Thread: How do you plan financially on forex trade?

In business, the thing is that wether you want to start a part time or full time forex trade is your financial situation. Before launching a full time trade, most experts normally put aside enough to live on for atleast six months should be case things are not working well for the trader at first. Some factors to consider include the amount of your existing savings, assets to be sold for cash, wether friends or family might offer you finances while you launch a business full time those not really matters, you still need to plan financially. Another good idea: start putting more money aside while you still have your day job. Some people lack the financial resources to start full time trade, beginning part time business is often a good alternative.

Everybody needs trading plan for Forex trading. Forex is not a gamble, so a trading plan is necessary. Trading plan helps you to decide what to do next.

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Originally Posted by tenkofx

Everybody needs trading plan for Forex trading. Forex is not a gamble, so a trading plan is necessary. Trading plan helps you to decide what to do next.

agreed, every trader should have a trading plan. traders should try different ways to trade that we can do in accordance with the trading plan that we created. to maximize your trading plan, we can follow the contest demo account. slaah them is to contest demo account at Armada Markets

It depends on you that whether you want to start business as a full time or a part time. In forex , you must have a strong financial plan to invest in this forex trade business. If you do not make strategies, then you might fell down in trading system very soon. You must have sufficient amount of money left from which you invest, so that you can rescue yourself from a big loss. Because forex trading is all about gaining and losing.

Plan your work and work your plan. We must do it. In forex trading a planning is important. But i think we should have experience about forex trading so we can make good plan. We can use demo account to get trading experience. Demo account fromTenkoFx also can be used.

Its very important to manage your financials so as to have a planned investment, i keep records of my trade in an excel format apart from my account.