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Update Google ChromeAll the great conquerors we know of never went to war without a plan; neither should a great trader.
In creating a trading plan, make sure it answers four questions: What? Why? When? How?
Simple. Failing to plan is planning to fail. Remember, 90% of new traders don’t survive their first year of trading.
Contrary to popular belief, the end doesn’t justify the means. Let us explain why profiting despite deviating from your trading plan is still a loss.
Yeah, it may sound like a question on a Facebook quiz, but knowing yourself is critical in finding the right system.
Good goals should be specific and realistic. Why?
How much money can you trade with? Can you afford to lose all of it? You don’t want to risk what you can’t afford to lose!
Your time availability will determine your trading style. How much time per day can you dedicate to trading?
Figuring out what kind of returns you expect to make plays a role in determining what type of trading strategy you should implement.
Your pre-market routine is critical to your success as a trader. Think of it as a warm up before you start going after those pips!
What software, hardware, and other tools will you use for trading? Don’t forget to think of your backups as well.
Don’t plan to fail. Here are critical questions that you should have an answer to as part of your trading plan.
Your trading plan should be tailor-fit to your goals, risk tolerance, and lifestyle. Stick to it at all times!
No matter how good your trading plan is, it won’t work if you don’t follow it. Check out the benefits of having a trading plan.