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Forex Trading Profit & Loss Plan

Updated on December 10, 2007

Are you cut out to be a profitable Forex Currency Trading trader? Yes, you can become a profitable Forex trader! You just need to treat your online Forex Trading like running a successful online money making Business.

Forex Trading Style

Similar to Stock Trading or any form Investment Trading. You must ask yourself - what is your trading style - news trading, swing trading, momentum trading, pattern trading and intraday or longer term trading? It is alright to have a "library" of trading style or setups, but what most profitable trader does is to concentrate on a niche or particular trading style. Learn to do one thing consistently well instead of trying to master too many trading methodologies. You have to pick a style that suits you.

Online Forex Trading Plan

What is your foreign currency trading plan? Before any trade entry, you have to ask yourself is this the right set up entry for your trading style? Where is your exact trade entry point? What are your Stop Loss target? What is your profit target?

Anyone involves in Foreign Currency Trading and not having a well defined stop loss is going to have their entire online trading account wipe out before they even realized it. I knew someone did just that recently. A US$10,000 account was wiped out within a week without Stop Loss trading a few currency pairs. You also need to know what is your profit target point is. What is the point of having an winning trade but your trading account does not make money. For one simple reason, you didn't take the winning money from your trade and market reversal against you.

Forex Trading Profit & Loss Plan

Lots of beginners don't realized the important of reward to risk factor in Forex Trading. You will never make money online if you risk $500 but make $100.

Follow your Well-Defined Forex Trading Plan

Once you have written down a well-defined trading plan, you must have the discipline to stick to it. All beginners must remember that Discipline and Money Management are the two most import aspects of trading. Even the greatest Forex Trading System or methodologies will fail if you can't stick to it.

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