Discipline is one of the most important values a trader should possess. Usually, a large sum of money is involved in trading which is why professional traders develop their own routine so they can prepare their mind and body through wins and losses.
Trading can be like any other professions. You need to acquire specific skills and be consistent with your approaches to generate favorable results. Your everyday routine plays an important role on how you can deal with the challenges of Forex trading.
Reading routine can be categorized into three parts:
- Pre-trading routine – The steps you follow prepare yourself before trading
- In market trading routine – The things you practice regularly while trading
- After-trading routine – The activities you do after trading
Your pre-trading habits should involve a time to get up from bed, which should not only be comfortable for you, but also gives you sufficient time to get prepared for the day. If you allow yourself at least 2-3 hours to get ready before you trade, you may notice that you’re more relaxed and in a positive mood to enter the market.
You have to understand that if you are trading on a daytime basis, you might not be able to take a pause for hours the moment you enter the market, and that’s why you should develop the right schedule. The mood or atmosphere you start trading with could stay with you the rest of the day and might influence your trading decisions.
In market trading routine
You can change your daily trading practices in some markets based on where you reside. For example, a country’s trading session may intersect with another country’s trading period in the afternoon, and then another country’s trading session may begin in the evening which means there’s plenty of volatility to leverage.
Remember that it is essential to take a break in between your trading sessions. In some days, you may find yourself driven to trade continuously, thinking that you might miss some opportunities. However, not having a pause can also lead you to mistakes because of impulsive decisions. Try checking the market news from time to time to see what could affect your positions.
The after-trade routine is as important as the first two things as it will affect your mindset for the next day’s trade. If you’ve made a wrong move, it is important to give yourself time to absorb what happened so you can clearly think of your next steps tomorrow. Managing your emotions during and after the trade will help you stay mentally fit for this risky yet exciting work.
Analyze how your trades worked at the end of the day, and how the market performed. Check if you have any specific observations to strengthen your trading approach. You should also devote a sufficient amount of time to discover more about forex trading and improve your skills. You should also remember that you cannot earn millions in one seating so brush up your trading plan.