Create your own plan for Trading
by Vicky Leans
All traders try to become successful in their career but not all of them can do that. It is because they lack proper planning of their trades. If you read this article, you will find that most of the people fail to shine in their career because they did not plan properly of their trading. They only viewed this industry as a casino where they can invest money and make a profit without spending time and work. This is not how you become a successful trader in Forex. If you want to shine in your life, you need to know that you have to cross many steps to become a professional trader. The first step that is most important and overlooked by people in the planning of their own strategy. You cannot help yourself if you borrow a plan from other people. They were developed by their own situations to benefit them in their own trends. Moreover, the trends are always changing and different traders have different mindsets. You may crave for making a profit in a short time but the strategy that you are using may have been developed by a patient trader. All these makes own planning only more important to your career goal. This article will tell you why it is important to plan your own strategy and give you some tips.
Crafting a unique trading strategy from the scratch is very hard. But if you start trading in the organized way things will become very easy for you. There are few steps you need to follow to craft your trading system. First of all, start trading the market with the demo accounts. Demo trading account will give you the perfect environment to trade with zero risk exposure. You have to take demo accounts as your advantage.
So how long do you need to demo trade the market? To be honest there is no exact answer to this question. However most of the experienced traders in the CFD trading industry suggest the Singaporean traders demo trade for six months. During this six month period of you will have to trade this market with discipline. Even though it’s virtual dollar but you need to consider it as your real account.
You know better what you want in mind
The reason you should always leave the things to work on your own is only you know what is best for you. If you follow some other plan, you will never know what went into the making of that strategy. It is you who understand yourself and always make your own plan. After all, the capital that you have invested in your own money.
Start planning form the scratch
The best way to start your own planning is by starting from scratch. Imagine that you are in a room with no door. It is your mental strength that can make a door out of nowhere that you can use to get outside. You should develop your own plans form the basic ideas. Do not listen to what other people say if they are not professional. You are at the beginning level and you need to work your mind.
Run them through trial and error
Never trust your plan before you have tested them on the demo accounts. In theory, they may sound perfect but when it comes to living to trade, your plan can fall apart. Test them many times before you invest your money with this idea of yours. You will find they have flaws every time you run them on your platform.
Separate emotions from your plan
Emotions are not good for your career. They will try to confuse your mind. Try to separate the emotions and only focus on planning. Use any ideas that you can get from traders, brokers and even from your friends. You do not know what will come into helps.
Click here to post comments
Join in and write your own page! It's easy to do. How? Simply click here to return to Forex trading articles - general.