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Forex Trading - Is all about plan

Discussion in 'General Forex Talk' started by forexdiscussion.net, Mar 28, 2010.

  1. forexdiscussion.net

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    Do you know that 70% of success is due to planning?

    I think the best method of planning around is by using PDCA ( Plan, Do, Check and Analyse ) and I implemented this on my forex trading.

    Below I would like to share the system that I using and it is working good so far.

    [​IMG]

    Three main sytem in this Forex Trading Plan consist of,

    1. Forex Trading System
    2. Money Management System
    3. Emotional Management System

    and all this systems must have set of rules that become the checklist to be fulfill before the trade can be execute. This is the P ( Plan ) part of the trading plan.

    Once all the condition in the checklist is fulfill only than the trade can take place and this bring us to the D ( Do ) part.

    The outcome of you trade execution definitely to be either you make profit or loss and this is the C ( Check ) part of the plan. All trading result have to be recorded in the trading log as a referrence for you to perform the A ( Analyse ) part of the plan and further improvement of the plan.

    Maybe it sound too complicated especially for the forex newbie but once you learn about it and practise it through a strong discipline, you will fall in love with it. Practise make perfect and in forex trading world you can never stop learning.

    Forexdiscussion.net - Your Community For Forex Success
     
  2. Awais Rasheed

    Awais Rasheed Private, 1st Class

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    You are probably right, either its forex or any other business in the world, everything depends upon proper planning. Also I'll add to it that for any business proper management and sufficient funding is also required. Forex is not different from other businesses around.
     

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