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
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.
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