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Constructing A Successful Forex Trading Plan For 2010
Author: James Woolley
Forex trading continues to become more and more popular all the time. In fact there are new brokers popping up all the time hoping to take advantage of this trend. So isn't it about time you grabbed yourself a slice of the profits? There's no reason whatsoever why you can't become a successful trader, however you do need to create a trading plan first of all.
A trading plan is essentially a blueprint that you need to follow if you want to actually generate some consistent profits. The first thing you need to do is to learn the basics of trading and to develop an understanding of technical analysis.
Technical analysis is about more than just plotting price charts. It's about using specific technical indicators on these charts to help you find high probability trading positions. A few people simply follow the price action, but the vast majority of people will use one or more indicators to help them trade the various currency pairs.
The next part of the trading plan involves coming up with a profitable trading system. To do this you first of all need to decide what kind of trader you want to be. Do you want to place lots of trades every day using the 1 or 5 minute charts, for instance, or do you want to trade the longer time frames such as the 1 hour, 4 hour or daily charts?
I personally trade the 4 hour and daily charts, and would highly recommend trading these time frames because technical analysis is so much more reliable here than on the short-term charts. However it's entirely up to you to decide which trading style is right for you.
It's worth mentioning that this is the hardest part of the trading plan because if was that easy to come up with a profitable system, then we would all be very rich. The reality is that only around 5% of people manage to make money from currency trading.
So it's worth spending plenty of time on this aspect of the trading plan, because once you do have a decent trading method in place (which you will hopefully have back-tested fully to make sure it is indeed profitable), you can then start putting this trading plan into action. To be extra cautious, you should start off with a demo account to test out it's profitability in a real trading environment.
If it is indeed successful you can then start trading the system using real money, and hopefully you will start making consistent profits in 2010 and beyond.
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