Forex Trading Routine For Successful Traders

By Steven Hatzakis Friday, January 19, 2018

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One greatest difference between a successful and a non-professional trader is setting Forex trading routine effectively. Do you dream to become a professional?

Introduction

Based on the approach to Forex trading routine, we can distinguish between professional traders and amateur ones. While the amateurs trade without careful planning and wait for the luck, the successful traders always follow laid out routine. A fact is that the prosperous are easier to find the best trade weekly.


Following the Forex trading lifestyle allows any dealers improve their results by reducing much trading time.
 
Read this post. We will show you six easy steps to set up a useful trading lifestyle and become a successful Forex trader.

Steps to Set Up Forex Trading Routine

Step 1: Setting Up Your Chart

If you want to save time significantly, automating as much as possible and also lessening unnecessary task and processes should be done.

Charting vs. Executing a Trade

A piece of advice, for you, is to split up charting and execute a trade. We recommend a suitable website for charting i.e. www.tradingview.com. However, for trading, we usually enter our broker’s trading platform.

Why should we do that? The reason is so simple. Trading and charting on the same platform possibly lead you to make impulsive decisions because you can see your orders in front of you. It’s easy to enter a new trade just in one click. So, separating charting and trading helps you to low your feelings of urgency and limit disturbing all of your trades.

Use Templates Efficiently

In tradingview.com, you can set up different chart patterns in various templates and profiles in advance.

You should have some regular templates specially designed for your Forex pairs and various time frames. Moreover, we advise you ought to check a little bit to decide which fits you before live trading.

Using efficiently trading tools like templates helps a lot in saving your time, especially busy men who have many things to do a day. So, creating a shortcut bar for your charting tools which you usually use is also a good idea.

Create Alerts

You don’t want to miss the price moves, right? Let’s use the alert feature to remind you the price action.
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Step 2: The Weekend

Step 1 talked about organizing yourself before embarking on trading. Now, let’s move to step 2. We will show what you should do with your daily trading routine.

Are you a full-time trader? If not. Use your free time wisely. You should prepare your next trading day ahead.

The weekend is the best time for you to plan your whole trading week. For example, you can check your Forex pairs, update your charts, set price alerts and time frames for each pair, etc.

Remember that trading without any plan quickly prevents you from success.

Step 3: The Morning

Update News

Instead of wasting time with irrelevant news, I just concern about where is the market and what the other investors and Forex traders take interest in right now.

Here are some websites providing much information for you. The news posted on these following sites may be overlap as so many things are going on in the world.

  1. 1. https://www.bloomberg.com/markets
  2. 2. https://www.reuters.com/finance/markets 
  3. 3. https://www.marketpulse.com/ 
  4. 4. http://www.bkassetmanagement.com/fx-insights 

30 – 45 minutes is enough for you to overlook what is happening on earth and make your mindset clear to adjust your trading strategies.

Step 4: Executing Trades

After searching and having a good understanding of the news, now you can start embarking on charting and executing trades.

Modernize Your Trading Plan

It may take you about 20 – 30 minutes for this step because of your best prepare all the work on the weekend. Your tasks are just checking again the trading plans and price alerts.

Review Your Past Trades

Identifying your position helps you overcome your weaknesses and find new ideas to accomplish the work. So, reviewing you past trades should be done.
It lasts no more than 5 to 10 minutes but gives you opportunities to be aware of potential risks which may occur in a near future.

Step 5: During Your Trading Day

Thanks to everything you had already planned before, almost nothing needs to be done in this step. However, you should check your charts in the morning and make sure that what is the most important things you pay attention to.

Screen Time’s Myth

Many Forex traders are often absorbed in the belief in sitting all day long in front of their computer and watching the chart. Then they will become a better or experienced trader. Nevertheless, there is a fact that the longer you observing charts, the worse you will be and the worse decisions you may make.
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That is the reason why we told you should create alerts. Let it give you a hand in following your trade whenever you don’t have much time. 

Step 6: The Evening

Here are some tips and tricks we recommend for you in the evening. It’s the time to end your day of trading Forex.

Keep a Journal of Your Trades

It looks like you write your diary about all the trades taken a day so that you can use that information when necessary or the next day. 

Manage Trades

Sometimes, you need to adapt your trades to your trading strategies. Update the information through reading news and wonder yourself whether you need to change anything like the stop-loss order, etc. or not.

Make Plan for the Next Trading Day

Take less or more than 30 minutes a night to update your trading plans for the next trading day. You can check the journal of what has happened, draw new levels and create price alarms, etc.

Conclusion

Every person has their own Forex trading routine. This may be slightly different from this post. Setting an effective trading lifestyle depends on one’s trading style and the market as well. If you want to become a professional trader, as we said above, arranging your timetable to trade Forex is quite essential. So, don’t be confused or hesitate to spend your valuable time on setting routine because you will be able to save you from disappointment.

If you invest all of your efforts and time wisely for Forex trading, then you will get something better than just sitting there and hoping a fortune favor you.

See More:
  1. Forex Capital – How Much Do You Need To Start Trading?
  2. What Is Forex? And What Is It Pros And Cons?
  3. What Is Leverage In Forex?
  4. What Is A Pip In Forex?
  5. What Are Major Forex Currency Pairs?