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The best way to learn Forex trading is to learn how to come up with a Forex Trading plan. The forex trading plan is the forex trading tool that every forex trader will use to determine when to open forex trades and when to close forex trades and what trading strategy will be used to determine when to open and close forex trades.

In order to come up with the best forex trading plan a forex trader must learn how to go about doing the following.

A Forex Trader Should Find the Best Trading Strategy for Their Trading Style

To become successful in forex trading - traders need to come up with a forex trading plan that is suited for their trading style and trading personality.

A forex trader should look to find a forex trading method that can identify the forex market trends early and allow the trader to open trades in the direction of this market trend. In forex trading the most reliable method that is proven to make profits most of the time is following the general market trend.

In forex trading once currencies start to move in a particular direction, the currencies will move in that direction for some time because the market trends have momentum and this trend momentum will mean a forex trend will continue to move in the direction of the trend for some time.

Once a forex trader selects a forex trading strategy that will help them to identify forex trends and open forex trades in the direction of the forex market trend a trader can then use this forex strategy and write it down on their Forex trading Plan.

Creating a Forex Trading Plan

A forex trading plan is a set of forex trading rules and trading guidelines that help forex traders to organize and structure their trading in a particular way that is easy for a forex trader to follow when trading the online forex market.

The forex trading plan will have different sections that will specify different aspects of trading that the forex trader will follow when trading the forex market. The different sections of a forex trading plan are:

Forex Chart Time Frame the Trader Will Be Using

The forex trading plan should specify which forex chart time frame a trader will be trading with. If one is a scalper then the trading plan will specify the 1 minute chart time frame, for day traders the forex chart time frame will specify the 5 minutes forex chart timeframe or 15 minutes forex chart time frame and for swing traders the 1 hour forex chart time frame.

Currency Pairs Traded

A forex trading plan should specify which currency pairs a forex trader will be trading. A forex trader should only trade those currencies that are best fitted to making profits when traded using the forex trading strategy that the forex trader is using.

Forex Trading System Rules

This forex trading system rules section will specify when a forex trader will open a buy or sell trade and when a forex trader will close a forex trade.

This forex rules section will determine the trading rules of the entry and exit based on the forex trading system that the forex trader is using. If a forex trader is using an indicator based forex trading system, then the forex trading rules will specify when to open a trade when the rules of an entry trade setup are met and when to close a trade when the rules of an exit setup are met.

Forex Money Management Rules

A forex trading plan should specify the money management rules that a forex trader will follow when trading forex currencies. The forex money management rules will specify what percentage of forex account balance a trader will risk on each forex trade. A trader may decide to only risk up to 2% maximum on any one single trade transaction.

Practice Forex Trading with Your Forex Plan on a Demo Practice Account

After coming up with your forex trading plan you should then test it on a demo practice account before trading with it on a real forex trading account. By using the trading forex plan on a demo account a forex trader can learn how to trade with the forex plan on a practice environment and learn the required discipline that is needed to trade forex using this forex trading plan on the real currency exchange market.

Once a forex trader has tested the forex trading plan on a demo forex trading account and the forex trading plan is profitable on the demo forex account - a forex trader can then open a real forex account and trade on this real forex trading account with this forex trading plan.

Keep a Forex Trading Journal of All Trades Opened

A forex trader should keep a trading forex journal of all forex trades that are generated by this forex trading plan. As a trader it is always good to keep a trading forex journal and write down all the forex trades that you open in this forex journal, write why you opened each forex trade transaction, when you closed the forex trade and also the amount of profit or loss generated from that forex trade transaction.

After a while you can then review all the forex trades you have opened - try and look at why the losing forex trades made losses and why the winning forex trades were successful and after that you can then try and do more of what makes you successful and less of what is making you to open losing trades and that way keep on improving on your forex trading strategy.

As a Forex trader if you do not keep a Forex trading journal you might continue making the same mistakes over and over again without knowing, but if you keep a Forex trading journal and keep reviewing this forex journal from time to time then you give yourself a chance to identify the mistakes you make in forex trading from reviewing your trading forex journal periodically.

This way you can then increase the percentage of your winning forex trades. You can also increase your profits and reduce your risk per trade because by increasing the percentage of your winning forex trades and reducing your losing forex trades - your trading forex plan can then make more money and help you to become more successful in forex trading and more profitable.

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