What activities do you usually do before you start trading?
We are not talking about brushing and showering (even though you need to brush and shower, you don’t want to smell bad, do you?)
Routine items will help you complete the following tasks:
Review all open positions and make necessary adjustments
Looking back at yesterday’s transaction
Understand the latest quotations on the market
Identify whether the upcoming news will cause volatility
Prepare for the next trading session
Now, you want to review the market news. You can check through professional foreign exchange websites or watch it on TV (CNBC, Bloomberg, BBC). Clarify the overall sentiment of the market that day, review the trading of the previous day and the closing conditions of the previous trading session, and perhaps identify important market areas such as support and resistance.
Now it’s time to start trading with your own system.
Routines before trading are very important to you as a trader, especially your success. It will help you plan the dynamics of the day so that you don’t need to spend time thinking about when the news and data will be released when the market is turbulent. If the market is inconsistent with your expectations, what do you do.
Before you start trading, you want to have a calm and relaxed attitude, ready for everything that is coming.
Real-time tracking will affect the fundamentals and technical factors of the market. Traders who do not understand the situation will become traders with deficits.
Featured trading weapons
What software, hardware, and other tools do you use?
When trading, what are your “toys”?
Write down the hardware, software, transaction data and network connection information on your “trading platform”.
Don’t forget to backup! Make sure you have a foolproof backup plan in case all your major tools suddenly stop working while you are trading. What if your computer crashes but does not support backup? What if your internet connection is broken? What if the power goes out? What if you are listening to your favorite Taylor Swift CD, but the transaction is constantly changing?
Finally, don’t be fooled by the bluffing trading brokers. Do you need 3D IMAX graphics software worth $5,000? I do not think so. Save your money and use them as capital.
What kind of broker/platform do you use?
Where do you trade? It’s not like you call the bank and tell it, “I want to do more euro/dollar.” Well, you may be able to do this in the past, but now is the 21st century-if you want to be fast, you must be able to use an online platform.
But it is not simple. Make sure you know how the broker of your choice operates, from executing orders to depositing and withdrawing funds (preferably with revenue, right?).
Stick to the trading plan
The trading plan is only effective if it is followed. You have to stick to the plan. It sounds simple. This is common sense, but few traders can do it. Why?
Trader incompatibility. The trading plan should be personalized for you, a plan that meets your goals, risk tolerance and lifestyle. You must formulate each of these elements from a personal perspective, and don’t forget that it must be customized according to you and your needs. Not your girlfriend, boyfriend, baseball coach, or your strange friend Ronald. Ronald is a head burger, likes to wear pink polka dot shorts, very aspiring rapper.
Your trading plan should be based on reality, not expectations. If you just want to copy the trading plan of others, or make a plan based on your incorrect assumptions, then you will not be compatible with it, and there will be problems in following the plan.
Solution: Treat yourself honestly. Adjust your trading plan.
The trading plan is long-term. Many traders will abandon their trading plan, more precisely, after suffering a series of losses, abandon the trading system in the trading plan instead of relying on it to survive the inevitable difficult moments.
Solution: Be patient!
No principle: According to the trading plan, traders are required to stick to the plan no matter what the circumstances. This requires principles. A rock-solid principle. Traders who lack principles cannot stick to their trading plans. You need to have self-control. solid. Does this sound like a waste of words? Ok.
Solution: Follow the principle!
Self-destructive behavior: Some traders have psychological problems that prevent them from trading. This can be solved through their own efforts, but traders must first be able to recognize such problems. Only if you know the source of the problem can you find a suitable solution.
Solution: look in the mirror. Hope you will not become a stone.
If you can’t stick to your trading plan, it’s probably for the above reasons. If it is the above reasons, take a look at the following solutions.