Generation Trance
Vote for GT  at The DJ List! Vote for GT and Project C at The DJ List! Vote for Project C  at The DJ List!
 FAQFAQ   SearchSearch   Chat   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 
Forex Trading Routines: How To Find The Right One For You

 
Post new topic   Reply to topic    Generation Trance Forum Index -> Events/Shows
View previous topic :: View next topic  
Author Message
bujiiskl
Poster


Joined: 17 Oct 2020
Posts: 18

blank.gif
PostPosted: Sat Feb 20, 2021 3:00 am    Post subject: Forex Trading Routines: How To Find The Right One For You Reply with quote

Forex Trading Routines: Make a Daily Forex Trading Routine to Improve your Trading Skills

Your forex trading routine is potentially the most important part of how you trade. It involves your routine before, while and after trading.

Having a forex trading routine helps you reduce mistakes my making you consistent in how you trade.

Of course, all of us are different and that is reflected in the different ways we trade.

But whatever you do, don’t make a habit of just rolling out of bed, skipping breakfast and a shower and starting to trade!

In this article, we’re going to look at why it’s important to have a forex trading routine and how you can put one together that will work for you.




What is a forex trading routine?
Forex traders have to be disciplined like monks. Forget the images you see of day traders living in mansions having parties, for the large part that’s not the reality.

Your forex trading routine can be broken down into three parts:

Pre-market routine - what you do before trading.
In market trading routine - your routine while you’re actually trading.
After-market routine - what you do after trading.
A trading journal can be very useful when combined with a well-planned trading routine.

By reviewing your trading journal, you can improve your routine; you will be more clearly able to see what works for you and what doesn’t.

Whatever you decide for your forex trading routine, it will not be like everyone else’s though you should be able to consistently stick to it.

When you are consistent, you improve processes and hopefully will become more profitable as you are more able to predict the outcome of your trades.

It shouldn’t be fun; it should be boring! Boring means fewer emotions and fewer surprises.



Tips for getting your forex trading routine right
It takes time to create a forex trading routine, you have to experiment with it and see what works.

Over time you will create one that works for you. Some things may take adjusting to and you won’t get right on the first few attempts.



Pre-market routine
pre-market trading routine

Arguably, your pre-market routine is the most important part of your forex trading routine as it sets you up for the rest of your day.

Your pre-market routine should probably include a time to wake up that you know will not be difficult for you but still provides you with enough time to get ready for the day.

If you give yourself at least two or three hours to wake up before trading, you may find that you are more refreshed and in a better mood to trade.

The time you have before you start trading should be used appropriately though.

Some traders start the day with exercise before trading. Exercise can get you pumped and has also shown to improve your mental ability.

If you have people that depend on you, such as children, you should ensure that they have everything they need before you start trading.

Make sure there will be no distractions while you’re trading.

You have to remember that if you day trade, the minute you start trading, you might not get a break for hours, which is why you should get your routine right.

The mood you start trading with could be stuck with you for hours and affect your performance.



Market preparation

It is highly advised that your forex trading routine includes reading up on the latest news and checking your forex economic calendar before you start trading.

This will allow you to prepare for what the day likely holds ahead. You should never be scrambling for news when you start trading!

To mitigate the issue of missing the news, some traders may have the news on a screen near them at all times. While it may work for some, for others it might be distracting.



Time for learning and relearning

Some traders may deliberately leave out learning new things on days that they know they will be trading or at least in the mornings.

This is because it may be a distraction to them, and they may feel it will impact how they trade.

Other traders may dedicate a set amount of time in mornings before they start trading to go over the basics or concepts they know they forget, to keep them fresh in their minds.

Whatever your pre-market routine includes, it should definitely involve eating breakfast and waking up properly!



In market trading routine
in market trading routine

Depending on where you live, you might change your routine to trade in certain markets.

For example, London is largely considered an important city for forex trading and, perhaps more importantly, the London trading session overlaps with the Tokyo trading session in the morning and the New York trading session later in the day meaning there is a lot of volatility to take advantage of.

If you live outside the UK, you may change your working hours to take advantage of this. However, such a change in lifestyle requires a lot of motivation and will not work for everyone!



Preparing to trade

If you’re a swing trader or if you left a position open from yesterday, one of the first things you should do is check the positions you left open.

If necessary, also look into making any adjustments to your open positions.

Also, you can spend some time before you start trading to review your trades from the day before as a quick exercise to see what went well and what didn’t and how you can improve today.

You will also need to put together what you will likely need for your trading strategy to work. If you focus on support and resistance, for example, you should mark your levels.

Additionally, you should have an idea of where the market is likely to go and where you will be able to enter and exit, and how much you will be able to make.

Analysis of the market should always be done before you enter a trade!



While trading

Traders should be disciplined. They should be looking to trade less, not more.

If you sense that you have too much energy rushing through you, stop and find a release for that energy that’s away from your trading platform.

Plus, remember to give yourself a break!

Don’t think you can trade all day long without one. On some days, with the right amount of motivation, this could be possible, but for most of us on most days, you will need a break.

Though it should be said there will be some points where it will be hard to have a break because there are too many opportunities coming at you.

In cases like this, it may be beneficial to continue trading, but a break is still necessary, and you should make sure you have one.

If you find that this happens often and you usually miss your chance to take a break, you can start saying to yourself that between a certain time, let’s say 12 pm and 3 pm, you will take a one hour break.

You can also set yourself a time to revisit the news after taking a break to ensure you haven’t missed anything.
Back to top
View user's profile Send private message
koiqwklla
Poster


Joined: 16 Apr 2020
Posts: 23

canada.gif
PostPosted: Sat Feb 20, 2021 3:33 am    Post subject: Reply with quote

And what is your opinion about online trading? I find it one of the most promising methods of making money online. I like to trade CFDs. This type of trading does not require burdening investments and allow you to earn something. You can trade with any broker. I prefer markets com review http://tradersunion.com/brokers/forex/view/markets.com/. It offers very good terms for beginners.
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Generation Trance Forum Index -> Events/Shows All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group

Powered by CloudFlare