Forex plan.

A correctly drawn up plan is already half the battle; the main thing is to correctly identify all strategic tasks at the initial stage of planning, and then describe the sequence of their solution.

Many novice traders make the mistake of thinking that the Forex work plan concerns only the trading process itself, namely, conducting trend analysis and carrying out transactions in the trading terminal.

Forex plan - will include setting goals, determining ways to solve them and, of course, the practical part of trading.

Target.

In our case, the goal determines the entire further strategy.

If you want to make Forex your main source of income, then your approach to planning should be completely different. For example, in order to simply earn a little extra money, it is enough to have a couple of thousand dollars and open one trade every few days.

In the same case, if you want to live on what you earn on the stock exchange, the income requirements are already increasing sharply, and if you do not have the opportunity to use a large starting capital for Forex , you will have to resort to riskier trading strategies.

And so, at this stage the main thing is to decide what you want, but this should be done taking into account real possibilities.
Unrealistic goals are almost always doomed to failure. For example, a task such as earning $1,000 a month with only 100 in your pocket will most likely end with you losing the first 100. Therefore,

earning $10 with 100 will be more realistic to complete the task.

Choice of strategy.

After setting the task, we move on to choosing a trading strategy for its implementation. The more ambitious your goal, the more risky the strategy you will have to choose. You can get acquainted with various trading strategies in the section of the same name " Forex Strategies "

Planning the trading process.

Typically, this stage consists of the following elements:

1. Analysis of the current market situation.
2. Drawing conclusions on the most favorable places to enter the market and the size of stop orders.
3. Determining the size of the lot, and the amount of which you are currently willing to risk; the more confident you are in your forecast, the greater the ratio of the transaction volume to the trader’s deposit can be.
4. Receiving entry signals and directly opening the transaction itself.
5. Control of an open order, its modification (moving stop loss or take profit) in case of a change in the situation or to fix the profit received.
6. Receiving signals to close a transaction and exit the market.

This is, in fact, the entire Forex trading plan; you should not complicate the trading process as much as possible, the main thing is that you clearly define the sequence of actions and do not make hasty decisions under the influence of emotional factors.