For each activity in your trading day plan, try to estimate how much time you will need to accomplish them and allocate a specific time frame for each task. Saxo brokers Saudi Arabia can help you minimise any wasted time and increase your overall performance and profit, reducing stress levels and freeing up enough time for yourself apart from trading.
Seven-day duty list
There are a few things traders must do weekly to maintain a firm hold on their trading. The following is a guideline for the activities that need to be completed within seven days.
- Look at the business’s statement of account and reporting papers to figure out how much money has been earned or lost. Every week, keep track of your progress;
- Take a look at the previous week’s trades and outcomes, then determine which ones to repeat.
- Make a statement of account for presentation to the manager or supervisor. It helps them understand what you have been up to;
- Provide a list of trade ideas for management’s review.
- Keep records of important daily, weekly, monthly activities. Ensure you are not missing out on any essential weekly report /form to be submitted.
- Deal with all your pending matters, including outstanding transactions and activities;
- Carry out the regular risk assessment of your trading account. A simple way to do this is by looking at the latest monthly results and comparing them with the monthly average.
- Write a weekly performance report. It is different from your statement of account – it shows what you have achieved during the past week and how well you are performing;
- Look at your last four to six results, noting down the date of each trade showing whether it was successful or not, along with any patterns or strategies that worked well during the week. It will help you decide what to trade next week;
- Plan your trading activities for the coming week, including any special events which you have been asked to monitor or take note of;
- Get a sense of how much time has been spent on each task to get an accurate indication of the work done;
- Make sure you are using the proper trading plan for the markets;- Carry out any analysis of your daily results, checking what was profitable and what wasn’t to help you decide which market conditions suit your style best.
You should finish by finding out exactly how much time you have spent analysing or trading, then use the time spent to judge whether you need to increase or decrease your efforts. It will allow you to establish a routine and improve your skills and performance for the coming week.
Traders rely on daily charts or 4-hour charts only, so they would only focus on short-term movements, making them very susceptible to random price movement and noise.
Since many professionals use every tool at their disposal, ask yourself if all these tools work or add more confusion to your methods? I’m sure you will come up with the correct answer. Don’t forget that while Forex is known for being a simple business, there is still some amount of risk involved, and you should do everything you can to reduce it.
According to many traders, using multiple timeframes can also destabilise your trading performance unless you are consistent, no matter which timeframe you choose from. I’m not saying it’s wrong to look or use additional tools, but I don’t think spending too much time on this kind of thing since it’s probably going to confuse you even more, and Forex trading should be effortless to make money out of it.
Look at 1 Weekly chart, which tells you what trends you should expect soon and then move into 1 Daily chart to get more details. You also look at the 1 H4 chart to see whether the market is really in harmony with what you’re expecting or not.