It’s always a good idea to have a plan in advance when it comes to trading.
Here are some benefits why you should do so:
- Allows you to focus only on the pairs that qualify under your ‘radar’
- Be on alert for relevant news events that may impact your trades
- Weekends are for analysis, weekdays are for execution
To be honest, it is true that you’re supposed to be doing your analysis on the currency pairs during the weekends, when the markets are shut and there is nothing in the market that can distract you.
Ever wondered how they all do it?
Banner advertisements of traders claiming: “I only spend 15 minutes a day to trade”
Now you know how they do it.
Because during the weekdays, there is only time for order-setting and execution of trades.
The rest of the time goes back to doing daily things in real life – going to work, going to school, doing your household chores, etc.
On the side note, for this week, I am generally bearish on the AUD, bullish on the USD and particularly bullish on CHF.
Let’s see if the market serves up something good this week.
Have a safe and great trading week ahead!