A routine is a very important tool in the career of a trader. It not only tells you what to do but it also guides you in different hard situations. If you do not create a routine, you will be lost when things are not going according to your plan. Imagine you are a person of the army and you are on training in the jungle. The jungle is huge and there are many trees all around the jungle. You have been given the map with a mark on your destination. This map is your routine in Forex. If you lost the map, you will not know where to head because you are not familiar with the jungle. Most importantly, it holds the key to your freedom.
If you have got the map, what you need to do is simple. Follow the map and walk in that direction. You just need to make sure that you are not going in the wrong way. A good routine is also like a map that guides the trader and takes them to their destination. There are many articles and advice on how to build a proper and good routine. Not much has been written on the things that should be left out. It is equally important to skip the unnecessary things in your bag pack to make your journey smooth and fast. This article will tell you the things that you should not use in developing your routine.
Stop high-frequency trading
High-frequency trading is one of the reasons for losing money in Forex. Many UK traders have blown their account within a week due to such activity. You won’t have to trade 24 hours a day to make. Just have a look at the institutional traders. They are always trading with managed risk and they never think this as gambling industry. This is one of the most sensitive business profession. In the exchange traded funds community, you need to have excellent ability to assess the risk factors. Those who believe in the Forex market should start from the very scratch. Never think you are here to change your life within a short period of time. Think this as your business and always concentrate on the market trend. Try to learn from the mistakes as it helps you to make more money.
A fixed focus on certain market trends
This is the first mistake that many people make when they are building a routine. Remember, you need to be versatile in your trading. The more market you can place your trades, it will open new opportunities for you to trade. Keeping your focus fixed on certain markets will only affect your trading performance. It means that you need to create a new routine every time you shift your market. Imagine how hard it will be for you if you need to maintain separate routines for every trend.
A common time to trade and analyze
There is no fixed time when you should check the trends. You can analyze your information any time you like. If you set a common time in your routine all your attention will be brought down to that time and you will overlook the past trends. Never set a fixed time for your trades.
Copy paste of other people’s ideas
They are good for developing your basic but when you are building your own routine, make it using your own ideas. Do not copy the ideas of others and use your own. You may stumble but it will help you to develop your concept that will help you in your future trades.
You have to think outside the box to establish yourself in the professional trading network. Never think you are here for some crazy fun. This is going to be your full-time job so work accordingly.