What Is Your Daily Pre-Trading Routine?

What Is Your Daily Pre-Trading Routine?

What activities will you do BEFORE you start trading?

We don’t mean showering and brushing your teeth (although you should always take a shower and brush your teeth. You don’t wanna smell like Pipcrawler now do you?)

Your forex trading routine should help you accomplish the following tasks:

  • Reviewing any open positions and making any necessary adjustments
  • Reviewing yesterday’s trades
  • Getting yourself “up to speed” on the market
  • Identifying any upcoming news that could cause volatility
  • Being ready to trade when the next trading session opens

Now you will want to review the overall market news. This can be done online through sites such as Bloomberg, checking out Pip Diddy’s daily round up, or through television (CNBC, Bloomberg TV, BBC). Determine what the overall market sentiment is for the day, review yesterday’s trades and how the previous trading session finished, and maybe identify key market areas like support and resistance.

Now it’s time to start trading your system!

Your pre-market routine will be critical to your success as a trader. It will help you plan your day so that you are not spending time during market hours scrambling trying to figure out what news or data will be coming out, and what to do if the market does something you didn’t expect.

Forex Pre-Trading Routine

You want to start your forex trading session feeling calm, relaxed, and prepared for whatever the market throws at you.

Keep up-to-date with both the fundamentals and technicals affecting the forex market.

A forex trader in the dark is a forex trader in the red.

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  1. What is a Trading Plan?
  2. Why Do Forex Traders Need A Trading Plan?
  3. Why Trading Discipline is the Key to Consistent Profitability
  4. How To Find A Trading Style That Suits Your Personality
  5. What is Your Motivation to Be a Forex Trader?
  6. What Is Your Risk Capital? How Much Money Can You Afford To Lose?
  7. How Much Time Can You Dedicate To Forex Trading?
  8. Which Kind Of Returns Do You Expect To Make From Forex Trading?
  9. What Is Your Daily Pre-Trading Routine?
  10. What Forex Trading Software, Hardware, And Other Tools Will You Use?
  11. Stick With Your Trading Plan
  12. Summary: Developing a Trading Plan