Since I’m still a newbie to forex trading. I’ve decided to be mentored by Niall Fuller, and using his framework for a trading plan. You can read his full article here, http://www.learntotradethemarket.com/forex-articles/simple-plan-improve-trading
Step 1: Trade only major markets
EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDJPY, EURJPY, GBPJPY, AUDJPY, XAUUSD, WTI, DJ30
Step 2: Clean up your charts and only trade daily charts
I’ll trade the daily markets, and if I have more time during the day, I’ll do the 4 hour and 1 hour charts to just notice what’s happening in the market.
Step 3: Pick one setup to trade
I choose the pin bar setup.
Step 4: Follow this money management plan
1:2 risk reward. That means, your profit targets will be twice the dollar amount as your risk.
Step 5: Track your progress in a trading journal
I’ve got mine ready to enter any trade I make this week.
Step 6: Follow the plan
Give it at least two months, and then evaluate where you’re at.
Step 7: Challenge yourself
If you’re really serious about following this simple plan then print it out and sign the bottom of it as a pledge that you will follow it, or write yourself a little “commitment” pledge and print it out and sign it.
Hang this paper on your wall next to your trading desk or put it somewhere where you will see it each day before you trade. The first step to becoming a profitable trader is seeing if you have the discipline and patience to stick to a simple plan like this for two months.
Please share your plan with me.
- Simple Forex Trading Plan I’m inspired to get really detailed about this Forex Business I’m getting into (and since I promised Siddarth I’d share this article with him, http://www.learntotradethemarket.com/forex-articles/simple-plan-improve-trading) I took this opportunity to summarise Niall’s article.
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