As a forex trader you must have a Trading Plan. A forex trader without a Trading plan is like an archer targeting the bull's eye with his or her eyes closed. This will lead him or her to be more poorer than he was. This is a typical example of a forex trader's plan:
❇I would earn 100% of my trading equity in 1 month
❇I would set a near term goal and make at least 25% make at least 25% of my trading Capital in 1 week and I would plot this target daily
❇If I am behind my trading plan for the quarter; I would take a brief break to re-evaluate my trading system.
❇I would not trade more than 3 markets per day (ie more than 3 currencies pairs)
❇If I have more than 4 loosing trades in a row , I would take a trading break of 2 days to reaccess the Market.
❇Anytime I take a break, I would close loosing trades set protective stops on a Winning trades and TP at reasonable targets; should I be unavailable and Market gets to my Target level.
❇I would take 70% out of my account and invest in non Fx related business (like Real estate ) and reinvest 30%.
❇I would record my daily trade activities in my trading log and review them weekly.
❇I would know my ratios and results and would work to improve on them by at least 5% per week.
❇I would invest 4 hours a week to update my Knowledge on Forex and learn new Trading Strategies.