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The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

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FX BUSINESS PLANNER

Let’s take a look at the FX Business Planner and how it illustrates this concept. However, please don’t lose sight of what it is trying to say. The application may tell you that you could theoretically make a trillion dollars per year. Well, isn’t that crazy? Yes it is. What it is really telling you is that you are taking far too much risk per trade and you should lower it. When using the FX Business Planner, and whenever trading forex for that matter, don’t focus on the money; focus on the risk.
The FX Business Planner has two goals:
1. Provide evidence that you can be a conservative trader and still be financially successful. You don’t need to be aggressive.
2. You can afford to lower your risk.
 
The ideal starting point for all novice traders who are planning their future trading businesses is to target the income level they need to achieve in their trading to be able to afford to quit their day jobs. This is not a focus on financial freedom, but on freedom to trade forex as a full-time trader.
What is your current income or an income you need to live comfortably? Focus on achieving this level and maintaining this level for the next three years. This will help you focus on developing your trading skills (skill denotes a long-term ability) and grow your trading account.
The FX Business Planner takes a few variables into account and then illustrates MAP everyday over the course of the next three years: day by day, week by week, year by year. It will ...

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