TRADING FOREX
STRATEGY PLAN
Set your Goal
What do you want out of trading Forex? Is it for business, personal income, or additional income? What ever the reason is, always a good idea to set a goal and standard policy of how much would you like to make per day and also how much are you willing to lose on that day if things did not go your way.
I consider Forex trading as my business. I started this business with my hard earned money and I am going to do all that I can to succeed and stay in that business.
First, I set a goal of my monthly earnings. For example: My goal is to make $400 per day, that’s 40 pips using $10 lot. Is that impossible? NO. Is it difficult to achieve at times? YES; however, as long as at the end of month total equals my set goal of $8000. There will be days you might profit 10 pips and days you might profit 60 pips, not considering the days that you might lose and have to make it up. A successful trader is determined to make profit than loses. Always
looking for a better way to stay in business; study the market, look for different strategy to succeed.
If you are not up to the challenge and do not have the time then my recommendation is to stay out until you are ready.
Before Trading
Organize your trading materials at least one (1) hour before trading.
The best times to trade are Euro open session at 2:00 AM, London open session at 3:00 AM, New York open session at 8:30 AM, and Tokyo open session at 7:00 PM. My favorites are 3:00 AM, 4:30 AM, 8:30 AM and 10:00 AM. Normally it takes 15 to 30 minutes to make a trade, other times longer.
Maximum trading benefits (30+ pips)
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