The title of this article might sound little confusing to the new traders but this is one of the most important element to ensure your profit factor in the Forex market. Every single day people are working hard to earn their living. In general, we all are following 9-5 day job but at the end of the day, we don’t have any time for yourself. For this very reason, people in the United Kingdom are trading the Forex market to make their life better. In fact, many of them have started trading as a part time profession but over the period of time, they have taken it as a full-time job. After a busy trading week, it’s very normal for all we the get frustrated which will ultimately force to execute the low quality trade. Today we will discuss how to start a fresh trading week.
During the weekend it's better for to keep away from your trading station all day long. In fact, all the successful traders always go for a small tour during the weekend to enjoy their life. But if you think that long tour is not needed for you then you can hang out with your family. But at the end of the day, you need to do some market analysis. Always keep one hour on hand so that you can analyze your favorite trading pair prior to the starting of the week. Almost every professional trader in the finical world always does the market analysis only know the possible entry point. However, it’s not like a rule that you will have to do the market analysis when the market is closed. Some traders often prefer to do their market analysis on the opening day of the week. This factor totally depends upon you how you will pass your weekend.
Learn from your trading loss
As a currency trader, you will have to trade in many different currency pairs. But this doesn’t mean that you will have winners in every single day. Assess your trade history and find out which day is the most dangerous day for you. For instance, if you lose more trades on Wednesday then it’s better not risk more than1% of your account capital at that day. Based on this simple principle you should place your trade in the online trading account. But even after doing all this, you will still have losing trades and there is nothing you can do. The expert traders at Saxo always trade the market with money management. They know that this market is totally random and without assessing the all the data it’s nearly impossible for them to execute the profitable trade. Even after finding the best quality trading signals there is no guarantee that you will have a winning trade.
Read books and articles on holidays
Reading books and articles is one of the best ways to gain knowledge. In the world of finance no can make profit consistently without learning how this market works. In fact, learning is a continuous process and you need to explore all the latest information to deal with the dynamic of this market. Most of the experienced traders often say that if you don’t read for one hour then there is a high chance that you won’t become a successful trader. Reading books helps you to gain confidence and unique trading skills. You need to love your trading profession. If you don’t do so then it will be nearly impossible for you to deal with all the hard obstacles.
Preparing for a new trading week is very challenging. You need to keep calm and use your rational logic to place the quality trades at the key support and resistance level. Instead of using indicator based trading system try to learn price action trading since it is one of the best ways to execute high-quality trades.