I’m just starting out in forex (did a lot of work in equities) and have been reading/studying forex for the past 2 weeks.
I’m curious to see how much others are studying/reading/learning about the markets. Please list your studying methods/techniques/times/resources/etc
for me:
i try to read 20 pages or more each day (usually 1-3 hrs) from whichever pdf/book im currently reading. I also take extensive notes while reading (dual monitors helps for this when i’m reading pdfs b/c i can just type them as i go).
I also spend 1hr or more (usually ~1-3hrs per day) reading blogs/news/forums related to forex (take notes on these too)
I haven’t started demo trading yet, I just downloaded 3 demos and i’m just messing around on them (seeing how to place order, how to use different indicators, etc)
i also never read when i’m tired or i’m not retaining any info… i’ll just take a break then get back to it later in the day. I hate reading for like 10 mins and not remembering what it was i just read
so I’m doing 14-28hrs of studying/reading per week
I will line out my weekly forex trading schedule for you
All times are Eastern Standard Time
Wake up make coffee 1 AM
Morning analysis 1 AM - 2 AM
Trade markets 2 AM - 5 AM
Sleep - 5 Am - 7 AM
Ny Session Prep 8 AM - 9 AM
Trade NY session 9 AM - 12 PM
Study Session 12 PM - 2 PM
Daily trade journal review 2 PM - 3 PM
Prepare for tommorow 4 PM - 5:30 PM
Family time and watch asian session out of the corner of my eye 6:30 PM - 10 PM
Go to bed 10 PM
I know there are some holes in those times, but I am also maintaining a full time 46.5 hr a week job.
I also keep my current book that I am reading with me at all times. I carry it with me to the bathroom and thats where I get alot of my reading done on some days.
Weekend schedule - spend at least 3 hours reviewing in detail all trades from the previous week.
What i found is that you will quickly run out of new reading materials in a short amount of time. Initially I would spend about 4hrs aday trying to read anything i could about the FX market and that lasted for about a month before i realised that mostly the ebooks or pdfs are saying the same thing (basically).
My routine is as follows (i will point out here that i only trade the EUR/USD & GBP/USD):
All times PST
11:00 PM - review charts
12:00AM - 3:00 AM trade - i typically use buy limits & sell limits so I dont spend 3hrs looking at the screen. If a trade gets set, great! if not continue doozing close to the computer
3:00am to 7am sleep
7am off to the day job, where i can trade the mid to closing of the NY session plus anything else that happens during the day
5PM home family time & have a nap
Well, it sounds like your on the right path destro, just keep it up. I strongly agree with cdawg when he said that after about a month of constant reading and study, you will see an obvious pattern in just about all the material you read thereafter…you will soon start to appreciate the simplicity and the ease(imho) in making money from trading.
For me to reach that It took about 2 and a half months b/c I wanted to explore things in even greater detail like Fundamentals and how and why they worked the way they do now. the knowledge does pay off…turst me
This knowledge will also give you the major boost in confidence to make your first trade in currences. It’s scary at first, as I’m sure you would know, but if you pursue it hard you will seek the rewards you want.
What you get out of this financially is really up to you
