CHAPTER 7 - LESSON 1
Developing a trading plan is an important part of your trading journey. A trading plan is a comprehensive guide that outlines your trading goals, strategies, risk management rules, and other important factors that will guide your trading decisions.
Below are some key elements to include in your trading plan:
Your trading goals should be specific, measurable, achievable, relevant, and time-bound.
• For example, your goal may be to earn a certain amount of profit within a specified period of time.
Your trading plan should include a description of your trading strategies, such as the indicators and tools you will use to analyze the market and make trading decisions.
Your trading plan should involve a description of your risk management strategies, such as your stop loss and take profit levels, position sizing rules, and other risk management techniques.
Your trading plan might include a schedule for when you will trade and how long you will hold your trades.
Your trading plan should include a trading journal that allows you to track your trading performance, including your profits and losses, and to analyze your trading strategies and performance over time.
By developing a comprehensive trading plan, you will increase your chances of success in the forex market. Your trading plan should guide your trading decisions and help you to stay disciplined and focused on your goals.
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