5 Elements of an Effective Forex Trading Plan

Рет қаралды 94,739

Күн бұрын

Trading plan step by step to creating a forex trade plan. Developing a forex trading plan is something you should do before you start trading.
I want to show you how to build a trading plan and create a forex business plan so that you can be disciplined in your trading.
Having a trading business plan is important for you to become a successful trader in the long run. So i wanna show you a trading plan example that is suitable for beginners.
Creating a trading plan is something that a lot of traders are not willing to do that is why they lose. This is because developing a forex trading plan is hard work.
Make sure that your forex trade plan has these 5 elements. One of which is your entry, TP and SL levels to be included into your forex trade plan.
Now that I've already given you a trading plan template, make sure that you not only go on to create the best trading plan for yourself, you must also follow it.
This is a trading plan for beginners, so if you want a more advanced trading plan, i'll do a video on it in the future. For now, i want to guide you to creating a trading plan step by step so you wouldn't miss out anything.
Having this trading business plan will ensure that you treat this seriously like a business.
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Singapore youtuber profile:
Karen is Singapore Forex trader, Singapore motivational speaker, Singapore youtuber, Singapore vlogger , author and was ranked #1 in a Singapore nationwide Forex trading contest.
This trader vlog showcases the trading lifestyle and entrepreneurship life, plus weekly motivation for those that are not traders.
It's also a Singapore vlog where most of the shots are done in Singapore. She will also be bringing you around the island to explore Singapore.
Karen is a motivational speaker based in Singapore and Malaysia and delivers talks that touches the heart of her audience members.
She is a motivational speaker that is well sought after by many schools and event planners as she is known for solving several teenage problems as she has experienced many setbacks as a teenager back then.
Email: karen@karen-foo.com
Website: www.karen-foo.com
Facebook: / karenfoospeaker
Instagram: / imkarenfoo
MENTORSHIP PROGRAM ONLY FOR SERIOUS HUSTLERS : bit.ly/2qkIvRj
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• 5 Elements of an Effec... Disclaimer:The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.Investing and trading is a high risk activity and should be approached with caution. I am not a certified financial advisor. Hence, it is important for you to seek a certified financial advisor to craft your portfolio.

Пікірлер: 306

@oluwabukolao9023 5 жыл бұрын

I hav watched tones of forex videos but no gain saying..you are my favorite..love from Nigeria..I am still a demo trader but going live soon

@KarenFoo 5 жыл бұрын

Really? Thank you so much. I'm glad you liked it

@spontaneousdx1635 4 жыл бұрын

Hows the live trading going?

@oluwabukolao9023 4 жыл бұрын

SpontaneousDX going well.I am glad I never gave up

@oluwaseunadefolarin7316 3 жыл бұрын

@@oluwabukolao9023 hey Bukky, kindly share your journey with us

@sammykissleumas1242 3 жыл бұрын

Am also Nigerian Other talk strategy but she talks strategy and goes as deep as emotions She's showing us that professional traders are humans too

@thierno5493 2 жыл бұрын

Since I saw your videos, I can’t quit. You are very articulated. Used less words to say more. Thanks

@oussamayoussfi 6 жыл бұрын

Personally i work a little different from that. My trading system lays on 3 different separate elements . 1) trading strategy: swing trader . Combine technical & fundamental analysis. Timeframe . 2) money mangement plan: risk reward ratio. Max loss per trade. max loss per week. and month. Lot size . No more than 2 trades at the same time. 3) trading plan: pair selected. buy or sell . Technical and fundamental reasons. Entry and exit point. Target. Observations after the trade closed. And finaly a trading journal where i set all the statistics about my trades

@KarenFoo 6 жыл бұрын

Whatever works for you, then it’s a good trading plan. Thanks for sharing your insights and tips !

@roblaskowski1030 3 жыл бұрын

I love your sense if humor! It makes your videos fun to watch while you cover very important information. Thank you!

