A Day in the Life of a Professional Forex Trader

Traders who become successful enough to produce consistent profits graduate up to trade professionally and develop daily routines. However, this routine is quite different than most amateur traders would imagine; a large number of professional forex traders execute a handful of trades every month and frequently take time off the market.

This article explains the routine of a professional forex price action trader, which is a simplistic strategy only focusing on price movements and candlesticks. For all those who aspire to become full-time traders, this article shall serve to give a better idea of a professional’s daily routine.

          Start the day with a healthy body and mind

Professional traders keep a profitable mindset before starting their trading day. In order to do this they must control their negative emotions and stick to their trading plan. This is best done when both the mind and body are healthy, which will in turn result in healthy trades.

It is important to wake up early in the morning and start the day with a healthy breakfast. This is because you may have enough time to do your research and still not miss the day’s most important trading hours.

Next, professional traders work out to get the blood flowing and feel oxygenated. It is not mandatory that one must exercise in order to be a pro trader, but it is highly recommended as exercise leads to a healthy and effective brain. The mind and body are dependent on each other.

          Analyze the Markets

Before professionals start to trade the market, they check for open trades in order to adjust the limits and stop losses. They record all the closed trades in the trading journal which may have hit the limits overnight. Keeping your trading journal updated is important as important as you keep reflecting on your performance and make improvements for the future.

Once the work for the previous day is done, traders start to check the markets – specifically, their favorite pairs. Professionals check their pairs 2-3 times a day at predefined times. These times differ for every trader, but usually professionals check the markets in the morning, mid-day and in the evening (after the NYSE or European closing time). The best time to trade for forex is the overlap between Japanese and British working hours, as well as the overlap between the US and British working hours.

        How a Professional Trades the Market

There is no one way to trade the market,each professional has his own trading strategy and sticks to it. This means that traders don’t need to spend hours watching the chart, but only look for their trading signals and trends to open a trade. A professional focuses only on a few pairs as he is looking to execute specific trades. The more focused the approach, the more effective the trades. Once a new trade is opened, the trader records it in his trading journal and continues. Professionals Remove Themselves From the Market

Amateur traders mistakenly believe that professionals sit and stare at the charts all day long. Sometimes taking time off the market is recommended because looking at the charts for hours promotes one to execute trades which were not part of the trading plan. If you make a few quality trades over the long term, you don’t need to make small intra-day trades.

Professionals also remove themselves from their live trades. This is because watching your profits constantly rise and fall can create anxiety and may promote you to double down. Removing yourself causes you to remove your emotions from the live trade.

Once the trading day is over, professionals take a good night’s sleep. There is no reason to lose your sleep over your trades because anxiety affects your winning mindset. Carry on the rest of your life; meet friends, go to the gym, have fun and do your chores. A good professional trader lives a well-rounded life.