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Forex Basics - Forex Trading Plan Try entering trades without one!!!! You can trade the spot forex with a trading plan or without one, it is doubtful that 5% of forex traders trade with a plan. You can also climb into your car with no money, no gas or a road map and try to drive someplace 1000 miles away but you will not get there. You do not have a plan. This is one example of how many different things in life can go wrong due to a lack of having a plan. Live trades are serious because real money can be made or lost and emotions are involved. Having a solid trade plan is essential before pulling the trigger in a leveraged and volatile market like the spot forex. Anyone who intends on making trades on any financial market needs a plan. Trade plans have been used on all financial markets for many years. Stock trading plans, futures trading plans, and stock daytrading plans are all common. Even very simple plans can be used for managing and re-balancing assets and portfolios of mutual funds, as well as commodities trades. Somehow when retail trading started on the spot forex a few years back, trade plans were left behind and the focus has not been on trade plans in the forex industry. The focus has been mostly on technical indicators, forex robots and scalping and the results have been somewhat disastrous. If you look at the top 1000 forex websites out there, I doubt if five of these forex websites focus on trade plans. This is appalling and a sure sign that forex traders are headed for problems. Having a solid trade plan can prevent this and is the first step to getting your forex trades under complete control. Retail traders using a daily plan is not a forex industry standard. A trading plan is something that very few forex traders or trainers talk about and the few trainers that do discuss trade planning do so in vague general terms like “you must trade with a plan”. But then they offer no specifics as to how to write or prepare a plan. This article is loaded with specifics on how to write a good plan and the traders who want to write trading plans need to make this their guidebook for writing a plan for any currency pair you wish. To my knowledge this is the only guide to writing a trade plan for any currency pair on the internet that contains all of the specifics you need. Let us all put some sanity back into the forex industry and always make an effort to trade with a plan, if you want to learn how to write your own plan or properly evaluate someone else’s plan who has the proper expertise, that’s fine too. Move out of the bad habits perpetuated by other forex traders who for years have been lost or looking for shortcuts and create your own good habits for successful forex trades. Ignore the forex industry and write a trading plan daily. a forex trading, a forex trading plan, a solid trading plan, a trading plan, forex a trading plan, forex trading forex, forex trading plan beginners plan, forex trend trading plan, forex trend trading, trading plan forex, trading forex exchange