You need a trading plan to be successfull in trading

[fai�al]

yes thats right, i think you need to set a clear plan and discipline with it before you start trade with your real money, you took also the best signal important and dont enter until you see the signal from the indicator that you are following it

[khaled6969]

Plan some of which are successful and can be profitable for the circulation of foreign currency and the other a failure until you know try it on demo account

[shankar_saha]

yes it's the primary and foremost issue in forex established your plans and methods .a forex trader while not a concept is like ship while not radar going nowhere.set your goals massive or little doesn't matter.

[cozard007]

Sure, it is a sure thing to gets the bets out of the forex market through planning and the like, by planning well, you will be able to trade and adopts nice account mangement.

[abdulahi]

yes all forex trader need a trading plan to be successfull in forex trading surd know you plan ,before the market start be a good analyzes the market surd know where entry place, take profit and stop loss

[Bankmen]

Who make money in forex trading might exist, I do not really know about things like that, but what I know is that traders may make profit and can be said that the merchant is already making money in this trade.

[ripon4x]

Yes for sure, Some people think platform is just a short cut to get rich quickly. But without a plan, you will hardly find a successful trader in this field. You need to have a pretty good plan of money management and of your strategy.

[digger_jim]

Having a Forex trading plan is one of the most important pieces of the puzzle of becoming a consistently profitable Forex trader. Yet for many traders, creating a Forex trading plan can seem like something of a mystery, or perhaps something that they “will do eventually”…

It is this lazy type of thinking that gets many traders into trouble and causes them to blow out trading accounts. Success in the markets is a function of discipline, and most people simply do not have enough self-discipline to determine if they are trading emotionally or objectively. This is where having a defined forex trading plan comes in; a trading plan will act as a guide which will keep you on the disciplined trading path.

Having a written out pre-defined trading plan means you are making an effort to hold yourself accountable to something, this is necessary to forex trading success because there is no one to be accountable to as a trader. You have only yourself to be accountable to when trading the markets and it can be extremely difficult to do the BEST THING FOR YOUR TRADING ACCOUNT when it goes against everything you FEEL like you want to do. This is the entire point of having a forex trading plan; to have a physical reminder of what the best thing for your trading account is at any given time…

The more you push and struggle by over-analyzing market variables the more your trading account is going to suffer, this is one of the biggest psychological paradoxes and hurdles that traders need to overcome before they can realize their full potential as market technicians. This fact is directly related to the concept that patience in Forex trading is rewarded by the market. Patience is one of the best and most important virtues that any forex trader can have. Being patient and waiting for only the “best” price action setups will greatly improve not only your win rate but also your confidence, because when you are trading with a high accuracy you are naturally going to boost your confidence.

This is all well and fine as long as you can manage to maintain your patience as your winning percentage improves. This may seem a bit counter-intuitive at first but it actually is one of the biggest reasons that many traders fail to make money consistently and end up repeating the same cycle of boom and bust in the market. The psychology behind this process revolves around the feeling of euphoria or over-confidence that often hits traders as they become more accurate in their trades, which is almost always a result of having patience long enough to wait for a string of high-quality setups.

Being able to recognize this feeling of euphoria or over-confidence and calmly and consciously over-ride it by walking away from your trade station for a period of time is the best medicine to fix this emotional trading mistake that so many traders make. There are a number of other strategies you can use to remain consciously aware of the potential of euphoria to sabotage all your trading success. If you need to make note cards and post them on your trading desk that say things like, “Be aware of euphoria after winning trades”, or “Don’t stop being patient just because I had a winning trade”, than by all means do it. The period right after a winning trade or a series of winning trades is the exact point in time that separates the amateur traders from the pros. Pro traders are always consciously aware of how they are feeling and whether or not their emotions are influencing their trading activities.

One of the best ways to not let emotions influence your trading activities is to have a defined trading plan that describes in concrete terms what you will do in any given market scenario. Many traders do not attempt to have a trading plan because they aren’t really sure where to begin or how to write one. It really does not need to be extremely long or complicated to be effective. Essentially the point of a trading plan is to keep you honest with yourself because if you don’t do it no one else is going to. And this is exactly the problem most traders have in the markets, there is no one to be accountable too if you lose all your money, except yourself. You aren’t trading for your boss or someone else, unless you are a prop trader, but most traders don’t make it that far because they cannot even be accountable to themselves first.

So what exactly does a high quality trading plan need to contain? Well it doesn’t need to be super complicated, as stated previously, the MOST important aspect of an effective forex trading plan is that you can somehow force yourself to ACTUALLY USE IT. Tape it up somewhere that you will see it every time you trade, read it every day. I have personally written trading plans in a note book only to never open the note book again. Don’t do this, don’t write it down in a note book, type it up on your computer and print it out if you need to, then place it on your trading desk, hang it on your fridge, whatever it takes so that you READ IT EVERYDAY.

It doesn't have to be complicated because you won't be able to implement it should your plan is complicated. But you need to make a thorough plan if you want to succeed, my friend. And a thorough trading plan is not limited on entry and exit strategy alone. You need to structure what you do before, during, and after trading. You need to have to plan how much money you're gonna start with, how much you hope to grow it reasonably, what would you do phase by phase as your equity grow, what you need to see in the chart to conclude that a setup has formed, what you need to see that a trigger is hit, have several basic scenarios of what might happens during your trade, and contingency should something unusual happens. And you have to list them in order.

A long plan does not always mean complicated, my friend. If you have it structured, it is called a detailed or complete plan. A complicated plan is an incomplete plan which leaves you gapping at something unusual in your chart while your profit slipped away, or a plan which jumping around from money management to entry-exit to contingency and back to money management, or something similar.

[asadkayani345]

The longer you can stay in the forex trading with a sound trading plan, the more likely you will start to experience a better run of trades,

g haan bilkul aisa hi he ap ko agar forex mein kamyabi hasil karni he to lazmi bat he k ap ko koi na koi strategy bnani paray gi and us par sakhti k sath amal bhi karna paray ga tab hi ja kar ap is mein kamyabi hasil kar saktay hain

[ishvara]

I do not need to have a complicated and an impossible looking plan in forex trading. This is because of the fact that i use simple plans to deliver the right results that i need in my forex trading.