🧠 Why having a routine in Trading is great 💪🏼

[JcGilbert]

In Trading, I believe it's great to have a routine. Compared to many areas, Trading is one of the only where having a routine is very beneficial and not harmful.
The fact that you always trade at the same time, that you trade the same type of financial products will help you gaining more confidence 🔑
For example, I always day trade the German index, the Dax30, every morning, always at the same hour.

I'm used to it, to its movements, that allows me to be confident when I sit in front of my computer.
I would be way less confident if I would change every day my habits.

This is why you too, should build trading habits, so you get used to what you trade, the volatility, the hour you trade. 🕰

As your results will depend mainly on your mindset, it's so important that you are confident when trading 🧠
It's important that you are in total control of your environment, so you are trading at your full potential, like your setup, the time you're trading at etc...



And you? Do you have fixed trading habits like I explained? I'd love to share with you guys!


Happy Trading !

 

[JcGilbert]

I trade the Euro-dollar currency pair. I think I know how it goes, too. There are some patterns I'm waiting for.

Great!! For how long have you been trading the EUR/USD?

 

[James turtle]

A routine in trading keeps you in tune and intimately connected to the most important things you need to do each each day. For instance, analyzing the charts and also give you the best chance at implementing your trading plan successfully.

 

[landorra]

Sounds good, but what about the psycological aspect of trading? It's almost never properly dealt with IMHO.

 

[alexwinkler]

Sounds good, but what about the psycological aspect of trading? It's almost never properly dealt with IMHO.

Never trade tired, sick, hungover or w/e you arn't fully there.

I usually only trade in the morning for crypto that's when I adjust all my limit orders and for equities I do the opening bell and sometimes back in action for closing bell (very rare) only if I see a proper pattern.

 

[hatemypips]

I think it makes you less prone to influence of emotions like greed or fear, particularly on trading decisions. It is well known that it is difficult to separate emotions from trading.

 

[J_C_Anderson]

It is very important to build a proper trading process, including preparation routine. In other words, it is necessary to form a list ofactions to perform to be prepared for trading session. For example, such list could include reading news and making notes on important upcoming events, looking for the potential trade ideas for the day and drawing support and resistance lines on the higher timeframes to understand the whole picture. There are two main criteria applicable for such preparations:
1. Efficiency - as the result, trader should get sufficient information to be able to benefit from trading opportunities and also to avoid lossesdue to high volatility (after news releases, for instance).
2. Time-saving - all preparations should not take a lot of time, otherwise trader would not have enough time for developing new strategies and making trades.
As usual, routine preparation takes 1-1.5 hour, depending on particular market and the scope of issues you are interested in.

 

[RachelFX]

I am unable to have a set routine that is the same everyday, however, I have a weekly routine to analyse my charts and set up my alerts for the week, and a mid week review of where and how things develop. I am a higher time frame trader which I have adapted to to fit my lifestlye and commitments

 

[Vellfx]

i never set a routine for trading, though have set a routine for studying and backtesting. i've never been able to specify what and when, i just go with the pattern formed.

 

[landorra]

Never trade tired, sick, hungover or w/e you arn't fully there.

I usually only trade in the morning for crypto that's when I adjust all my limit orders and for equities I do the opening bell and sometimes back in action for closing bell (very rare) only if I see a proper pattern.

I was not talking about being tired or sick. I meant being mentally strong enough to hold on before panic and euphoria. Both of them are equally dangerous for a trader.

 

[vimal1]

I was not talking about being tired or sick. I meant being mentally strong enough to hold on before panic and euphoria. Both of them are equally dangerous for a trader.

Yes these are valid points. I have been a trader for 30 years so hopefully I have just a few pearls of wisdom I can share on my approach with respect to panic/euphoria:

1. I know when I am on edge. (usually when a position is going against me). I do my best to keep occupied with other activities and get away from the screens. I already have my set exit and entry rules and I only need to check the charts every 4 hours or even longer in terms of timeframes. So why sit there and stress? Walk away!
2. I have backtested my strategies. This avoids periods of euphoria and panic. For example, I know that i can get 5-6 losing trades on the bounce. (And possibly more as history is yet to be written). So why stress when I am at 4-5 losses on the bounce? Its happened before and it will happen again!
3. If I feel particularly edgy, I do 1 of 2 things. I either go to a checklist and measure my emotional stress levels every hour. This then "alerts" me to uneasiness and I begin to feel better by simply going through this process. Secondly, I look at my historical results. This calms me down because I know the equity curve is upwards and bumps in the road will easily be overcome.
4. I do other things! I keep myself busy with other projects

Basically, if anyone wants to meet up for a coffee because they go down the road of unease a bit too often, let me know.
No charge for this! Just a friendly chat and some advice shared

Regards

Vimal

 

[landorra]

Yes these are valid points. I have been a trader for 30 years so hopefully I have just a few pearls of wisdom I can share on my approach with respect to panic/euphoria:

