With your goals for making your millions trading forex in six months set, you need next to have a trading routine to work with. A trading routine is another of the six components of a decent trading plan. There are basically 3 subcomponents of a trading routine: Preparation and thinking time (when you get up each day to prepare for each days' trading activities). Events watching/Trading time (when you would be in the market to watch and probably cash in on the trading opportunities you previewed or analyzed earlier). Evaluation Time (when to sit back and evaluate your trading day and activities: time to correct error and mistakes and pick up new disciplines)
We cover the details right away with a guide on how to trade just for one hour daily. For those who by nature of their job and business do not have the time to sit in front of the computer all day they will gain a lot by following this guide and routine in planning their trading activities without jeopardizing their current business.
At all begins with you sitting down, perhaps with your loved ones and family and deciding what you want to achieve with trading. Once you have determined what it is you want to achieve through trading, come up with a schedule, which, of course, should be drawn with your current job or business schedule in mind. You want to be sure there are no clashes of interest. Nothing can be so detrimental to a business like divided attention or interest.
The preparation stage: what do you do at this time? This has to do with when you have decided that you daily preview the economic calendar for the day or week. There is no hard and fast rule to this since it all depends on your trading psychology and the type of trader you really are; you may be any of intra-day trader, day trader, swing trader or position trader, I will present his guide with a day trader, this is the stage when you have to do a preview of the economic calendar for the day and decide on the event or events you would like to watch and probably trade. Other thing to do during this time include: psyching yourself and preparing your mind for what to except and of course setting up your entry and exit price levels using either pivot points analysis or the Fibonacci retracement and extension.
Idowu Samuel
http://www.forextradinglead.blogspot.com
No comments:
Post a Comment