How to create a Forex trading plan

A good trade always follows the same steps:

1. Planning
2. Waiting
3. Execution

However, must traders skip steps one and two and just hunt trades all day long and jump into the markets impulsively.

If you want to have more consistent trading results, you need to start planning your trades. There is a reason why “plan your trade and trade your plan” has been around for decades.

So, how do you plan your trades? Although this is somewhat strategy specific, it all starts with understanding what the current price is doing, where key levels are and what options price has.

Long story short, I made a new video where I outlined my step by step. I start with the big picture perspective, find levels that are important right now and then drill down until I can come up with very precise trade ideas that make sense based on what the chart is offering.