How do you write a winning trading plan? In this episode Rob talks about the most important elements of a winning trading plan, and the mistakes many traders make when writing their plans. Rob starts with one pitfall that is the traditional idea that a trading plan has to be an extensive document with all the details of your trading. The problem is that you get caught up in making the plan and not doing the work. What about having a plan for your life?
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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.