When you’re trading with a full-time job - as is often the case - it can be difficult to juggle everything you should be doing, and it’s easy to feel overwhelmed.
From family commitments to making time for socialising and exercising, it can sometimes be difficult to fit trading into your lifestyle.
But trading doesn’t need to take too much of your time. We’ve done the math, and there are three key things that every trader should make time for each week - even if it’s thirty minutes or so.
So - here are our top three easy-to-implement tips!
3 Things Every Trader Should Do Each Week
#1: Learn new strategies
One thing you can always be sure of with trading: there are always new things to learn.
It can be difficult to know where to start, as there’s so much information out there. We’d recommend trying to find some YouTube videos to watch, and testing a few from the same channel. These videos are often a great way to pick up new tips, or learn different strategies from other traders.
You may learn something new, or it may help to clarify what you already know (however - it’s important to point out that what works for one trader may not work for another, so keep this in mind when you’re watching!)
Make a commitment to try to watch one trading video, or tutorial, per week. Whether that’s splitting a video into two ten-minute slots over two evenings, or watching one at a lunch break, it should be easy to fit this into your busy schedule.
Struggling to fit trading into your schedule with full-time work? Read our tips on how to fit trading around your day job!
#2: Assess your trading plan
This is something you need to make time for: your trading plan is essential for keeping you on track, keeping you motivated and disciplined, so it’s crucial that this is as up to date as possible.
Does it reflect your current goals, your current capital, your current strategies? If not, make sure you update it as you go along with any changes you make.
Have you changed your stop loss order recently? Have you changed your tactics when it comes to making a loss? Have you decided not to use the scalping method for a few months to try out something new?
Make sure everything in your plan reflects how you’re currently working: you should be referring to this document while you trade, so if it doesn’t mirror your current strategies, it will be confusing and hard to stick to.
So: make life easier for yourself and update your trading plan as you go along! The good thing about this task is that it can be done from anywhere - so long as you have the Google docs app and a good wifi connection. It could be done over a lunch break, or over several evenings in ten-minute blocks - the choice is yours.
#3: Keep up with the news
This is an important one. Fundamental analysis means keeping up with the global financial and political news, and how this news affects the markets.
Whether there’s been a general election amidst political unrest or significant stock price changes, there are many ways that the global climate can affect the value of a country’s currency.
There are many ways to do this: buying the Financial Times paper on your commute to work; downloading the FT app on your phone; scrolling through news sites on a desktop.
Whenever you have a spare few minutes - waiting for a train, before a gym class, waiting in line for a coffee - it’s a good idea to browse through and to consider how this may affect the markets.
Want to know more about keeping up with the news? Read our blog on Fundamental Analysis.
Interested in joining BluFX? Read 5 BluFX Myths Debunked!