It is a fact that forex traders usually fail to understand one of the most important aspects that can lead them towards success. We have talked in the past about mindset in forex and now we want to dig deeper into this subject and describe how a forex trader should design his schedule for trading, in order to be able to do this in a professional way.
The power of habits
Behind any success in the world lies a series of activities done over and over again. Because success in trading or any other area is linked to these habits. Executing trades should be a habit, managing risk should also be a habit, and reviewing trading activity is an important habit.
So you got the point. If you want to get results trading forex you need to have a long list of good and healthy habits. If you are at the point when you lack results in trading and you are losing money, you don’t need to panic. Each of us had been there and it’s something normal.
Your trading schedule
When it comes to your trading schedule, it should be structured in a particular way that will:
- Fit your own day to day routine
- Help you to improve your results
- Be compatible with your beliefs and personality.
The process starts before being in front of the chart and pushing buttons to place trades. Preparation for the trading day is crucial for any of you. Here you need to consider basic things like having a shower (no coffee or any other drink that accelerates your heart beat), eating healthy, and doing some sort of mental warm-up (meditation is a good example).
These activities are going to heavily weigh on your performance and sadly, most of the traders do not manage to take them into account.
Doing your trading analysis and here we mean technical analysis, fundamental analysis, market sentiment analysis, picking up a few instruments that you are going to focus on (since it is impossible to monitor a 1,000 instruments) and doing your plan (at what levels you look to buy/sell, what should happen in the market in order to change your view etc.).
Having this well-structured string of activities are going to leverage your actions and improve your performance. Make sure to take care of each one we have mentioned above and with time you will begin to see better and better results.