Tis the season to be with family and friends, celebrating whatever significant meaning this holiday season has for you. At least that's the story for everyone else.
But we're a special breed. We're currency traders. And at some point this season, you'll glance at a chart and completely forget that trading has come to a halt during the week because of a holiday. The Australian market just can't seem to open up quick enough to get some type of action in.
Rest assured there's plenty that can still be done. Here's a short check list on what you can do to satisfy your passion for Forex on the off days.
1. Analyze your charts. The market is not in chaos right now, so today when you're looking at the charts you have an opportunity to do so and take your time. There's no rush. Identify what is tradable and place your limit orders appropriately. Sorry scalpers, you'll still have to wait.
2. Analyze your results. There are a variety of programs available that allow you the opportunity to study in detail your trading. MyFXBook.com is such a source. It can provide you with a breakdown to the very day and hour of when you are at your best. Knowing this, perhaps you can find that it's okay to take off those Monday afternoons when you're not at your finest. Efficiency is everything.
3. Analyze yourself. Now is the time to understand who you are as a trader. This is an industry that can have incredible emotional swings for a trader. Perhaps it is time to pick up a book and study the psychology of who you are and how you can best position yourself to look Forex straight in the eye with a raging calm.
4. Analyze other traders. Odds are while in your personal life you are alone, you have found a community of traders in the virtual world of the internet. Study those that are doing well. Understandably, that can be difficult when there is no real proof of success. However, the successful traders are generally easy to spot once you know what to look for. It's in their demeanor. Something about the words they write and how they convey their ideas that you know they are the real deal. Listen to them. Study their psychology and how they trade. Though it might be different than what you do now, the greatest room in the world is the room for improvement. It never hurts to just know more.
5. Analyze your financial future. Always take a moment to reflect what you are doing with Forex and how it is affecting you financially. There is a high degree of risk in Forex, so you should be cautious not to trade dollars you cannot afford to lose. Do not risk your retirement savings on the hopes of becoming a millionaire. Keep your job until you can solidify your retirement savings, then from there, if you must trade for a living, do so without the need to save any additional money for you know that your financial future is readily secure. If you already are fulltime, then it's time to review your budget and make sure you are not pulling out of your balance more than you need to keep your trading solvent.
I wish you all the very best this holiday season.
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