A trading plan

A trading plan is necessary because it helps you make decisions in cold logic and define the parameters of your ideal trade. A good trading plan will help you to avoid making emotional decisions in the most critical moments. The benefits of a trading plan include:

Easier trading
More objective decisions
Better trading discipline
More room for improvement

There are seven easy steps to follow when creating a successful trading plan:
Outline your motivation
Decide how much time you can commit to trading
Define your goals
Choose a risk-reward ratio
Decide how much capital you have for trading
Assess your market knowledge
Start a trading diary

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Risk warning: Trading Forex (foreign exchange) or CFDs (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Before using Waldex Pro services, please acknowledge all of the risks associated with trading. The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.