how to create a trading plan?
Hello folks best regards. I´d been trying to operate in the forex market with some demo account and with real ones but with small amounts and I have been swept. so I have read some documents about the trading I know the basic stuff and I have come to conclusion that I need to elaborate a trading plan but I´m stuck in the mud in this part I mean I do have the basics like manage the psicologi, being disciplined follow the plan but how to build the plan the structure. Please any suggestion, it could be a website or ideas really helpful. thanks in advance.
One of the leading causes for the failure of many businesses is their lack of planning. I think most successful people would agree that if you want to be successful in life and business you need to have a plan for how to obtain that success, set goals to meet along the way, and then work on executing your plan and meeting your goals. Trading is no different from any other business in this sense and it is my opinion that those who fail to plan out their trading like a business are doomed to failure as well. With this in mind it is important to have a written business plan for your trading just as you would for any other business.
Obama’s economic plan?
Can anyone tell me how he plans to create new jobs other that giving a tax cut to 95% of the people who make under $150,000 in which 45% of those do not pay taxes anyway.
No, I did not hit the wrong key. Joe Biden said now the magic number is under $150,000.
This is from Obama’s web site. You could have looked it up pretty easily for yourself:
Fight for Fair Trade: Obama and Biden will fight for a trade policy that opens up foreign markets to support good American jobs. They will use trade agreements to spread good labor and environmental standards around the world and stand firm against agreements like the Central American Free Trade Agreement that fail to live up to those important benchmarks. Obama and Biden will also pressure the World Trade Organization to enforce trade agreements and stop countries from continuing unfair government subsidies to foreign exporters and nontariff barriers on U.S. Exports.
Amend the North American Free Trade Agreement: Obama and Biden believe that NAFTA and its potential were oversold to the American people. They will work with the leaders of Canada and Mexico to fix NAFTA so that it works for American workers.
Improve Transition Assistance: To help all workers adapt to a rapidly changing economy, Obama and Biden will update the existing system of Trade Adjustment Assistance by extending it to service industries, creating flexible education accounts to help workers retrain, and providing retraining assistance for workers in sectors of the economy vulnerable to dislocation before they lose their jobs.
End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama and Joe Biden believe that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama and Biden will also fight to ensure that public contracts are awarded to companies that are committed to American workers.
Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
Invest in the Manufacturing Sector and Create 5 Million New Green Jobs
Invest in our Next Generation Innovators and Job Creators: Obama and Biden will create an Advanced Manufacturing Fund to identify and invest in the most compelling advanced manufacturing strategies. The Fund will have a peer-review selection and award process based on the Michigan 21st Century Jobs Fund, a state-level initiative that has awarded over $125 million to Michigan businesses with the most innovative proposals to create new products and new jobs in the state.
Double Funding for the Manufacturing Extension Partnership: The Manufacturing Extension Partnership (MEP) works with manufacturers across the country to improve efficiency, implement new technology and strengthen company growth. This highly-successful program has engaged in more than 350,000 projects across the country and in 2006 alone, helped create and protect over 50,000 jobs. But despite this success, funding for MEP has been slashed by the Bush administration. Barack Obama and Joe Biden will double funding for the MEP so its training centers can continue to bolster the competitiveness of U.S. Manufacturers.
Invest In A Clean Energy Economy And Create 5 Million New Green Jobs: Obama and Biden will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial scale renewable energy, invest in low emissions coal plants, and begin transition to a new digital electricity grid. The plan will also invest in America’s highly-skilled manufacturing workforce and manufacturing centers to ensure that American workers have the skills and tools they need to pioneer the first wave of green technologies that will be in high demand throughout the world.
Create New Job Training Programs for Clean Technologies: The Obama-Biden plan will increase funding for federal workforce training programs and direct these programs to incorporate green technologies training, such as advanced manufacturing and weatherization training, into their efforts to help Americans find and retain stable, high-paying jobs. Obama and Biden will also create an energy-focused youth jobs program to invest in disconnected and disadvantaged youth.
Boost the Renewable Energy Sector and Create New Jobs: The Obama-Biden plan will create new federal policies, and expand existing ones, that have been proven to create new American jobs. Obama and Biden will create a federal Renewable Portfolio Standard (RPS) that will require 25 percent of American electricity be derived from renewable sources by 2025, which has the potential to create hundreds of thousands of new job
Is it possible to be very successful without going to University?
I’ve been raised up to believe that the only way to be successful in life is to go to University. Otherwise if not, then my life will be “one massive struggle.” Then I take a look at the celebrities and I think to myself you know, there are the famous people who worked very hard to get where they are today and there are also the ones who don’t need to work because their daddies got all the green. And then there are the lucky ones. Those lucky ones are the ones born with a talent, which can pretty much get them from High School plays to Broadway in one little audition.
