5 Elements of an Effective Forex Trading Plan
ฝัง
- เผยแพร่เมื่อ 11 ก.ค. 2024
- Trading plan step by step to creating a forex trade plan. Developing a forex trading plan is something you should do before you start trading.
I want to show you how to build a trading plan and create a forex business plan so that you can be disciplined in your trading.
Having a trading business plan is important for you to become a successful trader in the long run. So i wanna show you a trading plan example that is suitable for beginners.
Creating a trading plan is something that a lot of traders are not willing to do that is why they lose. This is because developing a forex trading plan is hard work.
Make sure that your forex trade plan has these 5 elements. One of which is your entry, TP and SL levels to be included into your forex trade plan.
Now that I've already given you a trading plan template, make sure that you not only go on to create the best trading plan for yourself, you must also follow it.
This is a trading plan for beginners, so if you want a more advanced trading plan, i'll do a video on it in the future. For now, i want to guide you to creating a trading plan step by step so you wouldn't miss out anything.
Having this trading business plan will ensure that you treat this seriously like a business.
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Singapore youtuber profile:
Karen is Singapore Forex trader, Singapore motivational speaker, Singapore youtuber, Singapore vlogger , author and was ranked #1 in a Singapore nationwide Forex trading contest.
This trader vlog showcases the trading lifestyle and entrepreneurship life, plus weekly motivation for those that are not traders.
It's also a Singapore vlog where most of the shots are done in Singapore. She will also be bringing you around the island to explore Singapore.
Karen is a motivational speaker based in Singapore and Malaysia and delivers talks that touches the heart of her audience members.
She is a motivational speaker that is well sought after by many schools and event planners as she is known for solving several teenage problems as she has experienced many setbacks as a teenager back then.
Email: karen@karen-foo.com
Website: www.karen-foo.com
Facebook: / karenfoospeaker
Instagram: / imkarenfoo
MENTORSHIP PROGRAM ONLY FOR SERIOUS HUSTLERS : bit.ly/2qkIvRj
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• 5 Elements of an Effec... Disclaimer:The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.Investing and trading is a high risk activity and should be approached with caution. I am not a certified financial advisor. Hence, it is important for you to seek a certified financial advisor to craft your portfolio.
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Personally i work a little different from that. My trading system lays on 3 different separate elements .
1) trading strategy: swing trader . Combine technical & fundamental analysis. Timeframe .
2) money mangement plan: risk reward ratio. Max loss per trade. max loss per week. and month. Lot size . No more than 2 trades at the same time.
3) trading plan: pair selected. buy or sell . Technical and fundamental reasons. Entry and exit point. Target. Observations after the trade closed.
And finaly a trading journal where i set all the statistics about my trades
Whatever works for you, then it’s a good trading plan. Thanks for sharing your insights and tips !
I hav watched tones of forex videos but no gain saying..you are my favorite..love from Nigeria..I am still a demo trader but going live soon
Really? Thank you so much. I'm glad you liked it
Hows the live trading going?
SpontaneousDX going well.I am glad I never gave up
@@oluwabukolao9023 hey Bukky, kindly share your journey with us
Am also Nigerian
Other talk strategy but she talks strategy and goes as deep as emotions
She's showing us that professional traders are humans too
Since I saw your videos, I can’t quit. You are very articulated. Used less words to say more. Thanks
I love your sense if humor! It makes your videos fun to watch while you cover very important information. Thank you!
I see myself understand the markets better, the more I watch your videos. Thank you Karen 😊
As always, Karen you hitting the nail straight on the head. Direct to the point.... am learning a lot from you
Most practical guidance that makes beginners very much appreciate your guidance and advise. Brilliant indeed Karen.
People usually sell this type of content. No words to thank you for all your work Karen. 🙏💕
when i come across forex on 2018 you where the first person i come across with from you then i expanded to order traders thanks karen foo keep your good work i love your videos
Your a true online mentor..your videos hands down the very best.. thank you!
You're welcome. Thanks for making my day
I appreciate your effort miss for the good lessons you providing, keep up the good work Karen!
Glad that you like it. Thank you for your support, Nickson. :)
Hello Karen, Hope you are doing well! This was the one and only video i was searching with the entire TH-cam, for answering my questions in my mind! I am from India, i am into forex for like 7 months, i did well with the demo account. But not with the real account, now i am sitting with my real a/c blowing my 2 days profit after running behind SL.
your wisdom and experience about trading is outstanding, thank you very much karen
Karen Foo is one of the most pratical trading mentor I have met on TH-cam. I Learn one or two things from any video I watch and put in my trading life. Thank You so much.
