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Do you believe in using a Trading Plan?

Discussion in 'Beginners Bootcamp' started by FxMaster, Apr 6, 2015.

  1. JamesForexSlayer

    JamesForexSlayer Corporal

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    50% win rate
    2/1 risk to reward
    Retire :)
     
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  2. nahiyar

    nahiyar Private, 1st Class

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    It is right you have to change your plan when market is change but a planned trader can manage this thing because he knows the importance of disciplined trading. Actually a trader should be quite curious all about trading details he should do what is essential at this time. If he is planned he will see every detail ina way where he can successfully change and act upon any plan.
     
  3. walpants

    walpants Private, 1st Class

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    for me its very important, mine isnt perfected yet and still needs a lot of work but i need strict rules to keep me focused
     
  4. KatySalcido

    KatySalcido Recruit

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    I don't have a particular trading plan. I just attempt to apply Price Action patterns that I've learned whenever I can. Doesn't always work, of course, but it's been alright so far.
     
  5. JamesForexSlayer

    JamesForexSlayer Corporal

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    How long have you been doing this?
     
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  6. KatySalcido

    KatySalcido Recruit

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    With real money? Around a month. I'm trading on H4 timeframe on EUR/USD mostly, which is as vanilla as you can get. As of right now, I am 8% in the green. Could do better but I bailed during the last week's turmoil.
     
  7. kingsman

    kingsman Corporal

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    8% is good enough for a syart and you should focus on sustainability not going for more profit. You can increase your lot size and the profit will ultimately go up. Remember to focus on pips not money.
     
  8. JamesForexSlayer

    JamesForexSlayer Corporal

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    That is a great start.
     
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  9. MikeMike

    MikeMike Recruit

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    Trading plan is a must, imo.

    If you fail to plan, you plan to fail.
     
  10. JamesForexSlayer

    JamesForexSlayer Corporal

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    For sure
     
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