The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Most retail Forex traders who make it to the level of full-time or professional trading have a daily routine that is how to become a forex trader in singapore a lot different than what most amateur traders imagine. I would like to take you on a trip through an average daily routine of a professional Forex price action trader.
You might be surprised by some of what you read in today’s article. The point is to provide you with some insight into what full-time trading is all about. Get a good start to the trading day. A professional trader knows that being in top mental condition is very important for sticking to a Forex trading plan and for analyzing the charts with the correct mindset. Thus, the professional trader starts off each trading day with a healthy breakfast, waking up at a nice early hour so that the day does not slip away, and so that their trading routine gets started consistently each day. Another important part of any pro trader’s daily routine is exercise. We will touch on this later in the article, but for now it’s important to note that some pro traders exercise first thing in the morning.
Exercising before you do anything else with your day is a great way to get the oxygen flowing into your brain and get your body feeling good for the day’s activities. The first thing any pro trader does when interacting with the markets each day is to check any open trades from the previous day. Depending on what happened over-night a professional trader will have to adjust the stop losses on any open positions, update their trading journal, or perhaps do nothing. As far as the best times to trade Forex, it really doesn’t make as big of a difference as what most amateur traders might think.
More importantly, you should aim to check the markets at two or three pre-defined times each day, so that it becomes a routine and so that you are more likely to treat trading like a business. How do professional traders analyze their charts? When a professional Forex trader analyzes their charts, they know exactly what they are looking for. This is because they have learned to master one Forex trading strategy at a time, and after fully mastering their trading strategy they don’t need to guess or spend hours staring at their charts. The professional trader trades a small basket of markets, they are very familiar with their favorite currency pairs and the setups that they are looking for, and this makes for much more efficient and effective analysis of the markets.
The key point here is that professional traders have dedicated trading times, they have mastered their trading strategy, and they know what the best currency pairs to trade are. This allows them to have a defined trading routine where nothing is left to chance. Professional traders take time off from the markets. Pro traders know that after any live trade, whether it’s a winner or a loser, the best thing to do is remove their self from the market for a period of time.
We are typically most emotional immediately after a trade closes out, whether it wins or loses. Professional traders are not sitting up all night burning their eyes out by staring at the charts and watching every little tick of the market. Getting a good night’s rest is very important to successful long-term trading. If you only take one thing away from this article it should be this: after you check the markets each day and enter or adjust your trades, you should then do something else for at least 4 to 8 hours.
Excellent article Nial, clears up a lot of the mystery of pro trading, and helps me visualise my future. 7 day weeks for the last 15 years, I look forward to the intervals away from successful trading to do the things i want to do. It is so very GENEROUS and KIND of you to FREELY GIVE of yourself to help wannabee traders. Though not yet consistently profitable, your teaching has improved my results to the point where they give me the courage to believe that I too will become successful in this awe-ful and awesome business.