Hi guys, having a profitable day in the market today? I thought I’d ask this question to help me have an idea how to better manage myself daily for maximum profitability on a regular trading day. How do you manage yourself in terms of daily routines for a profitable and productive trading per week…
Information is the most important component for manual traders. Study the most important information like the EURUSD price charts consistently in order to make improvements on positions.
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So what you do as a trader is you study the EUR/USD first daily before making your trade moves?
As it happens, this is my first day of trying out a simple day-trading strategy I found on Youtube. Trend comes from the H1 chart, entry, target and stop signals come form the M5 chart, so that’s all I care about for this.
So far just looking at EUR/USD, GBP/USD, USD/JPY and the Dow. Both the EUR and GBP should be the same direction, and at the same time USD should be opposite. As soon as one of the three entry orders triggered I’d cancel the other two.
Daily routine can take a lot of time, so it is extremely important to use all possible ways to reduce the time for it. For example, the trader can:
- use advanced newsfeeds to get necessary information and make a daily research faster,
- use special backtesting software, like Forex Tester, to check new ideas and strategies to save time on testing,
- create own sheets to write down information about all trades and than sort it down by main criteria to find out what is working best.
The less time you spend on routine, the more time you have for trading.
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there is no daily routine which works completely until making sure a real money managing plan , so before successful trading life it is more appropriate to ensure Money management.
It depends all on your trading strategy-for me as a scalper it is important to know, when relevant news are released which influence the market.(thats the time i normaly do not enter trades and have an eye on price movements to enter later) So the first thing i always do before i trade the next day is to note down,at what time news are released, or if there are any meetings or other things that will happen during the day which have impact on the price.
Than before my trading session starts in the morning, i read the overall news, and than i start watching for profitable trades.
scalping is profitable but contains huge risk most of the time , by the way which pair are you using particularly when using this short time approach.
I only use EUR/USD because of the low spread arround half a pip with this broker-i am not a boaster but i am really happy that i seem to be on the right track-in reality i would have closed my lap top today and thats it!
The DXY chart measures the strength of the US dollar, so whatever the DXY does I know that EURUSD will do the exact opposite. The DXY chart is the EURUSD chart, just reversed
I study the EURUSD as well as the US Dollar Index. XAUUSD (Gold in US Dollars) is also an important part of the studies I do which determine my positions. I even look at price action and statements for JP Morgan Chase (JPM) stock to give me better perspective of the global market.
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Hey man! I’ve beem trading for 5.5 months, and at 5 months is where I’m starting to take off. A trading plan is EVERYTHING.
-what pairs are you trading
-what one of the day will you be trading
-how many pips are you looking for each day/each week
Make a plan, and stick to it, I’ve consistency is your very best friend in this game, it will prevent reckless of excited trading, and greed (greed slips you up every time).
Building off of that, pre-trading ritual. Do something that’ll get you in the zone: I listen to piano music for 5 minutes before trading, ALWAYS
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Forums are limiting, feel free to message me on Instagram or Facebook, my first name is Michael last is the user on this site
One of the biggest mistakes beginning traders make is that they decide they’re going to try to gamble and try to win the jackpot
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Hello Michael… I already sent a message on Fb… Hope to hear from you soon. Thanks
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It is not that a trader can perform trading systematically all the time. Yes, one can earn profitably when he can use appropriate trading strategies by crafting proper trading plan. And to achieve success, one should perform proper analyses and he must choose reliable forex broker to achieve safety of funds.