Trade Like A Business

Traders must have business owner discipline. Write a trading plan first.

Against compare your trading outcomes to your broker's, create your own accounting system.

Simply use an Excel spreadsheet with daily, weekly, and monthly results.

Include gross profit/loss, trades, commission expenses, ECN costs, other costs, net profit/loss, equity (check brokerage reports), and any pertinent information.

Use this to trade better. Look for patterns in your profits and costs.

Your trading plan should cover all the sorts of trading you expect to perform.

Successful traders do not open their charts and trade. They prepared for everything before attacking.

Preparation matters most. Sunday starts my business week.

I review all charts on Sundays and pick the best trading chances for the week.

I can focus on trading setups and follow the trading plan.

Ensure your trading plan answers these questions:

Currency pair trading strategy?

Which strategy will you prioritize?

What's your business?

What's your financial strategy?

If you know when to modify your risk based on market performance, you can better control your entire risk, money, and trading approach.

A trading strategy is the most crucial document for trading like a business.

Trading rules

To keep consistent throughout the week, you should build a trading routine if you are serious about forex trading and want to handle it like a business.

This helps you maximize profits and minimize losses.

Trade like this:

Market research.

How to change your weekday trade.

When will you start tracking trades? Daily or weekly.

Stop trading when?

Make trading a daily habit by prioritizing it.

A trading schedule that fits your life will help you trade consistently throughout the week.