Trading forex without a trading plan is one of the biggest mistakes new traders are making. Before you start trading you should know that having a forex trading plan is one of the most important pieces of the puzzle for becoming a consistently successful forex trader. Many of the forex traders who are new in the forex market are trading without forex trading plan which is leading them to losing the account.
Good Advice here. I also have a trading plan with good risk/reward management info.
It’s true. With a forex trading plan, you can know which currency pairs you trade best, on which time frames and during which hours. It also helps you monitor your strengths and weaknesses so you can keep track of why you lost during certain times and why you profited during certain trades. Absolutely crucial. Great advice.