Currency Forex System Trading - The Rules For Success

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Currency Forex System Trading - The Rules For Success


The importance of a comprehensive, thoughtful trading plan cannot be overemphasized. Much hinges on it: especially the achievement of your goals and objectives.Despite the critical importance of a trading plan, many traders drag their feet when it comes to preparing a written document. They argue that the market changes too fast for a trading plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager traders shouldn't rush into trading without a trading plan.

I'm not saying that you have to write a 500 page literary masterpiece for your stock trading plan. What I am saying is that you should a the very least have a written trading plan. My personal feeling is that if you can't write down any reasons why you should trade and how you plan to go about it then you shouldn't trade. This goes for any business at any time.

If you have a hard time putting anything on paper then here is an exercise that I think will help. Let's say you have a friend and let's call this friend Joe. If Joe came to you one day and said "I would like for you to invest $30,000 so that I can make you some money trading".The majority of successful Forex traders use a mechanical and predetermined Forex trading system. This is not accidental.

A good mechanical trading system automates the whole process of trading. It provides answers for all of the decisions that a Forex trader must make while trading takes place. The system makes it easier for a trader to trade in a consistent manner because there are rules that explicitly describe what needs to be done every step of the way. Trading is not up to the judgment of the trader; not while trading in any case.

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