Tutorial on Making a Trading Plan

Before traders trade, it is necessary to have a trading plan (trading plan). Many traders are impatient in trading in the hope of getting profit. Instead of getting profits, while traders don't prepare themselves for losses, they feel disappointed and blame forex trading. To overcome this, it is necessary to have a trading plan. The trading plan is the activities that will be used when carrying out the trading itself. Traders need a trading plan so that trading is more systematic, so they can reduce losses.

A trading plan is the first step in preparing all aspects related to entries and how to deal with them when the market is not in line with the analysis, so it is mandatory to plan in advance what to prepare. There is no point in analyzing or monitoring, including identifying various kinds of candles. If there is no trading plan, what happens is always random. Before taking a step, it must be calculated or considered so that it is really far from what is called a margin call (MC) or bankruptcy. There are several things that need to be arranged in a trading plan, namely preparing rational targets. Here's how to create a trading plan:

Choose the Analytical Approach

This approach is about trading setup. It can be a price combination of support and resistance, trend lines, chart patterns, Fibonacci levels, moving averages, sentiment or use of fundamentals etc.

This initial step of a trading plan helps traders narrow their focus to a few scenarios that traders are comfortable with. After that, traders can look for opportunities to trade based on the preferred trading plan.

Watch the full video below!


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