A Forex Project Plan


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When encountering on a new project you should always have a plan, ideally based on a sound project management methodology, forex is no different, setting out a plan at the start will reap dividends in the long term.

A Forex Learner Starting Plan.

Set out your approach to your learning process, what your aims are, how much time you intend to spend on certain aspects, create a decision making process for choosing which tools you are going to use and for which purpose. You can always change the plan as you go along, but having a foundation for your aims is quite important, it gives you focus on what you want to do, and identify the things you need to do.

A Forex Process Plan.

As you progress and come across all kinds of tools and indicators, it’s a good idea to define how much time you will spend learning about a tool or an indicator and decide if it’s of any use to you and if so which use it is. If you don’t have this kind of framework to work within, you can spend a lot of time just staring at your indicator and getting nowhere. Keep a record of your studies and conclusions so that you can refer to them at a later date, also keep a record of your trades and why you took them, write a brief description as well as a list of details like which indicator gave which signal and in which trading session and so on. Bear in mind that different pairs behave differently, meaning that some tools will be more effective on some pairs.

A Final Forex Plan.

There will come a point where you start thinking that you’ve gained so much knowledge that you feel you should be on the verge of being consistently profitable, this is the time to have a plan to bring it all together. There will be so much you’ve learnt, some useful, some a waste of time, you need to decide what is useful, and how you are going to use and apply these tools. Make a cohesive plan that will bring all your chosen tools together and decide what will be your most effective trading sessions. All this will help you focus on becoming a consistently profitable forex trader, rather than spending what could be years in the forex wilderness and never making any real progress.

 

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