I’ve been conditioning myself to start taking more trades again. I’ve prepared my drinks, snacks, cleaned my laptop (to help me feel more motivated). And I realized that I’m taking too long to prepare for trading, much longer than the time I spend on actually opening my trades and planning my SLs and TPs. How about you guuuys? Which part of your trading routine takes the most time?
I understand it should usually be the part where you monitor your charts to spot a great trade. I usually spend a lot of time on that too! But I just took extra time preparing today.
Its reading babypips for me - but I enjoy it.
I spend a lot of time for research new strategies
Sounds like procrastination!
I’ve done this, too! Maybe I’ll spend an hour cleaning my desk. I’ll tell myself that I’m being productive, but deep down, I know it’s a lie. And the justification is ¨how can I trade with my desk looking like this?¨
Well, I should clean my desk. Well, I can’t be thorough in trading if I’m not thorough in cleaning right? I should be consistent, right? Right! So, I should vacuum before I start trading. I need my room to smell nice, too. I should go to the store and get some nice air freshener. It goes on and on. It goes on until I become honest with myself.
If cleaning is necessary, do it quick and get to work. Five minutes! Finish cleaning later.
rightly or wrongly, that’s almost all my “trading time”
Going through every pair all the time never stops for me but I lov it
I can look at the charts and begin trading in less than 5 minutes. For me, it’s waiting for the spreads to fall to a point where I feel comfortable trading without giving up too much of my profits to the broker.
My strict process to follow when opening up the charts. Probably takes 30 minutes max.
Most time goes into backtesting new strategies, educating myself and finding new ways to increase probability/confluence etc…
Preparation costs me 30-60 minutes on Sunday or Monday morning, this is when I create my watchlist for the week ahead and scan the main news events on the economic calendar. For the pairs on the watchlist I set my alarms. Once they’re in the trading zone I will watch them every hour to see if an entry signal materialized.
Overall this is theory and the way I want to, but reality is as well that I’m much more often checking the carts just to see what’s going on, but in the essence this is not necessary for the trading itself.
Finding what pairs to trade to day takes maybe about 30 min, and setting up my strategy takes 10 -15 min for each pair i trade
So you dont believe in the school of thought that suggests you find one pair and master it then?
Define master a pair, also if it were that simple we all be rich by now.
I trade based on what the market shows me and i use the kiss method and try not to complicate things.
When I’m trading, more than 90% of my time is just waiting for the price to hit my SL-TP, so do not worry, you are doing the exact right thing, you should avoid over-trading.
Technical Analysis is what takes up most of my time.
I could be on TA for an hour or two.
I realize I spend more time doing my affirmation and journaling.
Back testing strategies over the past 7 years. Probably 10000 hours of back testing, youtube surfing for ideas then 15 minutes trading during work m - f.
Market analysis and studying the charts.
I invest a little portion of my day time in trading because I am a scalper basically. But sometimes I trade according to h4 timeframe.
I spend two to three hours a day in trading and among these hours market analysis takes me long hours.