Friday, 27 March 2015

Trading Tip - Weekend Warrior

So it's Friday and either you've made some great trades this week or you are a little muffed that you missed trades or worse, you made some bad ones. 
The weekend used to be real tough for me.  As an avid trader I found myself going thru "withdrawal", wanting to be part of the action or wanting to make some pips back that I had lost the week before.
The healthiest thing you can do to improve your trading is to review your trades.  Your good ones, your bad ones, and the missed opportunities.

Take the weekend, and perhaps Friday too (Never Trade on a Monday or Friday) and review what you can do to better your trades.

So scroll back on your charts, go back to Monday and review how the market moves.  Pay attention to market open times (Asia, Europe, US), News Release Times, your signals, your entries, your exits.  Draw vertical lines to mark events.  Print out your charts if it helps you and make notes.

No doubt you've missed some trades.  What can you do to get in at the right time next time?  Can you use entry orders?   Can you catch the wave on a rebound?   Perhaps you can go down to a lower timeframe and find an entry.  Compare higher and lower timeframes.  Become a master at drawing trendlines, channels, and spotting important price points.

Just don't get overwhelmed, pick one currency, one system.  It's like picking a hobby.  Sure you could play Golf, Soccer, Football, Badminton, Rugby, and Hockey.  But which sport do you do best at? Which one fits your schedule? Juggling all of them isn't gonna work.  Same with trading.  Pick a currency, system, study it.

As much as I love trading, I also enjoy kicking back and putting my feet up.  Monday will roll around soon enough and it'll be back to trading!