So getting back to my point, is it true that if I choose not to go to University then my life will basically go down the drain and I’ll be a struggler for money to pay the bills and look after myself? I do realise no matter what, it takes allot to be very successful… unless you win the lottery. lol.
Yes you can. Its possible because people have done it even now in the 21st century people make it without college. There’s nothing wrong with having a backup plan (like a degree). Its inspiring that people make it without college, but what about those who have tried and haven’t become celebrities. Isn’t it better to have a degree so that even if you don’t make it, you can make a living and support yourself?
You can also go to a trade program at your local community college. They take about two years and you can get into the workforce faster. You can go into programs like Autocad drafting/design, electrician, graphic design, plumbing, computer electronics, welding, etc. Many intelligent people choose to go into the trades because they’re sick of school by the time they graduate from h.s. And just want to work, they don’t want to go to college. Many of those end up making good money too.
Is there any training centre in Singapore where i can learn about forex trading ?
I recently joined a company which planning to do spot forex trading and i need to know more about it before opening an account. Is there any trainging centre in Singapore, who can teach the basic aspects in forex trading. Friends pl help out………
Think there are some around. But nothing beats hands on. Basically dont be in a hurry. Statistically more people are casualty than victors. So thread very carefully. I suggest, open a demo account and do it for 4 to 6 months. Resist the temptation to go live until you feel you have a “theory of trading” your way. But if you cannot resist, then do a mini account. And even then only after 3 months probation. Download a win/loss utility tracker from my site http://www.geocities.com/lcming/Forexbooks It will tell you your “betting” average over a period of time.
Take a look at my article which has been chosen as best answers 2 times it may help you. Email me if you have more questions please. I hate to see “novice” have a bad start and lose money and keeping sinking money into an endless pit.
Anyway here goes :
Take a look at the answer below, it has been chosen as the best answer, maybe it can help you. After 6 yrs of no success, it must be one of 3 things :
1. Psychology of Trading
2. Money Management – position sizing……
Best Answer – Chosen by Asker
Are you already trading or thinking of going into it ? To trade successfully you need alot of discipline, patience, take the emotions out of it and be analytical.
Like all things some people make money some people dont. If you are, please try a demo first for at least 4 to 6 monts. If you cannot resist the temptations of “paper trade”, to see all the profit you could have made but only on paper, you can start off with a mini account. I use FXCM. There is a demo version of it here http://www.geocities.com/lcming/Forexbooks
Please do live trading even on mini after maybe 3 months of demo and you feel you have a sufficient feel of the market. To start off dont be too ambitious. Just cover maybe 1 major currency and a secondary currency.
After you have a feel then maybe you can get some tools to help you like forex signals. To start off with it would just confuse you. Http://www.geocities.com/lcming/Forexsignals
Forex is a very taxing mental game because it never sleeps, its 24/7 so you have to know basically when you want to trade. Dont chase the trading times, pick one that suits you. The market is always there. If not it would be “sleepless seatle”. For a chart of trading times that suits your city you are living in check out http://www.geocities.com/lcming/Forexhome
Forex trading is built on 3 legs, Psychology of trading, Money Management and Technicals of Trading. All 3 must be balanced to be successful. Many people concentrate on the technicals becasue its something they can “touch and feel”. But most times in trading you cannot control most of all the thing that will profit you or bankrupt you ” The Prices”, controlled ultimately by thousands if not millions of people like you and me plus the central bankers, the govt that prints money, and your local provision shop and banker. Good Luck ! May God Bless You !
* Start off with Dr Alexander Elder’s “Trading For a Living” – great book that helps avoid every reinventing of the wheel. At least psychologically
Are simulators similar to real investing/trading?
How or how not?
Depends on how you use it. If you jump in there and start using it without any knowledge or a plan, then no, simulators are nothing like the real world. You have no risk and can punch buttons with abandon. It becomes just another fun and entertaining video game that relies on chance.
But if you develop a trade plan with entry and exit strategies, with stops and profit targets, following good money management techniques, then a simulator can be a good beginning. If you use a simulator to test the specifics and details of good trading strategy, then you will have a better idea of what happens in the real world before risking your hard-earned money. In this way it can be “similar to real investing/trading.”
They are designed to educate you about the stock market, and that’s about as far as it goes. Experience really only comes through real-time experience in the real world. You probably won’t do the research for a simulator. You probably won’t invest in the tools necessary to become successful while trading a simulator. You probably won’t read several books just to trade a simulator. You won’t devote your life to a simulator, or spend the time necessary to develop an in-depth knowledge of trading.
It takes several years of hard work just to find out if you’re cut out to be a trader. Best to learn investing first. Read several good books, like Investing For Dummies, available at your local library.
Learn while you play on the simulator.
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