@abcauctions2432 Жыл бұрын

As always, Karen you hitting the nail straight on the head. Direct to the point.... am learning a lot from you

@ThoughtsCo_17 Жыл бұрын

I see myself understand the markets better, the more I watch your videos. Thank you Karen 😊

@l.pierre4616 Жыл бұрын

People usually sell this type of content. No words to thank you for all your work Karen. 🙏💕

@jesseenai6892 3 жыл бұрын

when i come across forex on 2018 you where the first person i come across with from you then i expanded to order traders thanks karen foo keep your good work i love your videos

@focy_gray 2 жыл бұрын

I have been watching your videos. From the first day I came across your video, I fell in love with your mentorship. Thanks so.much Karen.

@silencermapuranga7637 3 жыл бұрын

Most practical guidance that makes beginners very much appreciate your guidance and advise. Brilliant indeed Karen.

@nicksonkisinga 6 жыл бұрын

I appreciate your effort miss for the good lessons you providing, keep up the good work Karen!

@KarenFoo 6 жыл бұрын

Glad that you like it. Thank you for your support, Nickson. :)

@davidodashi2917 3 жыл бұрын

Karen Foo is one of the most pratical trading mentor I have met on KZfaq. I Learn one or two things from any video I watch and put in my trading life. Thank You so much.

@mikegoldtrader Жыл бұрын

I'm so proud and excited to finding this amazing channel. Inspirational stuff here!

@det2235 Жыл бұрын

Great video. I’ll go and look at your other videos.

@webstarmatambo5521 2 жыл бұрын

your wisdom and experience about trading is outstanding, thank you very much karen

@robertbargainz3839 2 жыл бұрын

You're a life saver Karen .... This is the info we all need Much love from Uganda 🙏

@bharanidharanraju7211 3 жыл бұрын

Hello Karen, Hope you are doing well! This was the one and only video i was searching with the entire KZfaq, for answering my questions in my mind! I am from India, i am into forex for like 7 months, i did well with the demo account. But not with the real account, now i am sitting with my real a/c blowing my 2 days profit after running behind SL.

@ezekieletefia7074 11 ай бұрын

Thank you very much for this amazing piece, I really appreciate 🙌🙌🔥🔥

@NJFELLA121 5 жыл бұрын

Your a true online mentor..your videos hands down the very best.. thank you!

@KarenFoo 5 жыл бұрын

You're welcome. Thanks for making my day

@evelyncole3679 3 жыл бұрын

You are so kind and helpful, thank you so much🙏

@yukojohnson31 3 жыл бұрын

Beginner phase here, thanks for a tips, on it now doing trading plans

@TBD_786 2 жыл бұрын

your risk management advice has been hugely helpful. Thanks!

@basicfroextrading2397 2 жыл бұрын

Very simple and understandable. Your time and efforts will always be appreciated here. A blessed day idol.

@roysimanjuntak5689 Жыл бұрын

Love your videos Karen. Keep on doing the good job Karen.

@srinathpadma3073 3 жыл бұрын

Wonderful Sharing Karen, it was really helpful ..thank you and appreciate it yeah...!!

@jcsenpai2929 2 жыл бұрын

I like this channel from philippines… sometimes i can hear her voice discussing when im trading 😊😊 the best free training ever the value of this training is superb

@jacksonemaha3317 Жыл бұрын

AMAZING. I just reviewed my trading plan. thanks much Mrs FOO.

@rubenhenriques4858 2 жыл бұрын

Hello Karen, I don't know you, I've been following you for some time and I have to say that your energy and your aura is very big and positive, you are indescribable uauu one day I would like to be in one of your lectures and tell you how fantastic you are! Thank you for helping us

@ervin1jp 2 жыл бұрын

Second time watching. Thanks again.

@ashimbiswas3365 2 жыл бұрын

Excellently explained. Thanks a lot Love from India🙏

@JK-ii6gf 4 жыл бұрын

Thanks for the information. I am working on a plan currently, but this is helpful. Glad I found this. Please keep up the good work.

