Weekend habits and rituals of a successful forex trader
It is said that a weekend well spent, brings a week of content! And for traders, this quote is no exception. A trader’s weekend is sacred as it gives them a space to relax, clear the mind and get the mindset ready for the week ahead. In this article, I will be giving you a couple of tips and rituals you can apply today!
First of all, the main reason why those rituals and tips are important is that they help you to rewind your mind to kill the upcoming week. Before letting your thoughts be in the future, you must first evaluate your past, that's why the first thing any trader should do is to a performance review of the previous week.
How does this performance review work? Easy: journaling. By journaling, you are reflecting on your trading performance day by day and mistake by mistake. By journaling, you can even enhance your trading plan by discovering flaws in the strategies. For the correct process of revision, we recommend you to go through the following questions:
1 - Did my trades played out as expected?
2 - Did I stay disciplined at all times? If not, why? Did I follow my plan?
3 - Did I make a proper fundamental analysis? What could I improve regarding fundamentals?
4 - Did my zones were rejected with precision?
5 - Did I watched and evaluated my feelings before entering a trade? Did I trade irrationally?
6 - Did I overtrade? Any trades I could have avoided and how?
7 - Is my system performing as expected?
8 - Is the market behaving in a certain way? Any patterns I can profit from next week?
9 - Did I become 1% better trader this week compared with the previous week?
All in all, this process of review helps you to refine your game, so try to answer those questions in a quiet and peaceful place, without any disruption.
The second recommendation I give you is to do a briefing of the week ahead. In order to do good protection of how the week ahead can be, is important to check the economic calendar and write down the most important events that can impact the forex market, as well as the trades you are visualising for that week. You need to stay at the top of the news at all times, fail to plan and plan to fail.
My last advice for you is to identify in advance the most important levels and setups for next week. Identifying opportunities in advance is key. Multi-time frame analysis is a MUST every Sunday night.
I repeat that as it is very important: every Sunday night, watch the whole market opening and take down notes on the levels that will have a key role to play in the week ahead, as well as how the weekly candle closes (did it close above or below a major level?) (what can the weekly candle tell me?).
Those are my main recommendations. I hope you have enjoyed this article!...