To create a trading system that suits your own needs, there are several steps that must be passed. Everything you have to do because all of these stages will be important and should not be taken away.

  • Determine Your Trading Style: First of all, you have to check on your own personal, to find out what type of trader you are, whether it's a Scalper, day trader, Swing trader, Breakout trader and many more.
  • Determine what you will trade: Then you have to determine what you are trading. You can't trade with all pairs. Look for what you think is right for you, whether it's a high-moving pair or is usually stable.
  • Determine how to detect trends: You need to know how to detect trends. Trading by driving along with the current trend will be more profitable than you against the trend.
  • Determine Open Position rules: You must determine the rules for opening positions. so do not arbitrarily open a position. If there is no signal in your trading system, never try to open position.
  • Determine the rules Close Position: The next step you must determine the rules for close positions. This is to increase your profits and minimize risk. So you are not careless when determining your position. This point returns to the fourth point, which is in accordance with the trading system you are using.
  • Determine risk management: If you talk about managing funds, of course, you can't get out of using lots. Adjust the lot size with the size of the capital on your trading account.
  • Test the trading system After you find a weapon. You should try the weapon in the training arena, not jump into the real battle. It would be nice to open a Demo Account first to practice all the knowledge you have and also look for experience in trading in forex trading.
Author's Bio: 

I'm Mansi Dandekar, I am sharing an article about Steps For Making a Forex Trading Plan. Here is more information on the Forex Trading Tips and Free Currency Tips.