Discussion in 'Forex - Currencies Forums' started by systematicfx, Nov 2, 2014.
How do you guys start your trading day?
I usually start working on Tuesdays and Thursdays positions closings in the morning. I have several weeks without investing but I do not often do that. When I start my workday always try to relax, be calm and undistracted for analysis more effectively.
Whenever I'm in front of the computer I'm usually charting overall trends. So the answer to your question is, I'm constantly working. It might not be a 12 hours work day. But I take the time to at least plot and reconfirm a overall trend.
I wake up every day at about 7am, but am going to start waking at 6am, I wake up and I like to check my Bloomberg app, and in the market section it will tell me how much a certain currency is up for the day or 24 hr period. They just lay it out nicely, and I check news releases from central banks and research reports from other sites that are released monthly such as unemployment, Etc. Then I go into my mt4 app on my apple phone or tablet, and I usually watch the more finite tick charts for about 15-20 mins to identify a repeating pattern and try to forecast or predict patterns that I can scalp about 20-$40 on sometimes more, stop loss is usually 25 pips on high volatile times and I trail it, or small or larger just spending on velocity mainly.
You should trade on banking holidays
Your trading day should routinely revolve around the market open and close for your specific pair. For EUR/USD you want be available at the Frankfurt open, GBP/USD the London Open and so on. Since today is Thanksgiving in the U.S., it should be mentioned that although you can trade today you are best advised not to. This is because of the thinness of the forex market on holidays, which can lead to whipsawing volatility.
One of the basic rules of successful trading is to make right decision at right time on right place. Many broker lost their investment because of wrong decision. Another rules of successful trading is to make a good trading strategy. Without strategy it is quite impossible to make profit from the forex market. A good broker can help to make a good strategy. I use Tpglobalfx as my broker. They always help me when I face some problem in my trading. They are perfect for my strategy. They are very supportive and the trading techniques are very easy.
Separate names with a comma.