Do you know that how you start your trading day can affect how well you trade and directly impact your profit for the day?
Start Your Trading Day Right
How you start your trading day is important. The first hour or so before the markets open should be considered an extension of the preparation you did the night before. Winning traders review their charts after the markets close, make notes, and look for potential set-ups for the next day. The first hour of the next morning is the ideal time to reorient to the markets, review your notes, and check the markets for the overnight action.
What Not To Do
Many traders start the day by making telephone calls, checking their emails and voice mail, and chatting with friends. These are some of the things you should not do.
Why?
Because these are distractions. What if someone says something that – although not urgent, unbalances you? What if something or someone demands your attention or some upsetting news surfaces? This sets the tone for the rest of the day. Your mind is now primed to be thinking of something other than the market. Your mind is elsewhere. Your focus is elsewhere. Your concentration is lost. This will affect your trading.
What To Do
Leave the emails for later. Make it a rule that unless it is an emergency, you have no interruptions before the market opens through the first hour or so after it opens. Let your family and friends know this and ask for their cooperation.
Certainly, if there is an emergency or something urgent that needs to be taken care of, attend to it. Certain thing cannot wait and need to be dealt with immediately. If something requires your immediate attention, don’t try to trade. Deal with the situation, as needed. Trading will be there tomorrow. Do, however, put a lid on all routine interruptions.
3 Ways to be in Control
You can be in control of your time, and you can be in control of what you allow to influence your trading. Again,
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Block out the hour before the markets open through the first hour of trading and focus only on your markets; avoid interruptions and distractions
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Use the hour before the markets open to review the markets and make final plans for the day. It is also a good time to take a few moments to clear your mind with relaxation and meditation exercises
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When your day starts, make sure you don’t begin it with a potentially distracting activity. Start with a focus on the markets and a focus on how you will perform today. You will feel good about yourself for being well-prepared.
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A positive approach right from the start of the trading day will have a positive influence on your trading during the rest of the day.
Taking action on these simple principles will help you set a positive tone for the day.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
Editors’ Picks
EUR/USD turns negative near 1.1850
EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.
GBP/USD change course, nears 1.3600
GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.
USD/JPY consolidates around 153.00 favoured by lower Fed easing bets
USD/JPY steadies around 153.00 after hitting two-week lows at 152.25. A strong US Nonfarm Payrolls report provided some support for the US Dollar on Wednesday. The Yen remains on track for a 2.6% weekly rally, boosted by Takaichi's victory at Sunday's elections.
Editors’ Picks
Gold plunges on sudden US Dollar demand
Gold drops markedly on Thursday, challenging the $4,900 mark per troy ounce following a firm bounce in the US Dollar and amid a steep sell-off on Wall Street, with losses led by the tech and housing sectors.
EUR/USD turns negative near 1.1850
EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.
GBP/USD change course, nears 1.3600
GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.
LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement
LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.
A tale of two labour markets: Headline strength masks underlying weakness
Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.
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