You decided to trade Forex? Then you better start making a plan. A trading plan spells out what you see your edge as being; if you don’t have an edge, you don’t have a plan, and likely you’ll wind up a statistic (part of the 95% of new traders that lose and quit). Every business including Forex trading requires a business plan.

There are some basic things that you should know before deciding to start trading
If you put on a trade and it’s not working make sure you exit properly; don’t compound the damage. If you’re in a winning trade don’t talk yourself out of the position because you’re bored or want to relieve stress; stress is a natural part of trading; get used to it.

If you’re profit target is less than 10 points don’t do the trade; the spread you pay to enter the trade makes the odds way against you when you go for these tiny profits.

The most successful traders I know use the KISS system, “KEEP IT SIMPLE STUPID”. They keep it simple and don’t look beyond the obvious; their results are the best.

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