TRADING PLAN
MYC ACADEMY
Official Channel - https://t.me/mycfxcrypto
FORMING YOUR PLAN
In everything you do in life, you need a Plan.
Next is that you need to follow this plan judiciously.
Never try to adjust it to suit your present market conditions or biases.
Most Traders neglect this Vital aspect of Forex.
Also while forming your plan, it needs to be SMART, SPECIFIC, MEASURABLE, ACHIEVABLE, REALISTIC, TIME BOUND.
You need to factor all the above into consideration
There is a saying that says "when one fails to plan, you are planning to fail".
So that's why you need a Written Trading plan before you kick off your Forex journey.
Take note of that word written
You need to write it down!
Sample🔻
MY TRADING PLAN
❇ I will earn 100% of my trading equity in 1 month
❇ I will set a near term goal and make at least 25% of my trading Capital in 1 week and I would plot this target daily
❇ If I am behind my trading plan for the quarter; I shall take a brief break to re-evaluate my trading system.
❇ I will not trade more than 3 markets per day (ie more than 3 currencies pairs)
❇ If I have more than 4 loosing trades in a row, I will take a trading break of 2 days to reaccess the Market.
❇ Anytime I take a break, I shall close loosing trades set protective stops on Winning trades and TP at reasonable targets; should I be unavailable and Market gets to my Target level.
❇ I shall take 70% out of my account and invest in non Fx related business (like Real estate ) and reinvest 30%.
❇ I will record my daily trade activities in my trading log and review them weekly.
❇ I shall know my ratios and results and would work to improve on them by at least 5% per week.
❇ I will invest 4 hours a week to update my Knowledge on Forex and learn new Trading Strategies