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3 Main Pillars In a Trading Plan

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Vernalta

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use management when you practice technical analysis because it is automatic
#226 - March 14, 2023, 04:41:51 PM

aizafx

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How tp implemented trading strategy and money management to success needs high discipline to do it, here there are three point to become successful traders, a profitable trading system, a good money management and good psychology trading.
#227 - March 14, 2023, 10:22:46 PM

Dyandra

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the most important thing is a complete system so you can manage
#228 - March 15, 2023, 12:22:40 AM

fxVirtuoso7

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Quote from: imamcfc on February 23, 2019, 03:53:09 PM
3 main pillars in a trading plan, in my personal opinion

1. Forex trading system - determines the right time for entry and exit, according to the analysis based on the trading methods and strategies we use.
2. Money management system - determines the amount of risk per trade and position size according to the balance in our trading account.


3. Emotion management system - ascertain our emotional state at that time, whether our emotions are stable and are worthy to open a trading position. If our emotions are unstable it is feared that this will have an impact when we make a decision. This emotional checklist is needed if we trade completely manually. If we use trading software that automatically provides entry and exit signals, this emotional checklist can be ignored.
For real pal. Those 3 pillars I also think are important for traders. But, risk management is also the most important too. Don?t leave behind about your risk tolerance or R:R Ratio, or other risk management.

So, in my opinion, it will be
  • Analysis (it?s more specific, I guess)
  • Risk Management
  • Emotion Management

Andd, the emotional or psychological things are the most difficult pillar hahaha. Hdyt guys?
#229 - March 15, 2023, 02:37:04 AM

Nettawa

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So far I've only learned about the system I think I'll follow.
#230 - March 15, 2023, 05:34:08 AM

Kardel Sharpeye

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The main pillars in a trading plan in forex trading include identifying trading goals, defining trading strategies, setting risk management guidelines, establishing trading rules and criteria for entry and exit, and keeping a trading journal for analysis and continuous improvement. A solid trading plan should also include a realistic assessment of resources, such as time and capital, and a commitment to continuous learning and adaptation. By adhering to a well-crafted trading plan, traders can increase their chances of success and minimize the risks associated with forex trading.
#231 - March 16, 2023, 04:03:16 AM

Dyandra

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emotion is very important where you should use it a lot with maturity
#232 - March 16, 2023, 08:59:57 AM

Nettawa

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All the plans you say are true, but I am more inclined to analyze technical analysis.
#233 - March 17, 2023, 12:35:29 AM

Kardel Sharpeye

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1. Set Loss Limits: Establishing acceptable losses for each trade is a critical element of a trading plan. This prevents excessive losses due to market volatility and helps traders stick to their trading strategies.

2. Use Stop Losses: Similarly, stop losses are an important part of any trading plan. These help traders limit their losses and protect their capital.

3. Set Profit Targets: Setting profit targets helps traders know when to exit trades and take profits. It also helps traders define the risk/reward ratio of each trade and understand their chances of success.

4. Use Risk Management Techniques: Risk management techniques such as diversification and position sizing can help traders limit their losses and maximize their gains.

5. Monitor the Market: Monitoring the market helps traders react quickly to unexpected events and take advantage of market opportunities.

6. Stick to Your Plan: Finally, it?s important to stick to your trading plan. This helps traders remain disciplined and consistent in their trading, which is key to long-term success.
#234 - March 17, 2023, 04:53:37 AM

Vernalta

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the use of financial management will require easy results where you can apply them later
#235 - March 17, 2023, 04:33:26 PM

Nettawa

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the important thing is the management apart from me being less supportive and always difficult
#236 - March 19, 2023, 09:17:02 AM

Kardel Sharpeye

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A trading plan is a critical component of any successful forex trading business. It provides a roadmap for traders to follow, which can help them stay disciplined, avoid emotional decisions, and ultimately achieve their trading goals. The main pillars of a trading plan in forex trading include:

Strategy: A clear and concise trading strategy that outlines the types of trades to be taken, entry and exit points, risk management rules, and profit targets.

Risk Management: Establishing a risk management plan that defines the maximum amount of capital to be risked per trade, and the use of stop-loss orders to limit potential losses.

Analysis: Conducting thorough market analysis to identify potential trading opportunities, using both technical and fundamental analysis tools.

Record-Keeping: Keeping detailed records of all trades, including entry and exit points, profit/loss, and any other relevant information.

Discipline: Sticking to the trading plan, even in the face of market volatility or emotional stress, and avoiding impulsive or irrational trading decisions.

By focusing on these key pillars, traders can create a comprehensive trading plan that maximizes their chances of success in the competitive world of forex trading.
#237 - March 20, 2023, 02:02:24 AM

Vernalta

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you can use a good forex system where it can benefit
#238 - March 20, 2023, 02:37:02 AM

Dyandra

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I prefer to learn the system first because with that you can win well
#239 - March 21, 2023, 05:03:01 PM

Nettawa

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you can use a skilled system with good management as well
#240 - March 22, 2023, 12:43:02 AM
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