AtoZMarkets – Trading in the financial markets can sometimes be exhausting, especially if you are a new at it and do not know the rules of the game. So, how do you cope with this challenge? How do you end your trading week? What is your weekend like after a week full of trading? Do you just shut off your trading platform and call it a weekend and come back on Monday?
If the above describes your weekend, the truth is that you are not a professional trader yet, but there are simple tips which you can apply to get you from A to B.
In this post, we share our weekend checklist for professional traders that will get you off the loser list and put you among the pros’ in a matter of weeks.
1- What was my performance for the previous week?
Go through your trading journal and define your winning and losing entries. You should aim to define the following every weekend:
2- Which trade/s cost me the most this week? What did I learn from these losses?
Explaining the reasons for your profits and losses is essential in order to get a step closer to becoming a Professional Forex Trader. That is the reason why we, as professional, always keep a good trading journal.
Go through your trading journal and look for the following:
Identifying the reasons behind your losses is the primary goal for any new trader.
3- Which instruments had the biggest impact on my trading?
It is imperative to understand the common factors for your winning entries as much as your losing entries, however some instruments have their own stories. Try to find out which trading instruments work best with your strategy.
4- Did I obey the Risk-Management rules?
Although Risk Reward Ratio is not everything, Risk Management is an important part of successful Forex trading. You might be a disciplined trader for a long period; however messing up your Risk management rules can cost you all your profit, even your entire account.
5- Does my trading strategy need an update?
This is a tricky part of the weekend checklist. In order to make that important call to update your trading set-up you need to go through your performance for the last 3-8 weeks. If you keep on seeing the same reasons behind your losing entries, you might want to amend your trading strategy.
6- What are my non-financial trading goals for the coming week?
From time to time non-financial goals are more important than financial goals. So, make sure to determine your non-financial trading goals.
If you are wondering what could non-financial trading goals are, here are some examples:
This is just a simple way to get you moving forward and become a professional Forex trader.
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