Building a wining trading plan
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    Building a wining trading plan

    An old billionaire saying that "Fail to plan and you plan to fail"It mean only those trader who are working proper in market with passion will always get good market understanding and it will help them to build a good trade system .Those trader who got success in market will tell you very clearly that you can either methodically follow a written plan , or failed .
    A trader will get success from market only when we have complete investment plan because all based on preparation ,your success won't come immediately ,but at least you are in a position to chart and modify your course , by documenting the process you learn whaat works and how to avoid repeating costly mistake .

    Here are essential recommendation to build a master trade plan

    Skill assissment
    First of all trader must think he is able to make a trade and what system he will used , what he develop and what kind of skill is an important weapon to work and on behalf we can perform ,Here is a battle of give and take who have skill assessment will get success .
    Mental preparation
    How's a trader feel? did he get a good night sleep if a trader is not emotionally and psychologically ready to do battle in the market , it is better to take the day off otherwise your riks losing money is increase , so we always do our work with constant state of mind and take challenges with cool mind .
    Set risk level
    How much risk of investment a trader will take it is depend on trader style and risk tolerance capacity it can be ranged any where upto 10% in single trade Its mean when your risk target is complete you just take rest and go away from market .
    Set goal
    Our target must have based on realistic basis according to the risk and reward ratio , what is the minimum risk or reward you will accept , many trader will not take a trade unless the potential profit is at least three time greater then your risk .
    Do your home work
    Before the market open , check what is going on around the work , mean learn about the effect of dollar and all other fundamental which effect price on same time we have to get knowledge about the technical level and all breakout so we face minimum risk
    Trade preparation
    whatever trading system and program used , label major and minor support and resistance level set alerts for entry and exit signals and make sure all signals can be easily seen or detected with a clear visual signal .
    Set exit rules
    Most traders make the mistake of concentrating 90% or more of their efforts in looking for buy signals, but pay very little attention to when and where to exit.many trader do not sell if they are down because they don't want to take a loss , get over it or you will not make it as a trader , if your stop get hit it means you were wrong , take it professionally and make sure our emotion does not disturbed .
    Set entry targets
    Entry decision is very simple we take after little analysis we are able to make fresh trade but we do make a good trade only if our entry is on right time we take own decision making skill at the time of enter in market and exit from market and more importantly exit signal .
    Make record all trade
    we have to record all of our close trading because that will be very important and will give trader advantages for making solid trade plan we have to work with better trade strategies we are using , the advantage of record is in future trade we solve our previous problems always .

    Conclusion :If a trader is working with good ideas and with written strategy and with full record so that will always give us confidence we take better decision in trading there is no guarantee for earning 100% from market , they earning chances is more based on our skill of winging and losing and important factor is decision making in all of our trade .make up your mind develop strategies use best risk management with good skill of decision making our trade will get success and we do our work with fully confidence .

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    This is a very comprehensive way to identify what we have and what kind of ability we have we well managed all the risk we take and asses whole market plan so this will give trader opportunity to have good trade plan , step by step following this i think is very good way to get success from market for getting success .

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    This is quite great, however, in addition to what you haves aid, I think before we can do all this, there has to be a great level of commitment towards our trading methods and then also, we need to be disciplined. if we are not disciplined then how can we manage to implement all those rules which is what our trading strategy requires from us.

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    Forex trading is a stage, you can't become profitable when you don't take the step by step learning approach. Which means that you will be needing to have a good trading strategy first then we can have a trading plan, if we don't have a good trading strategy having a plan will not be functional at all. A good strategy also has to do with the long term view.

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    It is very helpful thread to asses what kind of abilities we have to use and how we are prepare our mind for take some risk and the whole picture of trading all will be based on our capability according to the price fluctuation if a trader consider all these point before take decision i think it is really best and useful to make good plan .

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    Quote Originally Posted by Runner View Post
    It is very helpful thread to asses what kind of abilities we have to use and how we are prepare our mind for take some risk and the whole picture of trading all will be based on our capability according to the price fluctuation if a trader consider all these point before take decision i think it is really best and useful to make good plan .
    I like that you understand what i am talking about because this is the base for any trading plan if we understand abilities and skill we have so there will not a conflict between our decision making and selection for bad trading ideas we use a system to identify our abilities and then we apply them on this market for positive results .

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    Building a winning trading plan requires patience and discipline also,because you might build a plan after all the stress you find out it is not working and you will need to go back to the drawing board to perfect it,so one must be patient in this things especially as a newbie it takes a lot of effort and sacrifice.

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    Quote Originally Posted by BOSST View Post
    Building a winning trading plan requires patience and discipline also,because you might build a plan after all the stress you find out it is not working and you will need to go back to the drawing board to perfect it,so one must be patient in this things especially as a newbie it takes a lot of effort and sacrifice.
    In addition to patience and discipline we are also need th help of best experience and lot size of time spend on this business so solid plans are not straightly attained they needs perfections in our ideas and also good capability to arrange the work with full of discipline then we can make sure we are building a best trade plan for self.

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    I like to comment your wisdom in your material and the powerful point you made clear for all traders I will like to write more on the need for planning before placing a trade it help a lot for a trader to plan his trade I detail including the loss side of the business because when we plan our trade with this guide as a pillars then we can know what to do I'd the market is not going as we have predicted.

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    Without a plan we are set out to fail and that's the pure truth in forex. We must really look to build the perfect plans that would give us the chance to maintain a good trade and as well see we can have a solid means to earn profits from forex. Plans are helpful and would always give us the possible means to which we can improve in time. We must make the best decision to plan good on this trade and work on the plans that will increase our ability to be a good trader.

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