The Daily Trade Routine
Your daily routine should be systematic and needs to be habitual
Once you’ve signed up to T4T you need to consume as much knowledge as you can from the courses and then start to ask questions about various things you don’t understand in the 247 Trade Zone.
Whilst you’re building your knowledge and understanding of the forex market it’s also a good idea to get yourself into a systematic daily routine.
The bankers routine is methodical and systematic and it’s done with the use of some ‘extremely’ important tools – inparticular Reuters.
The Reuters product allows me to set up templates that guides me through my daily routine everytime I come back to the screens.
It’s absolutely critical to your success and if you have any ambitions to become a funded trader it’s an absolute must. Mind you it only costs $99/month.
Let me take you through my routine so you can see exactly what I am talking about, or watch the video and get a detail explanation plus a walk through of how it works.
My Daily Routine – Updating Market Insight & the Daily Analysis comes from Reuters
Every time you come back to the screens you need to reconnect to the market.
Now MT4 is your trading platform and it doesn’t tell you anything about what’s been going on. So you need additional resources if you what to #TradeWithTheMarket.
To get all the information about what’s been going on, real time economic data releases and the like you need a professional product and that’s where Reuters comes into play.
So when you are initially setting up you should think of the trading systems in this manner;
- MT4 – execution platform only (it’s not even accurate enough for technical analysis)
- Reuters Xenith – Fundamental & Technical Analysis (all of your trading decisions)
But Reuters does a lot more. Not only does it tell you everything that is going on, it also enables you to set up templates that will make your daily routine methodical and systematic.
The first thing I do everytime I come back to the screens is I look at the majors to get a snapshot of what’s going on.
So I go to the ‘MAJORS‘ tab.
I can see where the major pairs have been, where the big moves were (if any) and also see if the correlations are in play.
The second thing I do is: I find out why the currencies have moved. This is important because you need to know what’s driving the currencies.
So I go to the ‘NEWS‘ tab.
If anything has happened to the USD or any other major pairs it will be in here. This enables me to follow the market and if any news events reverses then I know what trade I can put on immediately.
The third thing I do is: I go back and analyse the majors (& crosses) in finer detail looking for key entry levels.
So I got to the ‘TECHS‘ tab.
Here I can analyse and see what’s going on across multiple time frames. Most importantly the Hourly charts where most tradfing decisions come from and then check the Daily & Weekly charts to see where the ‘short term’ price action fits in with the big picture, the overall trend.
The fourth thing I do is: I isolate the USD to see what it’s doing & if it has specific direction.
So I go to the ‘USD‘ tab.
Why? The USD is the most important currency globally. Everything eminates from it. If the USD has ‘clear’ direction trading is extremely easy and profitable so it’s important you check it everyday.
The fifth thing I do is: I plan the upcoming 24 hours – the entire day in all sessions.
So I go to the ‘ECO‘ tab.
Here I can see and review all the upcoming economic data releases. I can see which major pairs will be impacted and at what time. That way I can plan my day around the potential market moving events and that saves me wasting endless hours in front of the screens waiting for something to happen.
Once i’ve gone through these first 5 tabs I have a clear picture of:
- What happened yesterday
- What’s happening with the majors
- Whats the plan for today
- Today’s Fundamental drivers
- What currencies I should be focusing on
Which funnily enough is the layout for our daily ‘Market Insight‘.
After i have the first part of my routine done I know exactly where the best trading opportunities are and I can then go in and micro-manage these opportunities on currency specific templates.
For example here is the EUR template.
It contains everything about the Euro that I need to know: economic data schedule, all the charts – agianst the USD and major crosses, and any European news.
Also in addition you can customise your templates for extra things you like.
For example I have a template just for the Central Banks, so I can keep up to date with everything they are doing.
I go to my ‘CB’s’ template.
Here I can see all the relevant data: interest rates, inflation targets, actual inflation …and a whole lot more. It makes following their sentiment very easy.
The best thing to do is set up templates for each major currency pair, that way when you come back to the screens later you don’t need to go and find things, because it’s right there in front of you.
Traders at the banks are all about simplicity & it’s exactly how you should simplify things.
For a complete walk through watch this video: The Daily Trade Routine.
Get yourself set up & ready to trade like the bankers
If that all makes sense to you then the next step is to get your ‘work station’ set up and ready to go.
As I mentioned Reuters is only $99/month.
You actually get the 3 months for the price of 1 when you sign up to trial the product, so it’s great value. And best of all it’s a month to month plan so you can cancel it at any time.
Click on the image above to get the deal & get started!
Now the main reason why I’m promoting this is because it makes it easier for me to train you & gives you greater potential to become a Funded Trader with T4T.
You will be looking at the market the same as me and the same way as the bankers.
The Pro trader course will make a lot more sense and your ‘practical knowledge and understanding’ will go through the roof.
Also the 247 Trade Zone will now become extremely relevant as you’ll know exactly what traders are talking about and why!
Of course if you don’t want to put any additional pressure on yourself wiht extra costs then simply continue to follow our daily Market Insight & Daily Analysis – at least you’ll know exactly where the information comes from and how I go about collating it.
Iy you really want professional results then sign up to Reuters and get yourself set up.
If you have any questions at all please feel free to email us at firstname.lastname@example.org or jump on the 247 Trade Zone and ask us there.
I hope this goes some way in helping you discover your daily trade routine.