A1 Trading Company

October 22, 2021

3 Tips to Creating a Successful Forex Trading Plan- Free PDF

A1 Trading

Trading forex is like running your own business. It takes a lot of time, strategy, and dedication to see sustainable results. While there is no one way to be successful in trading, there are steps you can take to increase your likelihood. One way of becoming successful is develop a strong forex trading plan that leads to probable success. Here are 3 tips to help create a successful trading plan. Download our free forex trading plan template at the bottom of the page!

Tip #1 Risk Management is Key to Your Forex Trading Plan

The truth is, all traders will experience drawdown periods throughout their journey. The goal of a great trading plan is not to avoid ever taking losses because they will inevitably happen. Instead, your goal as a trader should be to maximize your profits and minimize your loses. Without risk management in your trading plan you will not survive drawdowns as they are bound to happen.

Need help with risk management? Check out our Ultimate Guide to Risk Management Mastery in Forex Trading here.

Tip #2 Learn to Be Emotionally Disciplined While Trading Forex

As we mentioned before, losses are inevitable but that doesn't mean they get any easier to accept. Losing money can be extremely taxing on your emotions. On the other hand, it's easy to get euphoric and over leverage your trades when you're taking profits.

The most important thing with drawdowns (or winning streaks) is to know how to respond. When in a drawdown, it is natural to want to recover your losses quickly. However, if you react in this way you may end up taking trades that don't line up with your strategy out of desperation and consequently losing even more money. On the other hand, when you're experiencing a winning streak it is important to not to feel invincible and take riskier trades that could result in you losing everything you just won.

Tip #3 Start Small

Start small, master your emotions. Understand that as a beginner it is likely that you will not be profitable. 

With the Proper Strategy, Risk Management and Trading Psychology, you can be successful in the forex market. However, these concepts take time so don't rush it.

Download the Free Trading Plan Template

Get access to our forex trading plan pdf

A1 Edgefinder

AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Expecting A Pullback

Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]

Read More
Traders Wait For More Inflation Data

This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]

Read More
Trading Into PMI Data on EUR, GBP and USD

This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
Signals
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonecrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram