Developing Routine
One of the keys to successful trading is developing a routine. The most successful traders have routines that they follow. There is not one specific routine that needs to be followed. Different traders will have different routines. Part of this is going to be based on each trader’s lifestyle. When do they work? When do they set aside time for family? When do they want to spend time on trading? One of the advantages of the Forex market is that it is open 24 hours during the week so it can accommodate all kinds of trader’s schedules.
Another consideration is based on the type of trading being done. A day trader will have different routines than those that are not day trading. There will be some trial and error on the routine that works for you.
There are a couple of main considerations for developing a trading routine. Set aside a specific time. Again, with currencies, we can pick any time of the day. For people that have work schedules that vary, it may be you have to specify an hour after work or just after waking up or time before going to bed.
The second major thing is to have a place for trading. This could be an office at home or den. If you don’t have an extra room for trading, it may be a corner of your bedroom. But have a desk or table or some area that is dedicated to trading.
After this, it comes down to what type of trading you do. I always start by checking the economic calendar for potential high impact events. I then focus on the pairs I trade and go through the charts of my favorites from left to right. I start by looking for the pairs that are in a trend and if there are opportunities based on that. I will then go through looking for trades that are in a range, based on support and resistance. This is the part that is based on individual preferences and types of trades you like to focus on.
Any routine we have, gives what we do a sense of importance. Any successful trader, treats trading as something important. Hence, developing a routine is a key to successful trading.
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