Thursday, June 24, 2021

Undergraduate – Junior

Learn how to develop a trading plan, create a trading system and maintain a trading journal.

1. Developing Your Own Trading Plan

All the great conquerors we know of never went to war without a plan; neither should a great trader.

  1. What is a Trading Plan?
    In creating a trading plan, make sure it answers four questions: What? Why? When? How?
  2. Why Do Forex Traders Need A Trading Plan?
    Simple. Failing to plan is planning to fail. Remember, 90% of new traders don’t survive their first year of trading.
  3. Why Trading Discipline is the Key to Consistent Profitability
    Contrary to popular belief, the end doesn’t justify the means. Let us explain why profiting despite deviating from your trading plan is still a loss.
  4. How To Find A Trading Style That Suits Your Personality
    Yeah, it may sound like a question on a Facebook quiz, but knowing yourself is critical in finding the right system.
  5. What is Your Motivation to Be a Forex Trader?
    Good goals should be specific and realistic. Why?
  6. What Is Your Risk Capital? How Much Money Can You Afford To Lose?
    How much money can you trade with? Can you afford to lose all of it? You don’t want to risk what you can’t afford to lose!
  7. How Much Time Can You Dedicate To Forex Trading?
    Your time availability will determine your trading style. How much time per day can you dedicate to trading?
  8. Which Kind Of Returns Do You Expect To Make From Forex Trading?
    Figuring out what kind of returns you expect to make plays a role in determining what type of trading strategy you should implement.
  9. What Is Your Daily Pre-Trading Routine?
    Your pre-market routine is critical to your success as a trader. Think of it as a warm up before you start going after those pips!
  10. What Forex Trading Software, Hardware, And Other Tools Will You Use?
    What software, hardware, and other tools will you use for trading? Don’t forget to think of your backups as well.
  11. 21 Questions You Should Answer In Your Trading Plan
    Don’t plan to fail. Here are critical questions that you should have an answer to as part of your trading plan.
  12. Stick With Your Trading Plan
    Your trading plan should be tailor-fit to your goals, risk tolerance, and lifestyle. Stick to it at all times!
  13. Summary: Developing a Trading Plan
    No matter how good your trading plan is, it won’t work if you don’t follow it. Check out the benefits of having a trading plan.

2. Which Type of Trader Are You?

Scalper, Day Trader, Swing Trader, or Position Trader. What are you?

  1. Know The Different Types Of Trading Styles
    No two traders are alike. Our unique personalities will lead us to trade differently from one another.
  2. Scalping
    Scalping requires laser-sharp focus, the ability to thrive in fast environments, and high tolerance for stress. Do you have what it takes?
  3. Day Trading
    Do you think day trading is for you? Check out the things to consider before day trading.
  4. Swing Trading
    If you like holding on to trades for more than a few days, swing trading could be for you.
  5. Position Trading
    Position trading requires patience to hold on to trades for months or even years. Is it for you?
  6. What Type of Forex Trader Are You?
    Make sure that your trading style matches your unique personality. Here are the characteristics of each type of trader.

3. Create Your Own Trading System

After learning how to develop your own trading plan and discovering what type of trader you are, it’s now time to create your very own trading system!

  1. How To Create A Mechanical Trading System
    Mechanical systems generate signals under a certain set of predetermined conditions. The first step is to figure out the goals of your system.
  2. Design Your Trading System in 6 Steps
    Need help creating a mechanical system? Here are six easy steps for you to follow.
  3. Build Your Trading System in 3 Steps
    Here’s a simple example of how you can build your mechanical system. It’s as easy as pie!
  4. The “So Easy It’s Ridiculous” Trading System
    Check out our simple mechanical trading system in action. Always remember to stick to your rules!
  5. Summary: Creating Your Own Mechanical Trading System
    After setting the goals for your system, build it in six simple steps. Oh, and stick to the rules!

4. Keeping a Trading Journal

Journaling isn’t just for silly, infatuated high school girls. Believe us. The most hardcore traders out there have journals too!

  1. Why You Need A Forex Trading Journal
    There has to be a way for you to track, measure, and analyze your performance. A trade journal will do the trick!
  2. 5 Reasons To Keep A Forex Trading Journal
    A well-kept detailed trading journal is just as good as having a trading coach to mentor you. Here’s why…
  3. 5 Things You Must Have In Your Trading Journal
    Your trading performance is determined by how well you analyze the markets so make sure you have all these elements in your trade journal.
  4. Potential Trading Area
    Your potential trading area is where you will have a high probability of scoring profits. How exactly can you reach this?
  5. Entry Trigger
    Once price is in the potential trading area, you need to figure out when you will pull the trigger.
  6. Position Sizing
    How much are you willing to risk per trade? Proper position sizing is crucial in determining whether you’ll live to trade another day.
  7. Trade Management Rules
    Figure out what you plan to do for every possible outcome even before you enter the trade. You don’t want to get caught without a game plan.
  8. Trade Retrospective
    Here are some questions you can ask yourself as you review how your recent trade went.
  9. Trading Performance Statistics
    Make sure you look at these “vital statistics” to find out how you can improve your overall trading performance.
  10. Reviewing Your Trading Journal
    Find out what works and keep doing it. Find out what doesn’t work and stop doing it.
  11. Keeping A Trading Journal Is Hard But It’s Worth It
    It’s tough to keep a trade journal but your hard work will eventually pay off. In fact, it’s equivalent to an athlete’s practice!
  12. Summary: Keeping a Trade Journal
    It takes a lot of discipline to stick to your trading plan and a trade journal can help you do just that! Here’s a reminder of why trade journals work.

5. How to Use MetaTrader 4

MetaTrader4 is one of the most popular online forex trading platforms. In these lessons, we’ll teach ya the basics to help you get on your feet with MT4!

  1. Introduction to MetaTrader 4
    Never heard of MetaTrader4? Here’s the 411 on the popular trading platform!
  2. MT4 Basics: How to Set Orders
    Don’t be intimidated by all the tabs, windows, and buttons! After awhile, you’ll get the hang of it and it’ll be like riding a bike!
  3. MT4 Basics: How to Install an EA
    The advantage of using an EA is that if you already have a system in place, you can create an EA to replicate the actions required once your system gives you a signal.
  4. MT4 Basics: How to Use Indicators
    MT4 is highly customizable. You can run all sorts of things on it, install your very own indicators, and tweak the settings almost any way you want!

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