Direct from the desk of Dane Williams.
My morning forex routine checklist:
- Mindfulness
- Check economic news
- Review previous day’s trading
- Update zones on my charts
- Pre-set daily entry triggers
- List daily goals and affirmations
My morning forex trading routine, structured around that checklist right there, is so much more than just a to do list.
Actually, it shows you my entire structured approach to how I trade forex.
This routine aligns both the psychological and analytical aspects of trading, ensuring that I step into the day with intention, awareness and a readiness to MAKE MONEY.
Morning forex trading routine
1. Mindfulness
Every morning, before I do anything trading related, I take a moment for mindfulness or meditation.
It's not just about calming my mind, rather meditating in this manner helps me completely hit the emotional reset button from what’s happened before.
This practice helps me approach the day with a focused and centered mindset, ready to trade today’s setups without bias.
2. Check economic news
Once I'm in the right headspace, I turn my attention to the broader economic landscape and market conditions.
What's happening in the specific currency pairs that I trade?
What about globally from a geopolitical point of view?
Are there any major announcements or economic indicators on the horizon that will move the market?
While I don’t specifically trade the news, staying informed about these factors is crucial for making informed trading decisions and thus I need to stay on top of the calendar every single day.
3. Review the previous day’s trading
While reviewing my forex trading journal is certainly important at the end of a trading week, my daily morning routine has to incorporate the review process while those trades are fresh in my mind.
Therefore, I meticulously review my trades from the previous day.
What worked well?
Where did I face challenges?
This retrospective analysis not only helps me identify patterns in my trading behavior but also allows me to refine my approach based on real-world outcomes.
4. Update zones on my charts
As you know by now, I’m primarily a support and resistance forex trader.
I update support and resistance zones based on the latest price action which requires me to stay on top of what’s happening each day.
No, they might not change daily, but I need to be on top of things.
This visual representation is key for identifying areas where there is set to be indecision and thus potential entry and exit points.
Keeping my charts current ensures that I'm not relying on outdated information when making trading decisions.
5. Pre-set entry triggers for the day
Timing is everything for a forex trader.
Just to make sure I don’t miss a setup, I pre-set daily entry triggers based on my analysis each morning.
They aren’t always stop/limit orders, sometimes they’re just a price alarm or something as simple as a physical note to watch what happens if price reaches a specific level.
The idea is that these will be specific points at which I'll enter a trade if certain conditions are met.
Having these triggers in place adds a layer of automation to my discretionary trading strategy and ensures I don't miss out on opportunities while juggling multiple aspects of the market.
6. List daily goals and affirmations
Finally, having a clarity of purpose is vital.
I take the time to list my daily goals, both in terms of profit targets and refining my process to never have to question my strategy.
Additionally, I incorporate positive affirmations into my routine, reinforcing confidence in my abilities as a trader.
While it has serious aspects, this is mostly just a feel good start to my day, providing a clear direction for my actions.
It's a subtle yet powerful way to cultivate a mindset geared towards success.
Best of probabilities to you.