While profitable investment in the forex market relies on a commitment to the market, the continuous refinement of your forex trading strategies and a thorough awareness of the wider contextual factors, the 24/5 working life of a forex trader can mean an exciting and potentially profitable lifestyle.
Today, we’ll take a look at a typical day in the life of a forex trader to give you a better sense of what it takes to succeed in this competitive and challenging industry, inspiring you to learn to trade forex the right way. So, without further ado, let us introduce you to Frank the forex trader…
Frank wakes up in the morning and begins his day with a nutritious breakfast, aware that a healthy body and mind are imperative to his success in forex investing. Frank knows he requires sharp focus, lightning fast mathematical skills and logical, considered reactions, and so starts his day by giving himself the best possible start.
Frank avoids checking the forex trading signals first thing in the morning, as he appreciates the importance of taking time away from the 24/5 market throughout the week. He does catch up with all the latest in current affairs by reading the paper over breakfast, taking a mental note of any geopolitical issues that may affect currency values and, subsequently, his trades.
The working day
Frank has investments in a few of the major pairings (to get up to speed on basic jargon and the principles behind forex trading, polish up on the basics), with the US dollar being his most common base currency. Because of this, he knows that his primary trading hours are during the American working day and plans his day accordingly.
Frank turns his attention to the market for the first time around midday, checking any open trades from the previous day as his first port of call. He adjusts his forex trading strategies to reflect the previous day’s results, keeping a record of all relevant information and statistics in his trading journal.
As the US dollar begins to see an increase in trades as the clocks gradually strike 9 across America, Frank gets down to real business. He checks the latest forex trading signals looking for his edge in the market, analysing risk-reward parameters and setting up trades he believes to be profitable through his own forex trading strategies.
Whatever the outcome, Frank removes himself from the market once a trade closes. He knows that, regardless of whether his trade made a profit or a loss, a successive trade would be influenced by emotion – affecting his clarity of judgment and logistical process. Instead, he spends time with the family, checking the forex trading signals once more before bed to ensure there have been no drastic changes to the market.
If the day-to-day life of a forex trader sounds right up your street, why not take the leap and sign up for one of our free forex workshops?