#182: Structuring Your Trading Day

Podcast: Structuring Your Trading Day In this video: 00:28 – Do you randomly place trades? 00:50 - Create a structure if you wish to be successful 01:40 – My personal structure 02:10 – Start with the weekly charts 02:35 – Then move onto the daily charts 03:00 – Looking for bullish NZD$ trades this week –the charts tell me everything I need to know 04:45 – The news release was in the same bias as the technical were showing long before 05:30 – Look at the charts at the close of a candle 06:01 – The importance of a trading plan and structure Do you need some help with gaining a structure for your trading day? If you do, listen up, I've got some great information for you. Hello Forex Traders, this is Andrew Mitchem here, the owner of "The Forex Trading Coach." Today is Friday, 10th of June. I want to talk about the importance of having a structure within your trading day. Do you randomly place trades? Are you one of those people who just haphazardly just places trades randomly, places, buys and sells and different position sizes, different time frames, looking through forums, getting ideas, trying that, it doesn't work, move on, all those sort of things, are you one of those people? Create a structure if you wish to be successful If you are, it's really important that you change away from that kind of mentality if you want to continue trading properly as a longer term investment. You see, the problem is with that is that when you have no structure you have no plan. When it comes to trading Forex with real money it is emotional, there's no question about it. Because you're trading with money, you see your account moving up and down, and you see positive trades, you get the enjoyment and the emotion and the greed comes into play. You see losing trades, you then get doubt, you're losing money. All those problems, both good and bad problems, come into your trading because you are trading with real money. It's important to have a structure in your trading day. My personal structure The way that I like to work with my personal structure is at the beginning of the week I start by looking at the weekly charts. Now, you can do this on a Monday depending on where you live in the world, maybe Sunday evening. You can look on the weekend because the weekly charts don't change. From when they close on a Friday they do not change over the course of the weekend so you can look at any time, it doesn't really matter. Start with the weekly charts When the market opens at 5 pm New York time on a Sunday, which for me is Monday morning, I look at the weekly charts. What that does it that gives me an overall opinion of where the market is likely to move for this coming week. It's a likely direction. It's not to say it is but it gives me an overall buzz. Which currencies are looking strong, which are looking weak? Which currency pairs have got room to move this week? Which ones are looking strong, which are looking weak, et cetera? It gives me an overall general opinion. Then move onto the daily charts Then when it comes to each day I then go to the daily charts, during the similar type of thing but for the daily charts. That gives me an overall opinion, an overall bias for the upcoming 24 hours. Now, of course if the daily structure and the daily direction looks the same as the weekly, then even better. I'll give you a great example. Looking for bullish NZD$ trades this week – the charts tell me everything I need to know This week on Monday, the beginning of the week, I mentioned on my membership site for my clients that I was strongly looking for a bullish movements throughout in the New Zealand dollar pairs.