Chapter 1 Why You Need a Trading Plan?
Forex trading without a trading plan can be very much like sailing without a compass, or traveling without a map. You may be out on the water or on the road, but you don’t know where you are going.
A trading plan in the forex market isn't really different from any other trading plan you could imagine. It is an outline of your planned trading activities, something like a to-do list when it comes to trading forex. Once you have the rules written, it is much easier to apply them, as there is a clear plan of action on how they need to be followed.
No matter beginners or advanced traders who rely on a trading plan that when properly adhered to, maximizes their performance and allows them to avoid pitfalls such as over-trading and letting losses get out of control.
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