4/5/ · A Day In The Life Of Forex Trader Nial Fuller. By Nial Fuller in Forex Trading Articles by Nial Fuller. April 5th, | Comments. In today’s trading lesson, I am giving you guys a glimpse into one day of my life as a price action trader. You can consider today’s article a diary of my daily activities over the course of a trading blogger.comted Reading Time: 9 mins Forex is a Forex trading course designed to help even absolute beginners learn how to trade. The training course is absolutely free and % online. Each lesson will feature a video, written notes and a follow-up quiz. The course will be split over 3 steps - `Beginner`, `Intermediate` and `Advanced` The vertical dotted line you see drawn on the chart represents the 7 a.m. GMT time and they are spaced 24h rs apart (1 day). 50 Pips A Day Forex Trading Strategy – Daily Trading Strategy Quick Back Test Results Referring to the chart above of EURUSD:Estimated Reading Time: 5 mins
50 Pips A Day Forex Day Trading Strategy
Sleep; that common demarcation for many, is of little help, a day in the libe of a forex trader. Years of waking up throughout the night to check the markets has made my sleep inherently fitful. I always sleep with my phone next to me and within seconds of opening my eyes, I check Twitter for overnight news and then my broker to see the current prices of all the markets I trade.
I used to do this because I frequently held positions overnight. Interestingly, one of the skills that I have obtained from years of doing it, is the ability to go from fast asleep to fully awake and focused almost instantaneously.
Studies show that this is extremely unhealthy for you but on the positive side, it means I am almost never sluggish in the morning when I awake. Once I am up, I usually go to my office and turn my computer on and then I shower and go for coffee. Most days I drive into town for coffee because I like the process of getting some air before sitting down and beginning work. I usually drive through Alexandra Park because the beauty of seeing the sun come up over London is calming and invigorating at the same time.
I usually have around an hour before my daughter wakes up and I spend this preparing for the day ahead. If I have positions overnight, the first thing I do is focus on those which means looking at where the market is trading and where it has been trading and then re-adjusting stops and targets if necessary.
After I have done this, I double check the calendar to make sure I am appraised of all the major event risk for the day ahead. I also scour the main news sources to get a handle on the developing fundamentals affecting my markets, a day in the libe of a forex trader. Next I go through all the markets I trade and make a plan for the day. So at this point, I am simply seeing if anything has changed to make me alter my plan.
At around 6. The live room is run via software that allows me to broadcast my screens. I have run it since June and the aim of it is to allow traders to literally look over my shoulder while I trade a day in the libe of a forex trader financial markets. At the 7AM Eurex open, my attention is on fixed income. The bund is the only market that I trade in the short term 5 minute as opposed to 60 minute charts. As a result, I watch the price action closely.
The majority of my trades fall into the former category. Whilst I am watching the Bund I am also glancing, from time to time, at the other markets I trade to check a day in the libe of a forex trader they are trading in relation to the key areas I want to do business at.
At around 8. I often joke on social media how the market moves when you are occupied elsewhere. But in all seriousness the markets habit of setting up as I have either just stepped away from my desk, or am just about to, is uncanny. The school run has probably cost me tens of thousands of pounds in missed opportunities and yet whilst I moan about it vehemently, I wouldn't swap that thirty-minute walk with my daughter for anything.
Once I'm back, I usually have my second coffee and have breakfast - from then on I tend to spend most of the day in front of the screens. As many will notice, I am prolific on Twitter but that's because a big part of my job is "waiting" for the market. Waiting is one of the hardest parts of the job but it's also the most necessary.
Traders - particularly those that watch me in my live room - often ask me how I developed the skill of patience, a day in the libe of a forex trader. I wasn't born with it and it certainly doesn't come from a psychology book.
It comes from knowing my edge. I know exactly what I want to see and I know that if I trade without seeing it, I have no edge. So it comes down to knowing your edge inside out and back to front. How can you be patient if you don't know what you are waiting for? So I Tweet a lot to pass the time. If the market is particularly quiet, I will answer some emails. Still, a day in the libe of a forex trader, once I'm filled on an existing order or price is in a zone where I'm looking for a fill, my concentration is virtually impossible to break.
At around noon, I almost always go out to buy lunch. I do this to help break the day up — to step out, get some air and get the blood flowing again. Sometimes I'll go for a run or a cycle in the park but whether I do so often depends on how my day is going. I usually exercise if I'm having a bad day which means staying out for longer.
This serves the dual purpose of alleviating stress and stops me from making potentially rash decisions. When the market is not conducive to trading or I am not on my A game, my primary aim is to notice it as quick as possible and remove myself from the screens.
People often ask me how much I am looking to make before I stop. I have never set myself a day target and never will. In this game you have to make hay whilst the sun shines. Traders that make money early, often want to stop for fear of giving it back. In my experience I a day in the libe of a forex trader found, that with the odd exception, days that start good tend to get better and those that start bad usually get a whole lot worse. So I continue actively trading until around 4PM at which point I wrap up my trading for the day unless it is one of the infrequent days where we have major news outside these hours or the market is trading into an area that is too important for me to pass on trading.
When I have finished actively trading, I will spend some time entering my trades into my journal and then I usually sit and quietly reflect on the trading day. I think about what went well, what went badly and what I could have done better. In this game you have to be your own coach so this inner dialogue is the mental equivalent of a post-game team talk. When I step out of the office I try to switch off mentally.
This is not always easy - particularly if you have worked eleven hours and still lost money but you have to try very hard.
I spend the evenings with my family - my girlfriend and our daughter. We will eat together and sometimes play a a day in the libe of a forex trader game or watch a film. If its a Friday or Saturday night, we will almost certainly go out. Interestingly enough, my students are one of the only people that I talk to the markets about. I try to separate it from my family life by not discussing it at home and my friends do not understand it nor would I really expect them too.
Around 10PM, I check the markets one last time before I turn in, to see how they have closed and it is at that point that I decide whether I need to put in any orders overnight. I used to read before I fell asleep. Lately I listen to a podcast. I have a fascination with Ripperology so I often listen to interviews related to this. But not all the time because, you can take it from me, as interesting as a year-old unsolved murder is, it's a real passion killer. September 15, Tom Dante Professional Forex and Financial Futures Trader coaching traders to consistent profitability.
Sign in to leave your comment. Show more comments. More from Tom Dante 2 articles. Setting Up Your Home Office September 15,
DAY IN THE LIFE of a Forex Trader｜UK LOCKDOWN
, time: 14:28A day in the life of a Forex Trader | by Tom Dante | LinkedIn
The vertical dotted line you see drawn on the chart represents the 7 a.m. GMT time and they are spaced 24h rs apart (1 day). 50 Pips A Day Forex Trading Strategy – Daily Trading Strategy Quick Back Test Results Referring to the chart above of EURUSD:Estimated Reading Time: 5 mins 9/27/ · A day in the life of a Forex Trader Published on September 27, September 27, • Likes • 19 Comments 2/18/ · There are two things that you have to do to become a millionaire Forex trader: 1. First you have to learn and master the trading techniques. 2. You have to develop the trading discipline in yourself. You can’t become rich through Forex trading, without having these two at the same time
No comments:
Post a Comment