@KarenFoo 4 жыл бұрын

I'll keep doing my best

@adlihanafi7461 3 жыл бұрын

im grateful to find this channel... never thought that i rn spending my whole saturday watching your videos.. ahahah

@KarenFoo 3 жыл бұрын

Better than binge watching korean drama :)

@eddieke7053 3 жыл бұрын

I have a plan with those components but still blew my account today! Patience. Discipline to it ... Thanks for your valuable educational video.

@junquinito2343 4 жыл бұрын

I stand corrected with this video. I am lazy making a trading plan and just applying a mental loss. No wonder i lost big time. Thank you Karen for the enlightenment. Salute!

@KarenFoo 4 жыл бұрын

You're welcome!

@shinekipkirui1753 2 жыл бұрын

thank you so much for the lesson i really appreciate infact i dont know how to appreciate you but may god bless you

@PederE007 2 жыл бұрын

I was dusting one of my Foo Dogs and I thought of you. I have always liked Foo dogs. I had to look them up on the internet. A Foo Dog is a Protector, a Guardian: this describes you. Your videos, books and teachings help many people. Me! Thank you!

@pankimi 2 жыл бұрын

Great plan Karen. Many thanks.

@santosthefxpredator3445 2 жыл бұрын

You are awesome..I learned alot from your videos.💯❤🙏

@brian8996 4 жыл бұрын

Thank you... I never had a trading plan that's why I've been blowing money. Thank you so much

@KarenFoo 4 жыл бұрын

You're welcome

@stunningcunning5440 4 жыл бұрын

So valuable, Appreciated

@gayatritiwari6946 3 жыл бұрын

Ur amazing ❤️ more power to uh🙏

@bcrysinfinity7323 2 жыл бұрын

Thank you Karen for this awesome guide and tips..I'm new in Forex trading I'm still in demo to learn more before going live

@martin8595 4 жыл бұрын

Great advice especially the bit about "its about the quality of the trades not the quantity". Thanks.

@KarenFoo 4 жыл бұрын

You're welcome

@svetlanaz3821 5 жыл бұрын

Just starting to learn about Forex. Thank you for all your help!

@KarenFoo 5 жыл бұрын

You're welcome !

@janithgamage2512 3 жыл бұрын

Thank you Karen..

@starlight3592 2 жыл бұрын

Thank you. I learn alot from you

@pascalkpelly3360 2 жыл бұрын

You are the Best teacher

@Amy_DayTrader 3 жыл бұрын

Love this video!😍

@Bizzle1312 5 жыл бұрын

Another great video with a lot of valuable information. Just subscribed

@KarenFoo 5 жыл бұрын

Thank you for supporting my channel 😉

@movieclips7972 2 жыл бұрын

Thank you Karen. From Philippines

@gulammustafa8169 Жыл бұрын

So relevant,precise and to the point knowledge Thank you so much for providing such content for free I'm passionate about trading but I'm at a loss and I can't find my mistakes but when I'm discovering my mistakes in your videos I'm grateful to you 😇

@tekinruttum2209 3 жыл бұрын

you are great ! bravo !

@soulsoothingmusic1 5 жыл бұрын

thanks so karen i am really learning alot from you thats good you just say it as it is.

@KarenFoo 5 жыл бұрын

You're welcome

@bmcreativesolutions3238 2 жыл бұрын

Hi Karen thanks so much your lectures changed my understanding so much with a more positive impact But please what would be your best possible advice for a new bee scalper ?

@erichunter1677 6 жыл бұрын

Good stuff Karen. Thanks.

@KarenFoo 6 жыл бұрын

Eric Hunter You're welcome! :)

@wickedwickedbar5930 3 жыл бұрын

I watched many trading vdo on you tube but no one like your.i would love to be your shadow if i could to learn it from you.Thank you.

@johnwfym4683 4 жыл бұрын

keep doing your thing, it helps a lot as it summarized tuns of videos

@KarenFoo 4 жыл бұрын

I'll do my best

@Motivationalbibleversetv 2 жыл бұрын

lots of love

@hemeheru6219 5 жыл бұрын

I just found your channel and i love it....Hello from DC..great video..