1. I know when I am on edge. (usually when a position is going against me). I do my best to keep occupied with other activities and get away from the screens. I already have my set exit and entry rules and I only need to check the charts every 4 hours or even longer in terms of timeframes. So why sit there and stress? Walk away!
2. I have backtested my strategies. This avoids periods of euphoria and panic. For example, I know that i can get 5-6 losing trades on the bounce. (And possibly more as history is yet to be written). So why stress when I am at 4-5 losses on the bounce? Its happened before and it will happen again!
3. If I feel particularly edgy, I do 1 of 2 things. I either go to a checklist and measure my emotional stress levels every hour. This then "alerts" me to uneasiness and I begin to feel better by simply going through this process. Secondly, I look at my historical results. This calms me down because I know the equity curve is upwards and bumps in the road will easily be overcome.
4. I do other things! I keep myself busy with other projects

I like your view. I hope some day I can say something like that. Good advice!

 

[JcGilbert]

Yes these are valid points. I have been a trader for 30 years so hopefully I have just a few pearls of wisdom I can share on my approach with respect to panic/euphoria:

1. I know when I am on edge. (usually when a position is going against me). I do my best to keep occupied with other activities and get away from the screens. I already have my set exit and entry rules and I only need to check the charts every 4 hours or even longer in terms of timeframes. So why sit there and stress? Walk away!
2. I have backtested my strategies. This avoids periods of euphoria and panic. For example, I know that i can get 5-6 losing trades on the bounce. (And possibly more as history is yet to be written). So why stress when I am at 4-5 losses on the bounce? Its happened before and it will happen again!
3. If I feel particularly edgy, I do 1 of 2 things. I either go to a checklist and measure my emotional stress levels every hour. This then "alerts" me to uneasiness and I begin to feel better by simply going through this process. Secondly, I look at my historical results. This calms me down because I know the equity curve is upwards and bumps in the road will easily be overcome.
4. I do other things! I keep myself busy with other projects

Basically, if anyone wants to meet up for a coffee because they go down the road of unease a bit too often, let me know.
No charge for this! Just a friendly chat and some advice shared

Regards

Vimal

Definitely support point #2, with a backtested strategy and the assurance that it works and by sticking to it it will bring profits, trading becomes easier. I believe a lot of traders don't manage to stick to their strategy because they don't believe enough in it

 

[fibo_trader]

In Trading, I believe it's great to have a routine. Compared to many areas, Trading is one of the only where having a routine is very beneficial and not harmful.
The fact that you always trade at the same time, that you trade the same type of financial products will help you gaining more confidence 🔑
For example, I always day trade the German index, the Dax30, every morning, always at the same hour.

I'm used to it, to its movements, that allows me to be confident when I sit in front of my computer.
I would be way less confident if I would change every day my habits.

This is why you too, should build trading habits, so you get used to what you trade, the volatility, the hour you trade. 🕰

As your results will depend mainly on your mindset, it's so important that you are confident when trading 🧠
It's important that you are in total control of your environment, so you are trading at your full potential, like your setup, the time you're trading at etc...



And you? Do you have fixed trading habits like I explained? I'd love to share with you guys!


Happy Trading !

Trading with the TREND dispenses with the liability of trading to a routine - by 1000% or more.


(Free time, more of it with the higher frames, live life, do stuff, go on vacations, lunch, beach, soccer - set a stop and alert and look once or twice per day for no more than 10 seconds)

 

[vimal1]

Trading with the TREND dispenses with the liability of trading to a routine - by 1000% or more.


(Free time, more of it with the higher frames, live life, do stuff, go on vacations, lunch, beach, soccer - set a stop and alert and look once or twice per day for no more than 10 seconds)

yep in most cases, I trade with the trend. Strangely, I have some strategies that work better trading irrespective of trend. (The backtesting even suprised me!). Also no material difference in d/down, w/loss ratio etc. But I stress, thats just some of the strategies. Most is trend trading

 

[fibo_trader]

yep in most cases, I trade with the trend. Strangely, I have some strategies that work better trading irrespective of trend. (The backtesting even suprised me!). Also no material difference in d/down, w/loss ratio etc. But I stress, thats just some of the strategies. Most is trend trading

Re: trading irrespective of Trend = sideways or consolidation = trendless

Tactics:
(1) This is when the trader takes big time off for Life and Living and holidays and travel and family - close the book on trading, recharge the batteries.
(2) Switch targets to another instrument that is TRENDING and mount it and ride.

 

[GMoore87]

In Trading, I believe it's great to have a routine

Cant agree more.
But dont you think that flexibility is also required in Forex?

 

[Pat494]

Cant agree more.
But dont you think that flexibility is also required in Forex?

Very sensible to gradually build your comfort zone based on results not maybeeeees

 

[steveday76]

I agree that it can help if it sets you in the right frame of mind.

 

[fibo_trader]

I was not talking about being tired or sick. I meant being mentally strong enough to hold on before panic and euphoria. Both of them are equally dangerous for a trader.

Far more dangerous to your trading is to fight with wife all night and get no piece