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  1. #1
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    Elements of the trading plan

    If you trade without a plan based on in-depth analysis and testing you seriously weaken your position.

    The trading, as well as politics or war, includes the strategy and tactics - a combination of an overall plan with specific techniques to implement this plan. Woe to the army, which has no policies or practices of warfare. Powerful forces were repeatedly defeated by weaker opponents because of the lack of tactical skills. And just a great trading idea is useless without a viable plan for its implementation.

    Exchange trading involves great emotional stress because of adrenaline, which often accompanies the only idea that you can make or lose a lot of money. Many beginners rush into transactions without having a clear idea of how to get potential profits which is they think within reach. To avoid this trap, you must always approach the market with a detailed plan regardless of your trading style, time period, type of market or method. The slogan which is to remember - plan your trade and trade according to your plan.

    The plan must actually suggest specific steps that you can perform. Common words or vague rules lead to "intuitive" trade, which inevitably results in unnecessary losses. Losses are inevitable, but we must make them appear as rarely as possible.

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  2. #1171
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    Quote Originally Posted by shivanandfx View Post
    But the thing is we should implement the plan or strategy. Surviving and earning with Forex is not an easy thing. The journey of being a forex trader is actually not an easy journey per say,because we need to understand the volatility of this market which makes it a very diffcult task to be a trader.
    If we cannot implement the plan or strategy we will again be gambling. Gambling traders actually have a high tendency for loosing money. They aim for high daily profits but usually make big and big losses. Actually if anyone want to do business for a long time he or she should be very sincere about his work.

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  3. #1172
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    Quote Originally Posted by ANANDCHENNAI View Post
    If we cannot implement the plan or strategy we will again be gambling. Gambling traders actually have a high tendency for loosing money. They aim for high daily profits but usually make big and big losses. Actually if anyone want to do business for a long time he or she should be very sincere about his work.
    Traders have to stick with their plans so that they can put their best work in trading. Actually we can consider Forex trading as a business depending with traders. There are traders who do trades regularly and work very seriously so that they can achieve regular income from Forex.

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  4. #1173
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    Quote Originally Posted by shivanandfx View Post
    Traders have to stick with their plans so that they can put their best work in trading. Actually we can consider Forex trading as a business depending with traders. There are traders who do trades regularly and work very seriously so that they can achieve regular income from Forex.
    Our trading should always be guided by plans and strategies. There is a certain time when trading can give you profits while other times can give you loss. Moreover,too much trading can make us mentally and physically sick..so we should not devote all our times for tradingand also take some rests.

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  5. #1174
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    Quote Originally Posted by SuccessfulKartik View Post
    Our trading should always be guided by plans and strategies. There is a certain time when trading can give you profits while other times can give you loss. Moreover,too much trading can make us mentally and physically sick..so we should not devote all our times for tradingand also take some rests.
    Trading should be according to what we have analyzed about the market. Not having a good plan and preparation before a trader decides to open his trades is never a good idea and also a big reason for losses. Analysis helps prediction ability and to be succeed. Well learnt trader can earn profit than ignore trader.

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  6. #1175
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    [lang=de]Actually we do not need to have any specific things to make an effective trading plan. IF we just control our greediness, emotions and trade by checking our emotions then we will fine in forex market. We have to stay focused. We can not remove our focus from forex and we also have to trade by making target. Having target is very important. Target less traders never get success.[/lang]

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  7. #1176
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    Quote Originally Posted by Tanjina View Post
    [lang=de]Actually we do not need to have any specific things to make an effective trading plan. IF we just control our greediness, emotions and trade by checking our emotions then we will fine in forex market. We have to stay focused. We can not remove our focus from forex and we also have to trade by making target. Having target is very important. Target less traders never get success.[/lang]
    if we want t have a good trading plan and then success with using it, I will share to us that it has to be made in accordance to our trading strategy. The stoploss and take profits are something we have to get planned with ahead of time so that we don't get to be confused with the decision on placing it as we trade.

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