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Chapter 29, Part IV. Daily Routine and Disaster Plan. Page 5

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Daily Routine

    The last thing that I would like to discuss in current chapter is a daily routine. The consequences of day-by-day action has very positive issues for a trader. First, it teaches you good habits to be prepared for trading, second it forces you to keep up with your trading plan.

    There are different types of preparation could be – trading, mental and physical. We will start from the first one, since it links directly with the process. Applying this daily routine as an example you always will be in tune and cool-headed and calm in trading process, since you will be prepared for any scenario that the market could offer to you.

    Trading preparation, in turn we can subcategorize in three groups – preliminary points before the trading session, issues during the session and deals after the session will be over.

    So, on first stage the following steps might become useful:

    - Review the markets for the period while you were absent. You may call it as the overnight session;

    - Take a view of news and events that was released while you were sleeping;

    - Renew the schedule of macro data and expected numbers that should be released during the current trading session. The same for possible speeches and testimonies of important persons;

    - Review your trading plan and adjust it based on overnight market action. Here you should create a trading plan – what particularly you want to trade today as we’ve described in the previous part.

    - Examine the daily statement for the previous trading session and be sure that it is absolutely correct;

    - Take a look – do you have any open positions from previous days;

    - Check the amount of free margin, that is available for trading;

    - Place alerts on desirable levels according to your trading plan – that you will keep an eye on for entry/exit from trades.
     
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 9, 2016
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