Creating a perfect trading routine and maintaining it consistently makes the difference between a professional and an amateur trader. Professionals follow a plan, which is made with a well laid out routine to find the best one every week, where beginners struggle to get the best trades and depend on luck. Effective trading regime helps to reduce trading time significantly, and an expert needs not to spend more than one hour if he follows his routine strictly. Here, we will show you the exact process of keeping a trading routine that may help you to reach your goal successfully in less than 5 hours a week.
Procedures to make a routine:
1. Chart setup
Efficient traders try to automate their process based on the software so that they can use their time on the other sectors to make more money. One should set up one’s workstation using a computer so that he can improve the trading skills based on fundamental and technical analysis.
From the graph, one should try to remove unnecessary indicators which will not bring any result but burn our valuable time by making the screen hazy. An investor should keep a news feed in the chart, which will help him to modify his routine according to the latest financial trends and social incidents. If required, see the chart setup from the elite UK traders at Saxo. You will get a decent idea about professional chart setup.
Newbies should set aside time for research and separate the execution of the trades from the research so that their trading goal can be error-free. Charting and trading from the same platform are not advised by the experts because it may make us vulnerable to impulse decisions as the difference between the two things will be only a mouse click away.
3. Using templates
One can use necessary templates on the market, which can help us to set up our trading-view based on different types of analysis. Using internet, we may find the examples of templates, and we can download one and use it for our own purpose. One can organize his routine and chart based on the indices and commodities of the template. These things can be used for a broader market analysis based on different time frames in the options market, and we recommend you to test your strategy with different types of routine templates and check out which may work for you.
4. Creating alerts
There are few investors who use the opportunities of alerts, which help them not to lose any pricing behavior and play important functions with the full customization facility. We can find the alert setting at the left of our chart and customize it based on the trend, price channels, and moving average to get the best percentage in the price movement on the specific intervals.
When we use the resistance and support level, we can easily set the alarm by clicking on the clock that will be provided by the dialogue box during the setting up of an alert. Beginners are highly encouraged to set up alerts based on the trades so that they do not miss any pricing movement.
5. The weekend
Experts do not waste their time on the weekend as they know lazy activity will not reward them with a higher amount of profit, but effective planning can open the way to success for them. If they are not a full-time investor, then it is crucial for them to prepare themselves for the next trade in advance so that we can make the best use of our timing.
So, on the basis of minute observation, now it is clear to us that without expanding a little amount of time for creating a perfect trading routine, getting the victory soon is nearly impossible. Rookies must take the help of experts so that they can make the best action plans for their trading by evaluating unwanted mistakes.