I have been watching your videos. From the first day I came across your video, I fell in love with your mentorship. Thanks so.much Karen.
You're a life saver Karen ....
This is the info we all need
Much love from Uganda 🙏
I'm so proud and excited to finding this amazing channel. Inspirational stuff here!
im grateful to find this channel... never thought that i rn spending my whole saturday watching your videos.. ahahah
Better than binge watching korean drama :)
Very simple and understandable. Your time and efforts will always be appreciated here. A blessed day idol.
You are so kind and helpful, thank you so much🙏
I like this channel from philippines… sometimes i can hear her voice discussing when im trading 😊😊 the best free training ever the value of this training is superb
your risk management advice has been hugely helpful. Thanks!
Beginner phase here, thanks for a tips, on it now doing trading plans
Hello Karen, I don't know you, I've been following you for some time and I have to say that your energy and your aura is very big and positive, you are indescribable uauu
one day I would like to be in one of your lectures and tell you how fantastic you are! Thank you for helping us
I stand corrected with this video. I am lazy making a trading plan and just applying a mental loss. No wonder i lost big time. Thank you Karen for the enlightenment. Salute!
You're welcome!
I have a plan with those components but still blew my account today! Patience. Discipline to it ... Thanks for your valuable educational video.
Love your videos Karen. Keep on doing the good job Karen.
My favorite channel on TH-cam
You just turned my bad day to a better day. :)
I was dusting one of my Foo Dogs and I thought of you.
I have always liked Foo dogs.
I had to look them up on the internet.
A Foo Dog is a Protector, a Guardian: this describes you.
Your videos, books and teachings help many people.
Me!
Thank you!
Just starting to learn about Forex. Thank you for all your help!
You're welcome !
Thank you very much for this amazing piece, I really appreciate 🙌🙌🔥🔥
Thank you... I never had a trading plan that's why I've been blowing money. Thank you so much
You're welcome
Thanks for the information. I am working on a plan currently, but this is helpful. Glad I found this. Please keep up the good work.
I'll keep doing my best
Wonderful Sharing Karen, it was really helpful ..thank you and appreciate it yeah...!!
Great advice especially the bit about "its about the quality of the trades not the quantity". Thanks.
You're welcome
AMAZING. I just reviewed my trading plan. thanks much Mrs FOO.
Great video. I’ll go and look at your other videos.
Second time watching. Thanks again.
thank you so much for the lesson i really appreciate infact i dont know how to appreciate you but may god bless you
Excellently explained. Thanks a lot
Love from India🙏
So relevant,precise and to the point knowledge
Thank you so much for providing such content for free
I'm passionate about trading but I'm at a loss and I can't find my mistakes but when I'm discovering my mistakes in your videos
I'm grateful to you 😇
Another great video with a lot of valuable information. Just subscribed
Thank you for supporting my channel 😉
You are awesome..I learned alot from your videos.💯❤🙏
You are the Best teacher
Thanks Karen foo I love you work
You're welcome. I'm glad you like it
Thank you Karen for this awesome guide and tips..I'm new in Forex trading I'm still in demo to learn more before going live
So valuable, Appreciated
Great plan Karen. Many thanks.
Best forex teacher on TH-cam..kudos Karen :)
Thank you for making my day 😊
@@KarenFoo thank you too..keep up the good work :)
Good stuff Karen. Thanks.
Eric Hunter You're welcome! :)
Thank you Karen..
I just started trading made a few profits but didn't have a trading plan,i wiped my whole account in minutes, this was helpful
Sorry to hear about that
Thank you Karen. From Philippines
Thank you. I learn alot from you
I just found your channel and i love it....Hello from DC..great video..
Glad that you like it. Hello from singapore 😊
Love this video!😍
Thank you your video is really great.
You're welcome! :)
How has your trading plan helped you in your trading?
May I know what is the recommended TP & SL pips away from the entry points? I usually set 55pips for TPm and 35 pips for SL. Would be great if I can refer from your opinion.
I try to plan for the worst. But look forward to better trades. Like how the haters keep coming. Plan for them. But try to set boundaries on the hater. A positive/negative feedback so to speak. A you can see it's hardly working.
And to warn you. I did what I had to do.
Chan. There is no right or wrong because it depends on your system and time frame.
I’ve mentioned the 2 reasons in the video
Ur amazing ❤️ more power to uh🙏
thanks so karen i am really learning alot from you
thats good you just say it as it is.
You're welcome
keep doing your thing, it helps a lot as it summarized tuns of videos
I'll do my best
it has helped me trust myself.
