It all begins with developing a decent trading plan before committing one dollar to the forex market, it is very crucial for you to sit down and decide what you want to accomplish in trading.

In other words, draw your roadmap to your first and further millions. I know this is an area many still find very difficult when it comes to trading, but I am here to help you with a step – by – step guide to developing a decent trading plan that will lead you to your dream. For a trader, you need to learn how to develop it. For those who prefer to hand their money over to a funds manager, I think there is need for you to develop your own plan in a similar manner and also confirm that your manager has a plan that will, first protect your capital, before even thinking of taking profits.

It beats my imagination how many people embank on the forex trading journey without a plan to first protect their capital to trade forex profitably, without going into debts and still make the millions either as a solo trader or funds manager, you need a decent trading plan and discipline to follow your plan whether or not the trade is in your favour until you decide to replace it with a new and better one if need be.

So, to make good my promise, let us quickly explain in fair details the components of a decent trading plan which of course serves as a step – by –step guide to developing a decent trading plan.

Have a trading goal: the first thing to do when developing trading plan is to sit down and think through the whole process of trading and decide on your trading objectives, in other words, decide on the goals you want to achieve as a forex trader.

3 things you need to ask yourself

(1) whom you ought to become, (2) what you ought to do, (3) what you hope to have or achieve as a trader.

Here is how $1000 forex trading account can turn into over $10,000. with your trading plan, spot just 40 or more events monthly with an average of 20 pips on a mini account for about 25 trades and say 10 pips loss on 15 trades. What you have will be $500 less $150 which equal to $350. repeat this process for an average 3 months period in any of your account would be grown to $2035

($985 + $1050). In the 4th monthly, trade with 50k account and make $5 per pips with the same scenario above and you have 350 pips multiplied by $5 = $1750 bringing your account to a total $37385. get the part 2 on my site.

You can be a professional trading forex get more
http://forextradinglead.blogspot.com

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