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Why Successful Forex Traders Always Follow A Trading Plan

By Alyssa Elle

Having a forex trading plan is the difference between who makes money in forex and who losses it. Always pay attention to the smallest details as in the smallest one can make the difference between success and failure as a trader.

So many forex traders are occupied where to buy and sell currencies and look to take profits and place there stop losses. These variable of trade orders are very important however profitable traders are focused on other areas of trading that novice traders need to become aware of.

While learning to trade you may be focused on how much money you can make your focus needs to first be on how much you can loss and what you expect your draw down to be. Understanding your risk is your first job and priority as a trader.

As a trader you need to know the size of the positions you are going to be trading before worrying about anything else. The best way to figure out your position size is to find out how many trades you expect to end in a loss in a row followed by how much you are will to expect as a draw down and let these two equal each other.

Few people spend time on one of the most important factors in a trading system. Setting favorable risk to reward rations will improve a strategies returns measurably.

There are certain trading truths you need to uphold such as the old adage “only losers average into losing positions.” You can reverse the behavior loser implore in their currency trading and instead average into winning positions so that your profits grow bigger quicker.

You have to know when to trade and when not to trade and think like an experiences currency trader knowing that sometimes the best position is actually not having a position in the market at all. As a trader you have to know when to be in the market and when not to trade, sometimes not having an open position is your best position.

Your currency trading plan needs to be simply yet complete and highly effective. You must include all the factors needs to make a forex system solid and able to withstand all market conditions.

Find out the best forex trading methods and strategies for position, swing and forex day trading to help you make money trading forex.

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Topics: Currency Trading | Comments Off

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Article Citation
MLA Style Citation:
Elle, Alyssa "Why Successful Forex Traders Always Follow A Trading Plan." Why Successful Forex Traders Always Follow A Trading Plan. 12 Jul. 2010. 28 Dec 2014 <>.

APA Style Citation:
Elle, A (2010, July 12). Why Successful Forex Traders Always Follow A Trading Plan. Retrieved December 28, 2014, from

Chicago Style Citation:
Elle, Alyssa "Why Successful Forex Traders Always Follow A Trading Plan"

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