Global Easy Forex's Forum - 外汇论坛 - منتدى فوركس
General Category => General Discussion => Topic started by: ShorleyCel on October 03, 2023, 01:46:59 PM
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Why you should create a trading plan
Many Forex traders are guilty of being too eager to start trading right away without having a clear plan beforehand. As the old cliché goes, "failure to prepare is preparation to fail..." and Forex trading is no different.
You can think of your Forex trading plan as a set of rules to follow when you trade and how you will apply them. Defining these rules in advance and writing them down will help you stick to them when you start trading. Here are some questions to ask yourself as you create your plan:
What are your business goals?
What is your trading style?
How much time will you spend trading each day?
What will determine your market entry and exit?
How much can you afford to risk?
Creating a trading plan can help you prevent overtrading, which can lead to a lack of concentration and reckless trades. As you develop your trading plan, set a maximum number of trades you will make per day or week.