Every successful trader has a plan in place to help guide their trading approach.
A trading plan should include, but is not limited, to the following:
1. A daily trading routine
2. Sources for market news and events for an overall market view, to form a fundamental analysis
3. Chart time frame for analysis and time frame for entries and exits, to form a technical analysis
4. Entry and exit criteria
5. Market conditions to trade in, e.g., trending market, ranging market, significant news events
6. Trading strategies for the above market conditions
7. Currency pairs to trade and pairs to avoid
8. Market conditions to stop trading
9. Mental conditions to stop trading
10. Amount to risk per trade – i.e., money management
The best way to learn to trade is to have a mentor who has walked your path before. I strongly recommend engaging our coaches through our FXPRIMUS Coach program. This will shorten your learning curve and put you on track to your first trade.
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