FOREX Plan Components

The plan may be separated into four steps:

  1. Trading platform plan
  2. Pre-trade plan
  3. Trade session plan
  4. Post-trade plan
A fifth component, the Review and Diagnostics plan, will use information from all of these; it is detailed in The 30-Trade Campaign Program. The FX markets run 24 hours nonstop from Sunday afternoon to Saturday afternoon, by the continental North American time zones. Unless you are using an automated trading program, you cannot possibly trade full time.
The market as such is a process but traders are able to work it in discrete time segments only. A big part of planning is to compensate for this difference; keep a view on the constant flow of prices even though you might trade only four or five hours a dayâ
By Michael Duane Archer
Michael Duane Archer has been an active futures and FOREX trader for more than 35 years. He has worked in various advisory capacities, notably as a commodity trading advisor, registered SEC investment advisor, and branch manager for Heinold of Hawaii. He currently trades FOREX and futures and is involved in several technical analysis research projects.

Copyrighted 2016. Content published with author's permission.

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