Recently over on Greg Secker’s YouTube channel, Greg consulted a professional nutritionist to discuss some forex trading tips that never get the attention they deserve – routine and nutrition (you can watch the video here).
Unfortunately, an optimised trading routine won’t just happen. Instead, it requires a trader to think consciously about their daily habits, analysing how and why these may affect their trading performance – and the fact of the matter is, your daily routine and habits often do directly influence your trading capabilities throughout the day.
With that in mind, today we’re offering up 3 steps to establishing a powerful trading routine that’s optimised for forex success – no matter if you’re a forex veteran looking to take your trades one step further, or a trading novice undergoing the early stages of your forex training, we’ve got you covered!
Ditch the coffee
In the fast-paced world of forex trading, concentration is absolutely key – after all, a distracted mind isn’t one primed for the close analysis and opportunistic actions required to make profit. This is particularly true when performing trade management – the activity a trader undertakes after executing a trade to maximise the potential for profit while simultaneously minimising risk – where even the slightest lapse in concentration can seriously damage your chances of profitability. Of course, this doesn’t mean that concentration isn’t vital to the beginner trader too, who requires a disciplined focus to properly digest any and all information that comes their way.
There’s often one common solution to this problem – coffee. However, while this is an effective short-term stimulant, too much caffeine can often result in the ‘jitters’ (a mistake even trading experts like Greg have admitted to making!), which can have the complete opposite effect to that desired by making you restless and, as a result, unfocused.
To ensure the best possible chance of success, you want to be at peak performance mode. As a result, consider ditching the espresso, americano or latte for a smoothie or shake packed with all the nutrients you need to keep you at your best. Focus on a combination of ‘smart foods’ like those used in Greg’s YouTube video to keep you powered throughout the day and avoid the afternoon lull associated with too many morning coffees!
Keep an eye on the clock
Recently, Mark Wahlberg’s intense daily routine went viral, with many shocked at the stringent schedule he sticks to each day. Now don’t worry, we’re not about to tell you to start introducing a 3:40am workout (and another one in the afternoon, at that) into your daily schedule! Nonetheless, there is something we can learn from this – an ingrained, consistent daily schedule will help you strive towards success.
With this in mind, look to keep an eye on the clock, incorporating regularity into your daily routine by performing certain tasks at the same time each day. By doing this, your subconscious will begin to align with your habits, meaning your body and mind will all be working towards the same goal – of course, this means you’ll be performing at a far superior level. Whether it’s a 10am analysis of your trading charts or a 2pm check-in on the latest indicators, pick a time and stick to it – you’ll begin to see improvements in your ability and execution sooner than you may think.
The benefits don’t stop there, either. By ensuring you’re sticking to your own self-determined schedule, you’re crafting one of the most important skills in any forex trader’s arsenal – self-discipline. Self-discipline plays a fundamental role in all aspects of forex trading, from remaining emotionless during losing streaks to avoiding greed during winning streaks, so by putting this skill into practice each and every day, you’re sure to become a more effective trader as a result.
Engage your mind
To stay concentrated and disciplined day-to-day, you must stay engaged. As a result, you should be looking to stimulate your mind upon waking up in the morning to really get the cogs turning.
This is actually more simple than it may sound. For example, if you usually spend the morning watching TV over breakfast, instead consider checking in on the latest forex news and current affairs by reading a newspaper or online publication. By reading rather than watching, you’re waking up your brain from the off, meaning you’ll be primed and ready to execute your daily routine at your best. Look to replicate this throughout the day too, avoiding quite literal brain numbing activities such as scrolling through your social media feeds during breaks – this can quickly undo the morning’s hard work and leave your brain feeling less than fresh upon returning to execute the next task on your agenda.
A considered and achievable daily routine is key to giving yourself the best possible chance of success when trading the forex market. To learn more about forex trading best practice, check out our blog or head over to Greg Secker’s YouTube channel for regular updates containing the very best forex tips, tricks and advice!