The Daily Begginner Routine

Beginner Questions
1

Hi,

Being a beginner, I’m wondering if senior traders can share their perspective of what I call a “reasonable” daily routine for a beginner to follow, things like watching charts, follow news, draw patterns, testing strategies… etc.

Thanks in advance

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2

Routine-wise trading in Forex isn’t possible because the market offers different situations overtime. But market study should be done routine-wise.

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3

Hi Abdullah, I’m a beginner too (am yet to finished school of pipsology!) so appreciate the question.

I’ve started drafting a trading plan which sets out a routine in the theory that it supports consistent success. Like studying the latest market moves (there’s some awesome market updates on here, maybe a good place to start) in the morning to updating and studying your journal (if you plan to do one) before closing for the day.

There’s some great tips covered in videos by a Danish guy called Tom Hougaard, which are really quite motivational.

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4

the first thing you have to make sure the learning process , otherwise any kind of trading approach will not works at all. so start with education first . thanks

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5

XADUSD includes high trading spread which will reduce your trading profit. On the other hand, EURUSD contains low trading spread and less volatile comparatively.

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6

EURUSD is the most useable and profitable trading pair in this market place and more appropriate for using any kinds of trading strategies.

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7

Thanks the comment… So I meant from a “learner” point of view, what routine would contribute more to a “potential” trader?..

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8

Yaa… this sound a good to begin with. The “consistency” is critical in terms of building up knowledge.

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9

I totally agree with that. The only concern here is when to turn in to the market, after what amount of studying.

Thank you

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10

have you started the demo account at all ? i request never skip the demo account at all. this is the master place to become a knowledgeable trader.

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11

I have done it long back, but since I started a real account (trying to capitalise on my few years of learning) I stopped using it.

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12

Reading daily news sometimes may help you to earn good profits, as everything now depends on the politics.

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13

Hi @Abdullah_Said! Welcome to babypips! Here’s a school lesson on this very topic that you might find helpful:

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14

So if I limited the routine Im talking about is related to learning things about the market through the chart / market screen, the below seems relevant:

  1. Find out the trend using a specific tool or indicator - who is in control of the market? is it buyers or sellers? Demand of Supply? or there is no trend / it is a side way market?
  2. Find out the highs and lows. What happen at those points? why market change direction at those point? Could be possible to anticipate such price move before it took place?
  3. Open an indicator which you understand or comfortable with? What dose it say? over bought or over sold, high momentum / volume / volatility, reversal, continuation, divergence, … etc
  4. Observe the chart? Does it suggest any price pattern? If yes, what that pattern suggest? any potential price move?
  5. Do you know about candle formation? Can you find a candle patterns which explain price movement. Was it possible to anticipate such move before it happened?
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15

fantastic… this is really valuable…

16

Trading cannot be done routine-wise but learning can be. So, newbies should learn the Forex market routine-wise.