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Forex Plan

Make a plan. Fail to plan. Plan to fail.

95% of Forex Traders Fail. Ouch !

Many years ago I read report entitled, "What they still don't teach you at Harvard Business School ". The results of this report have stuck in my mind and I have tried to apply their findings to any project that I get involved with. More recently I applied it to my forex trading with amazing results.

A survey was conducted in 1979, amongst the MBA Harvard graduates of that year. The question was whether they, as individuals, had created clear, WRITTEN goals for their future plans. Had they made plans to accomplish those goals ?

	84% had no specific goals
	13% had clear, specific goals
	3% had clear, specific goals & HAD WRITTEN THEM DOWN.

8 Years later they followed up the survey & found;

	The 13% who had clear goals were earning twice as much as the 84% who had no goals
	The 3% who had clear WRITTEN goals were earning 10 times more than the other 97% combined !
	WHAT AN AWESOME STATISTIC. JUST THINK ABOUT IT FOR A MOMENT

If you want to be one of the 3% who succeed long term, NOT ONLY IN FOREX BUT IN LIFE, you have to have a clear, written plan. If you do not have a plan, how do you know where you are going ? How will you get there without a road map ? This is not rocket science !

So, how do I get started ?

Step 1. Make a Life Plan

Have an overall long-term aim. Some call it a vision. WRITE IT DOWN;
It could be like any of the following;
"I want to lose 20lbs in weight, to live a longer healthier life."
"I want to be a better parent.
"I want to become a disciplined professional forex trader"
"I want to earn a million dollars within the next 2 years"

Step 2.Set specific, achieveable goals with a deadline

For example, your vision could be to "make a million dollars trading forex", but thats too vague. The goals need to be something specific like;

By the end of this week I will increase my trading account by a minimum of 15 pips per day. I will do this by following my forex trading plan. I will be disciplined and do my utmost to achieve this target.

By the end of this month I will increase my trading account by 30%.. etc

Again, write it down and put it somewhere you will see it.

If you are talking about a diet then the fridge is an obvious place, inside and outside ! If you work at a computer, stick a "post it" on the screen. Change your screen saver to show your message. Place it at the side of your bed, so it is the 1st thing you see on a morning and the last thing at night.

Psychologists call this positive reinforcement.

Step 3. Specific forex plan

First you will need to find a trading style & system that you feel comfortable with (lots of advice about this as we go along). Secondly, the hardest part of forex for many people, me included, is discipline. You need rules. "I will only enter a trade if steps a,b,c,d occur. The maximum I am willing on any trade (vitally important) is x% of my bank etc etc. This sounds so simple, believe me it is not. The 2 biggest drivers in forex are fear & greed. Fear of losing & greed in wanting to win, win, win, now, now, now !