Daily Currency Trading Habits
I want to share with you daily currency trading habits that will help you build a habit that will make you money over time. Each day, as a trader, shouldn't be a new adventure. habit is the key to developing long term success because it allows you mind to rest and allows your body to apply.
- Peak Hours vs Off-Peak Hours: Peak hours are the time when the trading volume is at it's highest. In North America, this regularly runs from 8:30am in the morning on the East coast to 5pm in the evening on the West coast. It does span most of the day. Off-peak time is the rest of the time when the trading volume is much less. Basically as a trader, you should stick with peak hours. The reason is that since there is such a huge volume of trades going on, true market soldiery are in control. During off-peak hours, the volume is small, so big banks and firms will make trades that will affect the direction a currency. You don't want to trade During that time.
- Keep Your Emotions In Check: With daily currency trading, your emotions can be your worst enemy. Surprisingly in this enterprise you're not competing against other traders, but often with yourself. You need to be focused on looking profitable trades, which is a task of numbers. Numbers are unemotional and don't mislead. If you find yourself getting "gut feelings" about a currency or feeling the "need" to make a trade, than you should take a break and come back when you're ready to make calculated decisions.
- Find Overtrends: Basically all currency goes up and down. It's often a cyclical effect. Most population corollary the majority. If a currency is going up and everyone is buying in, others will see this and buy in. You want to be able to identify these trends and avoid them. What you want to do is observation the ends of trends. If population are all selling off a currency, there is a point where too much of this is happening and big banks and firms are going to buy in. You need to identify these points and be part of the small minority that buys in. This way the currency will start to go up, than everyone will jump on and you sell out for a profit.
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