Many professional traders interact with the Forex market much less frequently than others can imagine. This is especially true for professional traders who trade based on price fluctuations on the day and four-hour charts.
Of course, with time, the beginner trader becomes experienced. Even if his trading deposit remains at the same level as when he started trading, there is nothing wrong with it during the first months of trading. On the contrary - it is a good sign that the trader understands the market. You can use different strategies, experiment, try various indicators on the currency exchange.
For example, in trading, ahead of the forex indicators will bring profit to many novice traders. Naturally, before using any tools and assistants unknown to you, they should be tested on a demo account to understand how this or that assistant works. But let us return to the life of an experienced trader!
A day in the life of a Forex trader
We want to show you an ordinary day for a professional Forex trader based on price fluctuations. Some points may even surprise you. The description of a trader's day is made to show what full-time trading looks like. It will give you a clear picture of what you need to change or do in your regular trading to become a professional trader.
A typical Forex trading day consists of four rules:
Now let's layout in detail each rule of a successful forex trader. It should be said that all successful traders have the same rules, and there are no exceptions in known cases. Let us consider them in detail.
Correct start of the trading day
A professional Forex trader knows that you need to be in the best mental state not to deviate from your trading plan and correct chart analysis. So he wakes up at the right time in the morning, so he doesn't miss a trading day and starts the day with a healthy breakfast.
A professional trader treats trading as a business that it is. He does not trade by chance and does not rely on luck.
Another essential part of any day trader is charging. It helps to increase the flow of oxygen to the brain and improve body condition for the upcoming trading day. Remember that the mind and body are very closely connected, and what you do with your body will directly affect your way of thinking.
Checking the markets
After breakfast, the first thing any pro trader will do is to check any open trades since the last trading day. Depending on what events happened overnight, the trader will either need to correct stop-losses on any open positions and update his trading log or do nothing.
If the predefined plan was to track the stops of open positions, the trader uses the time to find the most logical place to set the stop function, given the fact that the situation will fluctuate in his favour.
If any trades have closed overnight, having reached the trader's goal or at the level of the set stop function, then the trader will need to update his trading journal to display these changes. Maintaining and updating the trading journal is a significant point, which helps to keep track of the trading account.
A pro trader checks the market 2-3 times a day at a particular time.
Most often they check the market in the morning and then after the closing of the trading session in New York or Europe, whichever one of them closes first for them.
When a pro trader analyzes his charts, he knows what to look for. This is because he has learned how to improve his trading strategy in time, and after improvement, a trader does not need to guess or spend hours studying his charts.
The ability to understand what you are looking for on the currency exchange allows you to spend a minimum of time checking the market and analyzing your charts. An experienced trader spends a lot less time interacting with the currency market because there is simply no reason to spend hours looking at the tables if there is your thoughtful Forex strategy.
Professional Forex traders have a rest
Professional Forex traders know that after any trades - successful or not - it is necessary to withdraw from the market for a while and have a rest. This helps to avoid the influence of emotions in the next trades.
Experienced traders also never sit through the night before the charts, exploring every slightest market fluctuation. They know that a good night's rest is the key to a successful long-term trader on the currency exchange.
What a successful trader needs to know
If you want to become a successful and professional Forex trader, remember: when you are continually monitoring the market, being in it and studying the charts - the market uses you. Learn to explore the market like a pro and live your life. Improve your trading strategy and learn to control yourself, and then your success is guaranteed.