Forex Trading’s Preflight Check: Building Your Plan
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#539:Forex Trading’s Preflight Check: Building Your Plan
In this video:
00:34 – Heading off for a flight and carrying out my checks.
02:01 – You need a trading plan.
03:00 – Put in the time to ensure a good outcome with your trading.
03:45 – The market does not have even trading conditions.
04:42 – Trade through Blueberry Markets.
05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to discuss the importance of learning to plan properly, planning your training, See now exactly what you’re doing, whether you’re flying a helicopter like behind me here, or if you’re trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let’s get into that a more right that.
Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539.
Heading off for a flight and carrying out my checks.
As you can see, I’m out at the hanger. I’m heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I’m spending some time here today when there’s no pressure and I’m going through my entire preflight and doing all my checks.
I’ve got my my flight plans here. I’ve got my airports where I’m going to inside here. I’ve covered everything I need to know in terms of the cockpit. I’ve got a huge manual here. It’s about 800 pages that’s just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you’ve got to keep updated on that.
I’ve been through the machine here. I’ve checked through and, you know, engines and oils and up on the rotor blades there. I’ve checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It’s all on board. I know exactly what I’ve got. I know where I’m going. I know my radio calls.
I’m discharging my headsets up. So that’s ready. I’ve got a spare batteries. I’ve got my iPad. I’ve got my phone. I’ve got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what’s going to you know, we’re going to get there safely and just have a great day.
You need a trading plan.
So me doing this is no different to me trading. You know, I’ve got my plan and this is what I want to stress to you, that I just see so many people that don’t have a plan, don’t know what they’re doing. You wouldn’t believe the number of emails that I get saying, Look, I’ve been trading for six months and I go back and I go, Great, Well, you’ve obviously got a problem because you’re contacting me.
So. So what are you doing? And they go, I’m just putting on, you know, one lot on this trade and I’m trading, you know, different times of the day. They trading. They don’t know what they’re trading. They see something all that, let’s say a daily chart that’s telling a buy on an hourly chart. They’re saying sell. They don’t know what to do.
There’s no light, there’s no money management, there’s no risk management. There’s no no, no strategy at all. They don’t know why they’re doing what they’re doing. They just know they want to trade forex. And because they’re probably seen it’s really good and seen something on YouTube or somewhere.
Put in the time to ensure a good outcome with your trading.
And that becomes the problem is that people don’t put enough preparation time into learning the skill that they want to be good at.
And you know, it’s like anything is like flying this thing. There is nothing that beats flying. A helicopter is the most amazing machine it’s ever been invented. And you know what you can do. But you know, there’s a good year at least, of hard work. There’s exams, there’s reading this, you know, there’s all the training you go through, the expense of it all, the, you know, the frustration that comes with it, you know, the ups and downs that come with it.
Is it easy? Absolutely not. Otherwise, everybody would be doing it. And trading is no different. You have to expect to put some time, some dedication, some expense, some ups and downs. You know, three a learning process. And when you’re trading as well.
The market does not have even trading conditions.
Now you know that the market not a straight line. You know that you know let’s face it 2024 so far for the forex market, it’s been very quiet.
There’s not been a lot of really great activity. It’s just the way it is, you know, and the you know, that’s part of trading. You take the ups and the downs, but you control your risk. You know what you’re doing. You have high reward risk trades, but you have your plan. You know what you’re looking at, what patterns you’re looking at.
If you’re trading news, you know what you’re looking for, whatever strategy you have, you know exactly what to look for, when to look, what pairs to look at, what time frame charts to look at when you’re exiting a trade or even when you’re entering a trade. How you entering it? How are you getting out of the trade? All those type of things you have, all that planned, pre-planned in advance.
So really encourage you to do that. If you need any help at all with any trade planning, please feel free to reach out. Send me an email [email protected]
Trade through Blueberry Markets.
If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. Great bunch of people, great trading platforms. Either MT5 platform has so many markets on it and I’ve been with them for years. I know them, I’ve been just meet them in person, just can highly, highly recommend blueberry markets. If you are looking for a broker, I put a link to them below this video and podcast as well.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you have not been on my masterclass yet, I encourage you to do that. I’ll put a link to that.
If you’ve not seen the podcast and the video webinar, Sorry that I did with a 5%ers Prop Firm company a few weeks ago, I’ll put a link to that as well as about an hour webinar that I presented how to pass prop firm challenges.
And so if you want to call with us, I’ll put a link to that as well. So you can book a call and discuss your trading with us.
I hope that helps. Any questions you have, please, as I said, leave a comment. Email me. We’re here to help. This is Andrew at Forex Trading Coach. I carry on with my preflight. You carry on with your trading planning and make sure it works. Bye for now!
Episode Title: #539: Forex Trading’s Preflight Check: Building Your Plan
Signup For my Forex Masterclass
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
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