Long Term and Short Term Plans In Forex

[moonchild]

When starting out in Forex, we forgot to have a plan for trading, we just go in with hope of making money and no any holistic plan on how we plan to achieve it or foresight.

I was like that too, when I first got into the forex world, I just trade and when I lose my deposit, I'll go back and get some money and when I win some trades I will withdraw and spend, that's the typical circle for me.

When I first met my mentor, he gave me a trading plan and told me to follow it religiously, he gave me another one and told me to play around with it, so I deposited some cash in to it and my account with large capital was only used for taking trades that I'm very sure of, then was AUDUSD and I don't trade frequently on it, also I don't withdraw from said account.

While the small account was used for experimenting, making quick money, taking advantage of opportunities, scalping etc.

As a trader it is advisable to have goals you want to achieve with trading and craft a plan that will lead you towards your goal and follow it

 

[Mary Frederick]

I think a trader should be flexible in that case. Depending on market condition, a trader should trade as a long-timer and a short-timer. Surviving in Forex becomes tough when a trader sticks to only one strategy all the time. This reason is that the market condition is not stable all the time.

 

[Suba]

If we have entered the world of forex trading, I think it would be better if we actively monitor forex trading movements, so it might be difficult if we just make forex trading just a part time job. Because we must also be prepared to spend a lot of time on fundamental factors not only relying on technical analysis.

 

[Dita Walczak]

By nature, Forex is an unstable and volatile kind of market. So you have to take decision whether you should make plans for long term or short time depending on market situation. So, flexibility is obligatory here. Indeed, both plans are effective under different conditions.

 

[Sotherefore]

Having plans and preparations as a Forex trader is very very important because without them you may be at risk of overtrading which could be dangerous. I have come to understand that it is not healthy for traders to trade too much.. A trading plans and preparations will give you an idea of the amount of trade you have to take at a particular day and also at a particular period of time and what to do when you are losing money and also what to do when you are on profit...

It's may not just be about learning of technical and fundamental analysis . technical analysis can help you trade no doubt but proper risk management and discipline is the most important thing that must be observed in every trader , most specially those that wants to consider trading as their full-time career. It will definitely take time but you must be willing to follow along.

 

[Asahi]

A flourished technical can give a trader large amount of return. Operating techniques properly is the prominent function that a trader must do. But, here is traders are failure mostly. All the facilities provided by Eurotrader broker help a trader in risk management.

 

[Jack Reacher]

Traders should maintain a balanced risk-management policy so that trading doesn’t become risky for you.

 

[Belomancy]

Traders need to be aware of the latest market ongoing trends and decide to time their trades accordingly. Understanding the fundamental aspects and technical analysis is a must so the trader can switch whenever necessary. Making profit is the ultimate goal and traders should learn to be adaptable and flexible.