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Morning routines and trading results
A few days ago, I noticed that there is a strong correlation between the way I start my day / my morning routines and my trading results. If I start the day the right way, it usually ends with profit, and if I don’t, it usually ends in red or at break-even. This pattern repeated over and over, so I’m very happy that I finally noticed it. I immediately decided that from now on, I would be doing things the right way. So, here are the key differences: Losing day morning I get up too early or too late. I don’t know what to do with myself and wander around.…
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Five forex websites I use daily
With the abundance of financial websites and services for forex traders, one can get easily overwhelmed by all the information and opinions around. On top of that, there is constant distraction caused by the ads blinking in every corner possible and the risk of being exposed to content not relevant to your trades that might throw you out of emotional balance (like breaking news about accidents, crime, dramatic photos, etc.) Over the years, I followed each major financial website on the market for a while, especially websites for forex traders like fxstreet, dailyfx, etc., and I would like to share my opinion on what’s worth your time. But before we…
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Trading hours
According to various online trend analyzing tools “forex trading hours”, “forex market hours” and “forex schedule today” are among the most often searched terms in Google related to trading. Since there are a few more nuances than just London open and New York open, I decided to post my take on this subject 🙂 . Best time to trade Forex The Electronic Communications Network (ECN) which connects market participants and facilitates the vast number of FX transactions is operating 24h a day starting from Monday 8:00 AM Sydney Time until Friday 5:00 PM New York time, except for a few bank holidays like New Year or Boxing Day. This constitutes…
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When not to trade – Situations which cause trading errors and mistakes
This article covers the situations which are not related to the market or the system, and yet affect trading. These are the potential contexts in which you shouldn’t really trade, because you will most likely make a trading error and lose money. It is part of my strategy series, for both new as well as more experienced traders. A strategy for trades and trading activities management in case of various situations that may occur in life should be a part of any trading plan. Or at least you should have a general protocol on what to do in different situations, to avoid trading under emotions and making mistakes. Some of…
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Risk management in trading
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Trader’s health and safety basics
As traders we have many things to look after, so we rarely think about how trading can influence our health. Especially at the beginning of a career, a trader has to cope both with technical and fundamental aspects of the market, and a full scope of feelings and emotions. No wonder, when in such conditions, one would not even think about such stuff as the ergonomics of a workspace, and work and safety principles. When one works at a company, these things are being taken care of by a health and safety officer, so there are not many occasions where one can acquire a habit of thinking and taking care…
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Doing the right things at the right time
This text is also available as a podcast – click the play button above to listen. If you give it a thought, trading is all about doing the right things at the right time. If this is what you do, you will definitely be successful. However, I already hear the voices saying: “Yeah, easier said than done…” If you’re one of these voices, hold on for a moment, and stay open-minded 🙂 . After some time spent on the market, your mind already knows what to do and when to do, because it has learned it by observation and repetition. So, you’ve got the skills and are capable of doing…
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How to stay focused while trading
This text is also available as a podcast – click the play button above to listen. Staying focused and being in the flow is in my opinion crucial for success in trading. Such a state of mind allows us to be in sync with the markets and be able to see opportunities, as well as danger zones, which otherwise would be out of sight. Over the years, I discovered that limiting external stimuli while trading is the best policy you can implement, and it has a great influence on trading results. Of course, everyone is different and these are just my personal feelings and experiences, but giving them at least…
Forex – Trading – Freedom :: blog of a forex trader