There are benefits to be had of planning your Forex trading well in advance. In fact most experienced traders will allocate a little time on Saturday or Sunday putting together their weekday trading schedule. In this article we take a look at how the benefits of putting together your own unique trading schedule to ensure you know just when, why and what Forex you will be trading in the week ahead.
Economic Calendars – As all major developed countries will have their own Economic Calendar, this being a range of days throughout their year when they release facts and figures relating to how different sectors of the economy are performing, this is in important aspect of planning your Forex trading schedule.
Also have close at hand such an Economic Calendar and pencil into your trading sessions the industries which, when those figures are released will affect the currency value of that country. By making a well judged decision, based on your own research of news stories and the such like, as to what these results are going to display, you can often pre guess the results yourself and make a successful Forex Pairing trade.
Forex Broker Bonus Days – As many Forex Brokers offer special promotional offer and trading bonuses on certain days of the week it is possible to use those bonuses as a way of hedging your Forex trades. So once again research s need and by looking through the week day bonuses offered to traders at various different brokers you can often match up bonus offers and use the increased trading budget you will get by taking advantage of bonuses, to lay off one trade against another one.
When you are considering taking a Forex Bookers bonus offers you will have to closely inspect the bonus terms to ensure you fully understand what volume of trades you will need to perform before any bonus cash becomes real cash, so always pair up bonus deals with the lowest volume of trades required, as you are more likely to turn that bonus cash into real cash by sticking to those bonuses when hedging your trades, which have the lowest volume of trades required.
National Holidays – Always make sure you are aware of any National Holidays or major celebrations that are taking place in all countries in the week ahead, as when these days arrive you will often find the actual volume of trades placed on those days are much lower, with home grown Forex Traders in those countries often opting to take a day off.
Whilst anything can obviously happen to the value of any currency even on a Public Holiday, you are likely to notice much more modest swings in the value of some countries currencies when the majority of the nation is taking a well deserved day off!
Be Flexible – On final aspect of planning your Forex Trading Diary in advance is that you do need to be prepared to be flexible, and amend and altar any pre planned currency pairings at the very last minute, as anything can and will happen during the week all over the world and national disasters and the such like could strike at any moment which will have an immediate and instant affect of the value of currencies around the world.
So once you have planned your Trading Dairy, always build into it a set amount of time when you take an overview of any news stories that may be breaking, and be prepared to start trading the very second you hear of them, as this is how you can often make some of the most profitable trades based on whatever event has just occurred.
Trading Strategy Incorporating a Trading Diary
Always have your pre planned Trading Diary linked up to your actual Trading Strategy, by tying them both up together you are never going to accidently start trading at volumes you hadn’t accounted for in your trading strategy and will also always know when the best time is to lock in a profit and stop trading for the day.
Never let a breaking financial news story that is making currencies swing in their value to over ride your trading strategy as by doing so you may end up making losing trades or start trading in volumes you trading budget is not going to be able to sustain for very long.
Always keep a level head and by knowing in advance when you are going to be trading and on what currencies, you are likely to have a much greater level of success and will never be leaving your trading decisions to guesswork and lady luck!