Trading Plan – Planning For Battle

by David Jenyns on May 29, 2011

According to Sun Tzu the famous military philosopher, ‘every battle is won or lost before it even begins.’ Believe it or not, the same applies to trading in the forex market. ‘How?!’ you may ask, well it`s simple.

In order to plan for battle you have to sit down be brutally honest with yourself and write out your strengths and weaknesses. Once you have those you have the frame work to develop a plan that utilizes your strengths and defends against your weaknesses. Ideally this should be done before you get involved in live trading. As it’s important to sit back with a brandy and a cigar and think about how you want to approach the market. There is more than meets the eye, and we think it`s one of the most important determinants of your overall trading success.

Your trading plan is like your Bible! It is a complete set of rules that covers every aspect of your trading life. Top traders refer to the need to have an “edge” which will tip the balance of probabilities of success in your favour. In itself, a plan is not an edge but, over time, the trader with a plan will kick the butt of the trader without one. Most amateur traders do not have any sort of plan to trade by, and enter the markets with scant regard to their risk and profit objectives, that`s if they even know what they are!!

Traders with a plan have the ability to monitor their performance. While a plan cannot predict the future, it can lay down how you react to possible outcomes. This is why a plan is essential and you will find the same small percent of people that do have a plan are most likely the same percent that are rolling in the profits.

The trading plan developed by Trading In The Now is a comprehensive 34 page recipe for success. And covers everything from risk management, what frame of mind you are in, to discipline. After the initial overview this trading plan covers every possible aspect you can think of and then some. We even provide example answers to help you complete this important part of your business. Basically this is like going to a business coach for your business and paying thousands for them to write you out a business plan, instead ours is most likely more thought out and a fraction of the price.

This trading plan has been designed to take the time, stress and excuses away that are involved in developing your own plan. It is delivered as a book as well as a CD containing a skinned pdf form template so you can go back and change bits of your plan as you and your trading evolve. Its easy, so get your feet wet!!

Trading In The Now is a New Zealand Based company which offers extensive training on how to trade currency safely & profitably led by trading expert Andy Russell.

Article from articlesbase.com

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