The 20 Components of a Successful Forex Trading Plan

In previous post we ended up our study on 10 components of a forex trading journal while analyzing the significant things to look for when observing prior trades. Today’s post we will discuss how to handle forex trading like a business while analyzing how to compile a trading deal plan.

One of the most major reasons for not succeeding many businesses is their absence of strategy. I believe many successful businessman would accept that if you desire to be successful in business you require to have a strategy for how to achieve that success, also set objectives to meet along the way, and then work on implementing strategy and meeting your objectives.

There is no difference from trading to any other business in a way that those who do not make a plan out of their trading is like a business that is  destined to failure. While keeping this in mind it is necessary to have a business plan written for your trading as you would for any other deal.


Following are few of the items which should be included in that forex trading plan, you should have good understanding of most of them which you have observed in all our lessons up to this instant.

1. Your reasons that you desire to be a trader?
2. What you expect to profit from trading? Specify here. If the chances of earning big money has motivated you towards trading in that case write a list of how much money you desire to earn from forex trading and what do you plan do with that money you earn.
3. Things which are going to distinct you from the huge majority of trader who do not succeed
4. Name your biggest flaw
5. How are you going to address your weak points and influence your strength?
6. How much time you can actively devote for the following market?
7. You have any plan for position trade, swing trade and day trade or all of the three combination trade? What your choice reflect here that you have to dedicate to the market?
8. What are your plans for market or markets trade and what is the reason?
9. In fact what times you spend throughout the day to trading, probing trades, and then gaining knowledge of the market?
10. What are your standard to enter a trade?
11. What are your standard for leaving the trade?
12. What is your strategy for money management?
13. How will you find out in case one of the piece of your plan stops to work?
14. After finding out that one of the few pieces of your plan has halted, then what will be your strategy to tackle it?
15. What kind of trading equipment and software will you use to forex trade how is it?
16. What kind of trade /Broker/Brokers will you use?
17. Where will the money come from that you plan to add to your account?
18. In case you gain than do you plan to invest again for profits or take away few or all of them?
19. In case you have a plan to trade during all the time than how you will reinforce yourself if you are not gaining at once.
20. How much money do you have to begin your trade? Does the calculation work well when significant taxes, all expenses, and your original forex trading balance?

As you can observe like with any other business, there are lots of stuff to reflect before entering trade.  My understanding is that who really take the time to ponder and write the reply to each of the above query have a much greater probability of success than those who don’t.