The fast-paced life of a successful forex trader can be an exciting and potentially profitable experience, but it shouldn’t be said that it’s an easy ride. On the contrary, any long-term success in forex investing requires a thorough commitment, through the continuous refinement of forex trading strategies and a consistent awareness of the wider contextual factors.
To give you a better sense of what it takes to come out on top in the crazy world of forex investing, today, we’ll be taking you on a journey through a typical day in the life of a forex trader, inspiring you to learn to trade like the experts do. So, let us introduce you to John, the forex trader…
In the morning
John begins every day with a healthy and well-balanced breakfast to give him the right mental start to the day. He knows a healthy mind is vital to his trading success, relying on strict focus, lightning-quick analytic ability and logical, rational reactions to trade the market for profit.
John strays from checking the forex trading signals the moment he wakes up, as he understands these markets can become addictive if obsessed over too regularly. He does browse the morning papers and online news outlets, though, observing any political tensions or world events that may have a direct influence on currency valuation (and, thus, his trades).
Throughout the working day
John properly diverts his attention to the market for the first time around lunch, as his prominent investments hold the US dollar as his base currency. As such, his primary trading hours revolve around the American working day.
John starts by checking the status of any open trades from yesterday, adjusting his forex trading strategies where and when required to reflect the events of the previous day. He records any relevant information in a trading journal so that he can better refine his trading tactics in the future, while simultaneously having a record of his own trading history.
As clocks begin to strike 9am across America, John knows the US dollar will be experiencing value fluctuations due to an increased trading volume – so it’s time to get to work. Once more, John checks the forex trading signals to see if he can identify an edge in the market, setting up trades he thinks will be profitable based on his own strategy and risk-reward parameters.
Whether it’s a day of sky-high wins or ill-informed losses, John knows to step away from the market following the closing of a trade. He knows a successive trade would be one influenced by emotion, regardless of the prior result, and would therefore be a trade made on impulse rather than reason. He spends some valuable time with the family instead, checking the forex trading signals one last time before he sleeps to ensure there haven’t been any major market changes.
If this journey through the daily life of a forex trader has given you a taste for this fast-paced lifestyle, why not take the first step towards a trading career by signing up for one of our free forex workshops?