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What can trading plan do for a foreign currency exchange trader? Trading plan is the action guidelines which allow a trader to perform all of his trading movements with a view to achieving his trading goals. Trading can become comfortable when a trader can make certain proper utilization of his money with the utilization of trading knowledge. And when making plan for future, a trader must be careful in crafting realistic plans.
To perform all of his trading movements with a view to achieving his trading goals trading is the action guidelines. With the utilization of trading knowledge a trader can make certain proper utilization and his trading will become very comfortable. Forex4you is a nice trading broker who helps their traders by different ways. To make good and effective trading plan they serve –daily trade data, report, charts, latest political news and so on.
For me trading plan is very important, as I include many things in it. I start with my entry and exit levels based on chart analysis. Then I have SL and TP indicators based on my defined MM level. I also have backup strategy what to do if market turns against me. What other traders do?
Many traders write on the forum about the trading plan. I have not met in real trading a trader who would write to himself a trading plan and follow this. It's just chatter, oh everyone chats, but no one does.