Currency Trading routines represent ‘process over profits’. You may execute these processes every day, for a week or a month. Without knowing it, these routines have become a habit that you constantly follow throughout all your trades. There are a couple of ways that trading routines help aspiring traders;
- It helps in providing regular feedback
- It helps you keep focused on your trading plan
- It helps strengthen your willpower
- It serves as your motivation
- It helps you undertake the necessary steps to attain your goals
How To Create A Progressive Trading Routine
The Weekend Routine
Your trading weekend should start one day before. This is the time when you create a watchlist. This watchlist only takes one to two hours. As much as possible, you should plan the setups based on the things that you are most interested in. You may create two lists – the Forex Watchlist and the Weekly Watchlist.
For the Forex watchlist, you may put all the Forex pairs that you have been monitoring so far while the second one (weekly watchlist) must contain the currency pairs that I have chosen for the next week. Though this activity is rigorous, it keeps traders from being distracted as traders won’t have to ‘hunt’ for setups.
The Daily Routine
If there is a weekly trading routine, there is also a daily routine. In the morning, you need to prepare yourself for the entire trading day. This usually takes about 1 hour or less. You may start with some meditations to clear your head and for you to attain focus the entire day. After that, you may check the market – your open positions and the global market news from news outlets.
After acquiring some ideas about the financial world, you can now move into your economic calendar. As much as possible, you should check for that high-impact economic news and keep notes of it or take help of internet via earn Bitcoin Android app.
Routines During the Day
There is little work that has to be done throughout the day. This is all because of these reasons;
- You already have a weekly watchlist
- You already know the potential setups that are set to be unfolded
- You have your alarms set every four hours
This alarm every four hours will remind you to look and check the charts every 4 hours whether a candle has been closed out. Meanwhile, if you are planning to take a trade, you must first refer to your trading checklist and ensure that everything in the box is checked. Right after taking a trade, write it down in a journal alongside a detailed report as to my opinion regarding the trade that I just took in.
The Final Routine of the Day
At the end of the day, you will only mind these two things – check my watch list and see what has happened throughout the day, and review your trades.
If you take your evenings off, then you should just make this routine short but detailed.
The Monthly Routine
Finally, there is a monthly currency Trading routine that is composed of your trading performance for the past month.