Hi members,
In today’s live webinar, I stressed how important it is to have a routine as a trader. Whether you are doing this full-time or part-time. I mentioned how Ashley was finding it hard to have a routine last year after he quit his job. This is because when he was working full time he had meetings and daily jobs to complete at a set time during the day from Monday to Friday. He had to do those jobs on a daily basis otherwise his manager would be on his shoulder asking why those tasks are not being done.
I had to then step in to give him a little talk and bring him on the right path again, as for him it was all a bit too easy now. The danger is you can stray away from your goals. He then used an app and made a daily routine for his trading. He was specific about what he would do from waking up to going to bed at the end of the day. No one can work continuously in front of a screen so you need to make sure you add breaks, step away from the screen and come back again if things are not clear.
Ashley wrote an article last year based on this which you can view below. There are also links to some of the apps and websites he used to help build his routine, which you could use. Link below
I also used life tick for setting the goals
I then answered a few of our member’s questions. One of them was how to get good entries and which ones to take.
Answer: Firstly you Identify the trend, is it going up or down? Then you check if you can add a trendline and fib. After that, I would check if there are any EMAs, Moving averages in that area, and check if there is previous support or resistance. Lastly, I would check if there is any major news due out that could ruin the trade. As of this week, there is plenty so you would need to have a plan if you are taking a set up. Where will you take profit, can you manage the trade before the news is out? Always look to reduce your risk on the table. I have shown you plenty of examples in the past weeks on how to do this.
Regarding the entries, I would put the entry where the price will probably stop. Even more critical is the stop, you don’t want to be risking ideally more than 70 pips. This is all the easy part. The hard part is managing a winning trade if it all goes well. Some take profit early due to fear and greed. So make a plan in advance where you will take partial profits along the way. Again if it is not a 1:2 risk-reward ratio set up there is no point even taking it. As an example for 50 pip stop you want to be making at least 100 pips. Anything after that are you free chips in a casino.
You can view the live webinar below:
Kind regards,
Marc
