What do you really need to start trading Forex? Is it money, strategies, attend Forex classes,copy others or Psychology?Which one is it?If I were to be asked these questions 1 year ago my answer would have been this, I need the first 4 to succeed! Now I have realized that these aspects of trading Forex market mean nothing unless you have a practical and clearly drafted Trading Plan with detailed trading objectives and a healthy mental state. A lot of retail traders like myself neglect this fundamental basis and it leads to a lot of stress,loss of money, jumping from strategy to strategy and bad trading habits let alone ultimately blowing the entire account. I have decided to create this thread showing the workings of a trading plan which forces me to define my own Risk tolerance, leading to an appropriate lot sizing to achieve trading objectives on this account. I will start sharing my trading objectives and trading plan based on the $205 account and try to achieve them through this healthy approach. The thread intend to redirect retail traders like you and I to focus most of our time on what's really really important (Managing Risk) to succeed/stay in this business for a long haul. I hope and wish the thread reaches fellow brothers and sisters who want to start trading Forex the healthier way! I will share the $205 account Trading Plan on the next post so everyone subscribed can understand where we stand. However,like everything else in life nothing stays unchanged from one moment to the next, everything is constantly changing and same applies to this Trading Plan. Any changes or mistakes made on the Plan I will post them as well. I, therefore am open to suggestions moving forward...
Manage your money like a fucking grown-up