Forex trading plan video lesson

In order to carry out a successful trade in Forex market, a trader must work out his/her business plan ahead of beginning Forex trade. The key points to consider are:
1. Personal development: Optimism is a major requirement for a trader to keep him boosted till the duration of trade. Negative feelings can cause hurdles in trade progress. We as humans know that trade cannot be successful 100% of the time. Yet a pessimist would keep losing indefinitely as he doesn’t make an effort directed towards his success. So a trader should set small achievable sub-goals, so that he can develop optimism after small successes. By thinking positively most of the time, you can keep down the negative feelings, which means moving towards good trade.
Forex trading plan full video lesson from dailyfx team :

2. Understanding the objective of trading: You start of by
a) Find out main priority of an activity: A trader aiming for success must invest in market research, books and seminars. He should work with successful traders and be welcoming to new ideas and concepts. For achieving a constant profit a trader must concentrate on the short-term trade market’s price changes. He should try to make 70% profit out of every trade and help the fellow traders in researching Forex.
b) Calculating economic and time expenditure: A trader must assess the economic cost before beginning trade. This includes the initial investment, trading program and computer software, books, quotations, etc. A trader must also see to it that how much time he can afford to spend on trade either 2 to 3 or as much as 16 hours in a day. A trader must settle a convenient time to observe the market.
c) Writing a plan: it is imperative to timely record each and every operation that a trader carries out in the market to analyze when the day ends.
d) Methods of planning: A trader must make a choice in market entering methods and must be ready to act in the spur of moment in situations different from expected and make a deal whether it would gain profit or not. Settle a deal closing method beforehand.
e) Maximize hedging in contrast to probable losses: Losing one deal after the other may imply the unsuitability of the employed strategy. A trader must not stick to it loyally unless he is following some rules that will eventually earn him profits.
f) Profit and loss calculation: A trader must set a monthly profit goal while considering his trade costs. Forex business earns a trader profit in the end, and to maximize it and succeed, a trader needs to define a trading plan.