@KarenFoo 5 жыл бұрын

Glad that you like it. Hello from singapore 😊

@venusearthgirl-paintandtar6120 3 жыл бұрын

I only just started watching your videos,, thankyou so much for caring and sharing.. and do you have a link for a demo trade that's easy to access

@stephenchigozie7466 5 жыл бұрын

Thanks Karen foo I love you work

@KarenFoo 5 жыл бұрын

You're welcome. I'm glad you like it

@cjuimimi3246 4 жыл бұрын

I just started trading made a few profits but didn't have a trading plan,i wiped my whole account in minutes, this was helpful

@KarenFoo 4 жыл бұрын

Sorry to hear about that

@kinghallo2893 3 жыл бұрын

it has helped me trust myself.

@BlaBla-rx7lx 2 жыл бұрын

Haha great video and words What the shit did I just do? Sounds like me every time I use a mental stop loss. Thanks for the information

@surfmeister4677 2 жыл бұрын

Legend

@charleskuvare5955 6 жыл бұрын

My favorite channel on KZfaq

@KarenFoo 6 жыл бұрын

You just turned my bad day to a better day. :)

@shesoonstar90 3 жыл бұрын

Thank you👏

@willykenia254 6 жыл бұрын

Wow madam Foo thank you for your advice for sure i appreciate a very vidio you post salute,still waiting for other element anyway thank you very much

@KarenFoo 6 жыл бұрын

Thank you Wilfred. I appreciate your support and encouragement too !

@aningshimrah6541 6 жыл бұрын

Thank you your video is really great.

@KarenFoo 6 жыл бұрын

You're welcome! :)

@jonboy82 5 жыл бұрын

Great stuff Karen!

@KarenFoo 5 жыл бұрын

Thank you Jonathan 🙃

@jesscruz5774 5 жыл бұрын

Your video is so helpful, as its so practical and direct, please make more videos.

@KarenFoo 5 жыл бұрын

Thanks for your kind compliment

@unaingygn1520 6 жыл бұрын

Thanks Kareen.Traders can apply to higher leverage.But control the emotion and lotsize by themself.This is my opinion.

@KarenFoo 6 жыл бұрын

You’re welcome Unaing

@nerimaebunda1884 5 жыл бұрын

Helpful insights for beginners and informative..

@KarenFoo 5 жыл бұрын

Thanks for your compliment

@watchdaride 6 жыл бұрын

true . I day trade scalping 30 pips or so but i stare at screen for 5-6 hrs . Need to do swing trades and not be tied to computer .

@KarenFoo 6 жыл бұрын

For day traders, 30 minutes is more than enough time to operate. :)

@williamodison8138 5 жыл бұрын

Listen up fellow traders enlighten yourself today stop losing your money without reason, these brokers make us lose money to make themselves richer search the internet now for the Lukka Binomial Strategy I earn thousands weekly with it. You should trust do this now it changed my life! It can do the same for you.

@sebastiaocoelho6289 4 жыл бұрын

@@KarenFoo how? It's the only thing i can't figure out, i spend way more than 30 minutes just to find an opportunity and then i need to wait for the entry point. I hope you can help me

@martinettenes1789 Жыл бұрын

Love this video a lot too. I will have to see this video a few times more. At my age I do not absorb everything said as quickly as you speak. Why? I am Dutch :-)

@toddlavigne6441 5 жыл бұрын

Great advice...demo accounts are good for learning the platform in and outs, but it gives you false confidence, just like a flight simulator is nothing like flying a real plane. Excellent advice regarding cost of doing trades....the commissions really add up if you scalp.

@KarenFoo 5 жыл бұрын

Thanks. I prefer to not scalp. Waste of effort and time

@smithlow5610 2 жыл бұрын

Karen you're a great mentor. I am gald to have, Q?. I am new to this which is better Scalping, Day trade or Swing trade to start?

@trevorteabo8521 4 жыл бұрын

Karen your work is beautiful like you my sister you are changing people's life including me 😊May the Lord blesses your wishes that you dream about

@KarenFoo 4 жыл бұрын

Thanks for your blessings!

