Enough and more information is available about technical analysis, indicators, chart patterns, trade setups etc. etc.
But surprisingly, very few traders look outside the box and strive to understand the other factors which go into the trading process – the psychology of trading, money management….and a “Trading Plan”.
I could label “forexology” as the combination of these principles, which are more important than technical analysis, and ironically, the most ignored.

Let me introduce myself.
My name is Sunil Mangwani & I am a Physics graduate with a Diploma in Financial Management.
I have been trading the forex market since the last 6 years and devise simple trading strategies based on my vast knowledge and in-depth study in the field of technical analysis.
But in my years of trading and experience of teaching technical analysis, I realized that applying technical analysis is not enough to be a successful trader.
One can be successful in this exciting, fulfilling and yet demanding business, if and only if, one has a definite plan on how to approach the market.
If a trader has an iron clad “Trading Plan”, it automatically puts the trader into the top 15% bracket of the winners.
I now conduct special coaching for developing specific trade plans from my website www.fibforex123.com
My vast repertoire of services on this website also includes Live Trading room training, special webinars on educational topics & advanced trading strategies.

When I got the opportunity of presenting a blog on Fxstreet, to convey important & relevant thoughts on forex trading, it was only natural for me to think about forexology.
The underlying principle & the most important factor that I concentrate on, is the concept of 3M’s – Mind, Money & Method.

At the risk of repeating myself, most traders are not aware of the following fact -
If one were to distribute the 3M’s (Mind, Money & Method) on a scale of 1 to 10,

Money Management would account for 50%;
Psychology of trading would account for 30%;
Technical analysis would account for only 20%.

This by itself should highlight the fact that a trader should give more emphasis to the factors of forexology.

In this blog, I will be presenting my thoughts on the concepts of Trading Plan, Money Management & the Psychology of Trading.
My intention is to make the traders realize the importance of these topics & I will be touching on technical analysis only when required.
This does not, in any way, diminish the importance of technical analysis, since the foundation of a “Trading Plan” has to be a technical strategy.
We will, of course, be talking about trades, because we are here to trade and trade successfully.
But I will be giving more weight to the factors of forexology, to create a larger awareness.

I will be putting my thoughts regularly and will also include relevant situations which we come across in my live trading room.
Every day, every moment, the markets throw us different & unique situations and if one learns these lessons, it paves the way to success.
I would appreciate your comments and suggestions for this….and of course, bouquets & brickbats are welcome -J

Sunil Mangwani
www.fibforex123.com