Learn to trade appropriately and follow an efficient trading routine until you achieve success in life. It would be best if you built up your strategies from scratch as it will give you a better overview of the market. But having a well-balanced trading strategy is not enough to make you a profitable trader. You must maintain a structured daily routine and only then you can succeed in the options trading industry.
Developing yourself as a professional options trader might seem a tough task. But if you truly know the importance of a trading routine, you will slowly learn to trade the market in a better way.
The true secret to market success is trading routines.
There is no golden trading routine that can turn you into a successful trader overnight. Bill Gates’ daily routine made him an incredible financial success over the years, but he has spent years perfecting his daily routine. To succeed as a trader, you must do the same. Gates could have spent the entire day watching television and munching on Cheetos.Instead of all he could think about was business. Right? Definitely. If Bill Gates was not doing that, you would never have known who he was.
The successful trader’s daily routine
Today, we will be talking about Nial Fuller, who is a successful trader in Forex. In comparison to many other traders, his trading practice entails far less interaction with the market. For the following reasons, this worked for him, and he was confident that it would work. Taking less time to over-involve yourself in your trades, creates a low transaction frequency which instills discipline. Thus you only control yourself and don’t try to manage the market.
His general strategy is to concentrate on day-to-day data, which means he focuses on daily charts, generally waits until the dealing closes to examine the demands on his watch list. But not only benefits from lower screen times, but it also enhances its long-term trading performance, as Nial spends less time in front of the charts. He calls it a part-time dealing habit.
He begins every week. He looks at the weekly diagram times, sketches the important levels, sees the short, long-term and thus he records all the crucial price reversals. So, you may follow such an approach, as this will reduce the stress involved in trading.
The daily process of trading
Taking a “bird’s eye” perspective of the markets on his watch list is the first significant chart part of his trading practice. Starting with the weekly chart period and giving it a thorough examination is typically the best way to go. Nial mainly searched for critical market levels, big turning moments, trends, and regions of consolidation to pay attention to. On the weekly chart, he always starts with the significant classes.
Treat the market like a market and not a casino. Don’t get hooked on it! View and treat the market as an opportunity to demonstrate how well-prepared, talented, and disciplined you are, and you will be rewarded handsomely.
Finding the best trade, setting and executing it
Now, let’s imagine that once you’ve done this, you’re noticing a prospective transaction. So, with entry, loss stops, and take profit placement, you should take trades. Make sure you are trading with high risk to reward ratio, or else it will be really tough to deal with the losses.
Many of you know that every day, just after the daily Forex market closes, Nial writes a market commentary. But you may not be aware that making those daily comments is also a part of his daily chart analyzes and trade routine. Each day well before he launched this website, he began writing his views about the markets, and it’s something that Nial has done every day for more or less a decade. It is a common element in his everyday life. It feels ‘weird’ if he misses a comment for a bizarre cause such as a journey or a holiday. So, always stay up to date.