Keep your trading plan simple and easy to follow
Forex trading often requires very quick decision making in order to take advantage of profitable opportunities or to prevent a significant loss from accumulating. For this reason, a trading plan that is simple to monitor and implement will typically be faster to execute in practice and hence it is more likely to reap decent rewards and avoid devastating losses. Furthermore trade plans that are easy to follow make it more probable that you will be able to keep to and execute the plan in a disciplined manner. In addition, such plans will usually increase the speed with which you can execute a trade to take advantage of an opportunity or prevent a loss.
