By: Jovan Vucetic
Forex currency trading is a zero sum game and those traders with a trading plan and the necessary discipline to stick to it will succeed over those that trade without one. If you want to be on the positive side of this game, start with your trading plan. Here is an example of what a Forex Trading Plan should look like:
Goal
My goal is to make 20 ticks or $200 per day over the 20 day trading period.
Market
My target market is the EUR/USD spot market. Trading style is day trading with all trades taking place between 8:30 am and 11:00 am on class days. On certain occasions I will attempt to start trading at 7:20 am due to the fact that a majority of economic data is released at 7:30 am CST. All positions will be closed at the end of class.
Research and Fundamentals
Each day before trading I will fill out a trading plan for the day. I will also research fundamental data related to the markets before I start trading. This is to get a market feel such as overall macro trends, world events, upcoming economic data. I will also look into technical data over the past several days to figure out what technical movement has been present.
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Goal
My goal is to make 20 ticks or $200 per day over the 20 day trading period.
Market
My target market is the EUR/USD spot market. Trading style is day trading with all trades taking place between 8:30 am and 11:00 am on class days. On certain occasions I will attempt to start trading at 7:20 am due to the fact that a majority of economic data is released at 7:30 am CST. All positions will be closed at the end of class.
Research and Fundamentals
Each day before trading I will fill out a trading plan for the day. I will also research fundamental data related to the markets before I start trading. This is to get a market feel such as overall macro trends, world events, upcoming economic data. I will also look into technical data over the past several days to figure out what technical movement has been present.
[Read full article]
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