@tinakatwa1875 4 жыл бұрын

Very nice video I am thinking of making at higher time frame! Which two higher time frame do you see ? Most of the time?

@kumustapilipinas3683 3 жыл бұрын

thank you ma'am karen

@aloagbayemomodu1073 5 жыл бұрын

Best forex teacher on KZfaq..kudos Karen :)

@KarenFoo 5 жыл бұрын

Thank you for making my day 😊

@aloagbayemomodu1073 5 жыл бұрын

@@KarenFoo thank you too..keep up the good work :)

@harunrasheedshaik9808 6 жыл бұрын

good,super,nice,awesome.

@KarenFoo 6 жыл бұрын

thank you Harun!

@godspowermichael9365 5 жыл бұрын

Thank You... Kareen

@KarenFoo 5 жыл бұрын

You're welcome

@michealadeoye5064 4 жыл бұрын

Thanks very much for more lecture to me , I really appreciate it, infact you've been my menthol, I rarely got it, u are too much !!!,.Thanks.

@KarenFoo 4 жыл бұрын

You're welcome. But i don't want to be a menthol. haha

@michealadeoye5064 4 жыл бұрын

Ok ma , no problem but I give thanks to you & almighty God , then, ( my Appreciation )

@antonioarcano7989 Жыл бұрын

I am just starting out and It's been hard enough teaching myself all of this. The problem I have, just as she said...Tp to me is the hardest to nail, I have a high win rate, but those few losses cost me a lot. I just don't know how to do longer trades once I do fail miserably. I guess I have to keep reading, and practicing.

@pencgeorg3794 4 жыл бұрын

With a solid PLAN and BELIEF in myself I can achieve anything. (With belief and ACTION all things are possible.)

@KarenFoo 4 жыл бұрын

All the best to you

@mhrabid007 4 жыл бұрын

Very informative video thanks

@KarenFoo 4 жыл бұрын

Welcome

@dockaridk 6 жыл бұрын

Thank you Karen

@KarenFoo 6 жыл бұрын

You're welcome Karey :)

@manjum7172 3 жыл бұрын

You are fabulous dear...

@manjum7172 3 жыл бұрын

Always girls are better than...us coz they see happiness in sharing their experiences..

@AimsyCost 5 жыл бұрын

Great!

@KarenFoo 5 жыл бұрын

Thanks

@mariamathibe2935 6 жыл бұрын

Very nice video

@KarenFoo 6 жыл бұрын

Thank you Maria :)

@mike9jastringsmicheal249 Жыл бұрын

I love the way you speak karen i will love to get signals from you

@KarenFoo Жыл бұрын

Thanks but I dont provide signals

@ente_kadang2_ya158 3 жыл бұрын

How about SL hunter? Adjusting the plan with trading style? Exploit ADR or ATR for RR?

@blueocean7033 5 жыл бұрын

Very nicely explain, Foo ..... I'm From INDIA

@KarenFoo 5 жыл бұрын

Thank you for your compliment:)

@thatmemo1983 4 жыл бұрын

the tricky part, the part anyone need to train his mind, is that sometimes less is more, you don't have to make hundred or thousand transaction to be profitable, you need to have the patient, discipline mentality to realize that less good trade is much much much better that shitty more trade, you should train your mind to " aim, aim, aim, aim,......., shot".

@anjanmaity3393 5 жыл бұрын

nice explain,thank you mam. india.

@KarenFoo 5 жыл бұрын

You're welcome

@robiulawalrobi8607 6 жыл бұрын

Beginner's illusion "Oh u know I am such a good trader, u know "...ur expression was really funny ;) :)

@KarenFoo 6 жыл бұрын

What do you mean by beginner's illusion? :)

@robiulawalrobi8607 6 жыл бұрын

i meant, new traders's dream about trading, they live another world with tremendous expectation, as u mentioned in ur video always. Hey, i just did a compliment to u from this video...just liked that expression, quite dramatic, that's it :)

@KarenFoo 6 жыл бұрын

Yeah it's quite normal for new traders to have such expectations. Doesn't help that people are also selling that dream sometimes. Anyway, thanks ;)