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

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SUMMARY

Your trading can be a career. You can trade your own money and try to build a vast amount of wealth. You can trade as a retirement income as you enjoy your golden years. You can trade other people’s money (OPM). You could even trade forex in a corporation or in a bank.
In any case, in my opinion, if you do not develop a long-term plan for your forex career then you plan to fail as a forex trader. In that case, perhaps you should go after that marketing position you saw advertised online. Maybe they’ll give you a nice cubicle to work in. If you keep your head down and make yourself look busy, you’ll get through the day, week, and month. You’ll earn your paycheck every couple of weeks no matter what the market does. Maybe your boss will even buy you a lunch every so often. Life will be easy as you live a quiet life of desperation. Enjoy the commute!
If you don’t like the sound of that, then let me remind you about what Sun Tzu said in the Art of War:
 
“Planning is a great matter to a general [trader]; it is the ground of death and of life; it is the way of survival and of destruction, and must be examined . . .
 
Will you plan to succeed or fail to plan? What about the 95 percent of novice traders who lose money; what do they do? I’d venture to guess that the vast majority of them not only do not plan their trades in advance, but they also don’t have a long-term plan for their trading career, either.
I suppose that is okay by me. They add liquidity to my trades. ...

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