moonchild
VIP Contributor
As someone who has been trading in the forex market for 2 years now, I'm here to share with you some key elements of a trading plan in forex trading. if you follow these elements, you can have a structured approach to trading and losses will not make you lose motivation at all.
The first and most important element of a trading plan is to define your trading goals. what do you want to achieve through forex trading? Do you want to make short-term gains or long-term profits? you want to buy a fast car, or you want to be free financially, your goals should be realistic and specific, so that you can measure your progress towards achieving them.
After you have identified your trading goals, the next step is to develop a trading strategy that aligns with them. your strategy should include details such as the currency pairs you will be trading, the less is better, the timeframes you will be using, and the indicators and tools you will be using to analyze the market if there is any.
Then the last one is keeping a trading journal, you should record details such as the currency pair traded, the entry and exit points and the time you take the trade, and the reasons for taking the trade.
The first and most important element of a trading plan is to define your trading goals. what do you want to achieve through forex trading? Do you want to make short-term gains or long-term profits? you want to buy a fast car, or you want to be free financially, your goals should be realistic and specific, so that you can measure your progress towards achieving them.
After you have identified your trading goals, the next step is to develop a trading strategy that aligns with them. your strategy should include details such as the currency pairs you will be trading, the less is better, the timeframes you will be using, and the indicators and tools you will be using to analyze the market if there is any.
Then the last one is keeping a trading journal, you should record details such as the currency pair traded, the entry and exit points and the time you take the trade, and the reasons for taking the trade.