Wow madam Foo thank you for your advice for sure i appreciate a very vidio you post salute,still waiting for other element anyway thank you very much
Thank you Wilfred. I appreciate your support and encouragement too !
true . I day trade scalping 30 pips or so but i stare at screen for 5-6 hrs . Need to do swing trades and not be tied to computer .
For day traders, 30 minutes is more than enough time to operate. :)
Listen up fellow traders enlighten yourself today stop losing your money without reason, these brokers make us lose money to make themselves richer search the internet now for the Lukka Binomial Strategy I earn thousands weekly with it. You should trust do this now it changed my life! It can do the same for you.
@@KarenFoo how? It's the only thing i can't figure out, i spend way more than 30 minutes just to find an opportunity and then i need to wait for the entry point. I hope you can help me
Your video is so helpful, as its so practical and direct, please make more videos.
Thanks for your kind compliment
you are great ! bravo !
Karen your work is beautiful like you my sister you are changing people's life including me 😊May the Lord blesses your wishes that you dream about
Thanks for your blessings!
Thanks Kareen.Traders can apply to higher leverage.But control the emotion and lotsize by themself.This is my opinion.
You’re welcome Unaing
I watched many trading vdo on you tube but no one like your.i would love to be your shadow if i could to learn it from you.Thank you.
lots of love
Hi Karen thanks so much your lectures changed my understanding so much with a more positive impact
But please what would be your best possible advice for a new bee scalper ?
Helpful insights for beginners and informative..
Thanks for your compliment
thank you ma'am karen
Legend
Great stuff Karen!
Thank you Jonathan 🙃
Haha great video and words What the shit did I just do? Sounds like me every time I use a mental stop loss. Thanks for the information
Thanks very much for more lecture to me , I really appreciate it, infact you've been my menthol, I rarely got it, u are too much !!!,.Thanks.
You're welcome. But i don't want to be a menthol. haha
Ok ma , no problem but I give thanks to you & almighty God , then, ( my Appreciation )
good,super,nice,awesome.
thank you Harun!
Great advice...demo accounts are good for learning the platform in and outs, but it gives you false confidence, just like a flight simulator is nothing like flying a real plane. Excellent advice regarding cost of doing trades....the commissions really add up if you scalp.
Thanks. I prefer to not scalp. Waste of effort and time
I only just started watching your videos,, thankyou so much for caring and sharing.. and do you have a link for a demo trade that's easy to access
Thank you👏
Thank You... Kareen
You're welcome
Love this video a lot too. I will have to see this video a few times more. At my age I do not absorb everything said as quickly as you speak. Why? I am Dutch :-)
nice explain,thank you mam. india.
You're welcome
Thank you Karen
You're welcome Karey :)
Very nicely explain, Foo ..... I'm From INDIA
Thank you for your compliment:)
With a solid PLAN and BELIEF in myself I can achieve anything. (With belief and ACTION all things are possible.)
All the best to you
Very informative video thanks
Welcome
karen your lecture is very educative please i want to knw more i am just a beginner
Watch my other videos then
You are fabulous dear...
Always girls are better than...us coz they see happiness in sharing their experiences..
I love the way you speak karen i will love to get signals from you
Thanks but I dont provide signals
Karen you're a great mentor. I am gald to have, Q?. I am new to this which is better Scalping, Day trade or Swing trade to start?
I am just starting out and It's been hard enough teaching myself all of this. The problem I have, just as she said...Tp to me is the hardest to nail, I have a high win rate, but those few losses cost me a lot. I just don't know how to do longer trades once I do fail miserably.
I guess I have to keep reading, and practicing.
good video mam
Thank you so much :)
Very nice video I am thinking of making at higher time frame!
Which two higher time frame do you see ? Most of the time?
Beginner's illusion "Oh u know I am such a good trader, u know "...ur expression was really funny ;) :)
What do you mean by beginner's illusion? :)
i meant, new traders's dream about trading, they live another world with tremendous expectation, as u mentioned in ur video always.
Hey, i just did a compliment to u from this video...just liked that expression, quite dramatic, that's it :)
Yeah it's quite normal for new traders to have such expectations. Doesn't help that people are also selling that dream sometimes. Anyway, thanks ;)
My tradning plan help me avoid stupid mistakes and got more better trades.
Good
Great!
Thanks
Very nice video
Thank you Maria :)
the tricky part, the part anyone need to train his mind, is that sometimes less is more, you don't have to make hundred or thousand transaction to be profitable, you need to have the patient, discipline mentality to realize that less good trade is much much much better that shitty more trade, you should train your mind to " aim, aim, aim, aim,......., shot".