Trading is not as easy that you think and it is something that requires a lot of research and understanding about the trade you deal in. Many of you must have wondered as to what does it takes to be on the top of the trading game each day and every day throughout the year. One thing that needs to be remembered is trading routine and time is something that one needs to adhere to without changing the routine and only then one may witness success. This is one thing that differentiates professionals and amateurs in the trading market. Whether you are into full-time trading or you do it for a few hours you need to ensure that you treat it as your business. One needs to be dedicated and devoted to the trading line and time. Let us have a look at how does a day look in the life of a professional independent trader or a day in the Life of a trader and get to know the things he/she does during the course of time. Thus you understand the idea of working on your own from wherever you wish to and with no boss governing you or telling you what to do and the ones handling your money.
Get up on time
Getting up on time is one of the most important things to do and one needs to practice this as a religion. At times we tend to get lazy but being a trader we need to avoid this and make sure that we need to fight this laziness and keep self on track. We need to create our daily routine and a schedule which we need to follow it by all means. We need to research well from various sources and compile a report which we need to go through in detail each day. Write down daily tasks on paper as it reminds you of them and keeps you accountable.
Market Scan
Once you are done with your daily activities it is time for some trading-related action. Head straight to your work area or office as it is important for each person to have an individual and independent work environment especially if you are working from home. Others who have a fixed office or a structured environment than your office provides you the complete freedom to do what you wish in a trading day.
Most professional traders take a look at the general situation in the market and see what is going on. There are various tips available in the market to go through them and at the same time read the reviews and news of the day which gives you a fair idea about how the market will behave today on the opening and during the day. In addition to all this scan the financial news headlines of leading outlets like Reuters Markets and Bloomberg, CNBC, etc. Even go through the economic calendar for relevant news and also news related to a particular co. or stock which you are interested in. Once the news thing is over go through the markets and take a look at various aspects of the markets. If the Asia markets have opened go through some commodities and see what is going up and what is going down. In addition to it read and pays attention to certain currencies.
Check your open trades from the previous days and update your trading plans. Look for any new opportunities in the market and also check new technical levels in the market. Many new traders think that they need to spend the entire day looking at the screen which is not true rather balance and divide your time into different activities. Gluing to screen all the time may result from you into getting into emotional or impulsive trading which might not be good for your portfolio. Thus think and relax and spend your day wisely.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
