HAPPY NEW YEAR!!!!It’s 2020, a new decade. I am extremely excited. I feel honored to be given another opportunity to share more trading tips with you. This will be my 11th year of trading
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One of the things that I always preach is that everything works better when there’s some planning involved. If you are trying to get into a daily routine, it starts with planning. Drafting a plan is not that difficult, but the most challenging part is to follow it through.
Over the past few years of engaging with traders, I have noticed that most traders do not plan for their trading day, week , month and let alone the whole year. I have also realized that it is because of how most traders are viewing their trading accounts, most traders view it with the same eye as they view a cash slot machine and therefore, they see no need to plan. You may learn a thing or two from this post regarding that.
I always find it easier to plan ahead and that works perfectly fine with how I personally trade. I believe though that however you trade, you can always plan. Do things differently this year. Below are the 3 things that you can include in your planning.
”Different doing, different having”
This should be on top of your list. The markets are open 24/5 (24 hours, 5 days a week) but this does not mean that every hour is a good hour to trade any instrument. After realizing that most traders are not even aware of that, I published a market hours blog post to help traders to avoid sleepy markets or trading an instrument in a wrong session. Know the sessions that will work out better for you (according to your daily work/business schedule) and plan around that. While you are still at that, you also need to know which currencies to trade during that specific session. You may like this post here.
2. Have your own watch list
This one might be a bit tricky to do a long term plan on because the markets are focusing on different things at different times. You can however do a weekly plan (it works perfectly for my preferred method of trading). Having a watch list should also go hand in hand with understanding when is the right time to trade those currencies on your watch list (refer to the blog posts mentioned above).
3. Know when not to trade, its OK to have an off day
I personally do not trade any currency when it’s country is having a bank holiday because the volatility is likely to be abnormal, read more here.
We (my mentees and I) will do the planning together. If you wish to be part of my mentorship program, registration is still open, you can check all details here. Thank you for stopping by and reading this post. Kindly share with your peers and help one more trader to plan. Stay tuned for more tips.