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Chapter 29, Part IV. Daily Routine and Disaster Plan. Page 7

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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    After session work

    So, there is time when your trading session is over. It’s time to prepare for the next day and assess your current results:

    - First of all – don’t close your laptop blindly! Check out your trading software that all positions that you have intended to close and closed during trading session are really closed. Second – that you have correct open positions that you really plan to hold for the next day;

    - Compare your financial result of current trading session by statement from software with your notes during session and balance at the open. They should match each other;

    - The same procedure should be done with positions, pairs and lots values. Check this out!

    - In most software each order has a number – always fix it in an excel spread sheet, even if it was not executed or been canceled. Usually spreadsheets includes fields as: date, pair, lot size, order#, entry price, stop-loss order, exit price. Also you may add profit/loss value in pips as wells as in money term and fees/commissions if any were paid;

    - Update your spreadsheet where you fix your trading data;

    - Update charts and make notes that could be useful as potential set ups tomorrow.

    Some traders say that making notes on charts by hand is very useful.

    Mental preparation

    Partially we’ve already touched this topic. The point is that mental strength and health is crucial for successful trading. This will not be a mistake if you will spend couple of days outside the market. Don’t worry – the market will be here tomorrow also. But it will let you to restore your trading tone and get strength.

    Otherwise it could turn into a catastrophe. If you are not good mentally at the beginning of a session, you probably will end it with a loss – large or small. This, in turn, makes your mental condition even worse. That’s why from that perspective rest is the best choice. If you start to make mistakes – 2-3 in a row, this is a signal that you have to make a break.
     
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 9, 2016
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