an old saying: "plan your trade and trade your plan". So if you don't create a trading plan, you will not make more money as a trader. Now you have to write a trading plan.
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