What is a Trading Plan?

The Forex Trading Market is a very big market. It is a 5.3 trillion dollar ($ 5 300 000 000 000) market, where a lot is happening during the week. There are a lot of pairs (p.e. USDCAD), crosses (GBPJPY) and exotic pairs. It is not possible to follow everything that is going on. Some trades will be going down, others up and some will just consolidate.

What is  Trading Plan? What to do, which pair to follow, when to enter, when to take profit and some important decisions are written in a Trading Plan. If you have never traded before this is impossible to do. So it is important to practice on a demo account. Try different pairs, strategies. Along the way, you get answers to fill up your Trading Plan. This is something very personal

The Trading Plan keeps you focused and on track. You need a good dose of discipline to keep up with it. I can say this from experience.

I will give you here an example of how a Trading Plan could look like.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Let me know if it works out for you. The best of luck.

Enjoy the pips!