Many have asked what does my trading routine entails. I know my routine will probably surprise a lot of Forex Traders. Before going any further let me tell you I am a very lazy trader.
Everything I do in forex is straightforward and doesn’t take a lot of time, and I’m sure this post will be a concise post but one of the most requested.
Trading for me begins on Sundays before the market opens. This is when I go through all the pairs I trade. The first thing I do is to disable “Show trade levels” in MT4. I know many of you probably don’t know what this is but it’s basically turning off all the trading lines from the chart. Those include entries, stop-loss, take profit so the chart is free and I’m not influenced by trades I have already running or pending orders.
Please see below if you would like to do the same:
This is very useful especially if you want to look at the chart from an unbiased view. Sometimes existing orders clouds our judgment so looking at a clean chart refreshes my brain. Most times I have trades that I left running Friday and I don’t want to see them instead I want to see fresh charts.
It takes me about 45 minutes to analyze the charts (12) I trade before the market open. I go through the charts adjusting trendlines, drawing new ones, and also delete the ones that are no longer valid. I make note of the setups that I will be looking forward to taking in the new week. After which I prepare a PDF to be sent to my team (Weekly Watch-list). When that is done I send it to my team and wait for the market to open.
Market Open Sunday
As soon as the market opens Sunday I will load up my chart and enable “Show trade levels” so I can see the trades that I’m in. This time I will take to add new Stop Orders where necessary and also adjust stop-losses where necessary. This usually takes forty-five (45) minutes. After this, I close MT4 and I won’t open it until Monday morning whenever I wake up.
During the Week
I know many people will say they trade different sessions but for me, there’s no way I’m going to let the market control when I sleep. I normally wake up around 5 a.m. to the 9 a.m. period and although I’m awake I don’t normally look at trades until around 10 a.m. there’s no rush to go check trades. Forex shouldn’t be like a ticking time bomb where you have to rush to see if your trades are doing well. When I get to it I take maybe another forty-five (45) minutes to look at the charts. All I do is adjust stop-losses and add new entry orders where necessary. After which I close MT4 until around 5 p.m. or anytime before bed.
Ideally, it would be at 5 p.m. but it doesn’t really matter, all that matters is that I look at the charts before bed. I take another forty-five (45) minutes to adjust stop-losses, add new entry orders, and adjust trendlines if needs be.
So for each day, I will look at the market for a total of about 90 minutes. I do this each day of the week there are no in-between two times a day that’s it. When I wake up and before I go to bed.
Friday is a normal day only difference is the market closes for the weekend on Fridays. So I will normally do my forty-five (45) minutes when I wake up. Then before the market closes I will do the final adjustments whether it’s adding new orders, adjusting trendlines, or adjusting stop-losses.
Trading doesn’t have to be a chore where you constantly watch the market until your eyes bleed candlesticks. Instead, your strategy can be simple where you trade on your own terms. Best believe I only look at the charts two times a day. I do not have MT4 installed on my phone so there’s no checking the charts every second instead I go live my life. Your trading routine should be a reflection of your personality don’t try to trade like others find a strategy and a routine that suits you as a trader.