All forex traders have different backgrounds, market views, risk appetite, thought processes and expectations. Therefore, traders should not just blindly follow what other traders do. They should develop their own personalised trading plan which they can update as they learn from the forex market. Building a trading plan for online forex trading and sticking to it are the keys to developing a solid trading discipline. Always consider questions like what is your motivation and attitude to risk? Are you willing to spend a lot of time on this? Also, what is your level of experience and knowledge?
A trading plan is a thorough structure that directs your decision-making in whatever trading activity you engage in. In other words, a solid trading plan gives information on what, why, when and how something will happen regarding trading forex. It reflects the trader’s personal trading style, expectations and experiences as well as tolerance toward risk. If followed correctly, a trading plan helps in potentially limiting possible trading mistakes and minimising losses.
Usually, a trading plan leaves out any emotions that can hurt your trading. Trading with emotions may lead to irrational decisions. To prevent this, you try to minimise thinking by having a forex trading plan for every potential move you make.
Anything you deem beneficial can be part of your trade plan, but it must always cover the following:
Establishing a solid trading plan enables you to define your ideal trading conditions and make rational trading judgments. Numerous online forex brokers offer a comprehensive suite of educational material for developing a trading plan.
All in all, a forex trading plan offers the following advantages:
A trading strategy alone is not a trading plan. A trading strategy will direct your market entry and exit decisions in a way that increases the potential for profits and minimises risk exposure. Technical analysis or fundamental analysis may be the foundation of a trading strategy. A trading strategy is only one element of your total trading plan, which also includes your trading journal, your trading psychology and trading goals as a whole, your risk management techniques and your overall trading motivation.
A trading strategy specifies in great detail how you should join and exit transactions. An example of a trading strategy could be: “Buy the X asset when it reaches this amount and sells it when it reaches this amount”.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 86% | 27 | $64 550.89 | -3.28% | 4.99% | $1 270 993 156 805 | ||
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2 | ETH | Ethereum predictions | 76.8% | 50 | $3 156.32 | -2.25% | 5.56% | $385 219 360 722 | ||
3 | USDT | Tether predictions | 96% | 1 | $0.999752 | -0.04% | -0.02% | $110 436 081 070 | ||
4 | BNB | Binance Coin predictions | 89.6% | 18 | $607.01 | 0.17% | 13.33% | $89 588 025 612 | ||
5 | SOL | Solana predictions | 66.8% | 65 | $148.82 | -4.98% | 12.81% | $66 530 733 328 | ||
6 | USDC | USD Coin predictions | 95.6% | 2 | $1.000243 | 0.02% | 0.03% | $33 417 560 063 | ||
7 | XRP | XRP predictions | 70% | 58 | $0.529426 | -2.75% | 7.32% | $29 186 798 387 | ||
8 | DOGE | Dogecoin predictions | 69.6% | 60 | $0.152407 | -5.13% | 3.96% | $21 950 022 142 | ||
9 | TON | Toncoin predictions | 68% | 65 | $5.60 | -2.88% | -7.35% | $19 431 013 654 | ||
10 | ADA | Cardano predictions | 67.2% | 64 | $0.478446 | -4.94% | 7.90% | $17 048 898 528 | ||
11 | SHIB | SHIBA INU predictions | 62.8% | 79 | $0.000026 | -3.72% | 17.46% | $15 257 993 787 | ||
12 | AVAX | Avalanche predictions | 68.8% | 62 | $36.59 | -5.46% | 9.50% | $13 832 555 272 | ||
13 | STETH | Lido stETH predictions | 92.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WBTC | Wrapped Bitcoin predictions | 82.4% | 26 | $64 545.51 | -3.17% | 5.30% | $10 029 322 990 | ||
15 | DOT | Polkadot predictions | 70.8% | 64 | $6.98 | -4.09% | 6.27% | $10 025 813 544 |
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