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I recently watched a documentary about Bill Gates on Netflix and the thing that stuck with me the most from it was that he didn\u2019t become one of the wealthiest people in the world through luck or inheriting huge sums of money. He literally reads like 8 books while traveling, he can read 150 pages an hour, and he ENJOYS learning. One of his close friends said \u201cBill always knows more about any subject than the person he\u2019s talking to about it\u201d. What does this have to do with trading? Everything\u2026<\/p>\n
The key to trading success is developing yourself into a profitable trader by learning to trade properly and being consistently disciplined to follow an effective trading routine until it becomes a habit.<\/p>\n
Here\u2019s what you need to know about trading routines: Trading routines are the real key to success in the market. There\u2019s no magic indicator or algorithmic trading robot<\/a> that is going to easily make you a profitable trader. Just like Bill Gate\u2019s routine each and everyday over the course of years, led him to insane financial success, so can your trading routine. However, if you have no routine or the wrong routine, you will never become a successful trader. Could Bill Gates have laid around watching T.V. eating Cheetos all day instead of reading everything he could get his hands on about business and programming? Sure. And you would never know who Bill Gates was if he had done that.<\/p>\n There\u2019s a \u201cfire\u201d inside of Bill Gates; a desire to learn, to grow, to be more, that seemed to be part innate and part developed through his childhood. I cannot provide this for you, you must develop it if you don\u2019t have it. But, I CAN give you the framework, the \u201ckeys\u201d to the \u201ckingdom\u201d so to speak, but you have to be in the proper trading mindset<\/a> to be able to \u2018turn\u2019 the key. So, if you\u2019re ready, read on and learn about the daily trading routine that has worked for me for the last 10+ years in the market\u2026.<\/p>\n The first major chart aspect of my trading routine is taking a \u201cbird\u2019s eye\u201d view of the markets on my watch list. That usually means starting with the weekly chart time frame and giving it a good once-over. I am mainly looking for key levels in the market, major turning points, trends and areas of consolidation to make note of. I always mark the key levels on the weekly chart first, here\u2019s an example:<\/p>\n Next, I will drop down to a daily chart time frame and begin analyzing it in a very similar way. The key levels from the weekly may need to be adjusted a bit on the daily, depending on the price action or you may need to draw in additional levels:<\/p>\n Now, I am analyzing the near-term market conditions to decide which direction is the best to trade in and what nearby levels \/ areas are the most important to watch. I will often use a moving average here, like the 21 EMA or similar, to help see the near-term trend and momentum. You will also want to learn to identify periods of Higher Highs \/ Higher Lows and Lower Highs \/ Lower Lows, which you can learn more about it in my article on how to identify trending markets<\/a>.<\/p>\n Last, but certainly not least, I am looking for price action signals \/ potential trades. I am especially looking for \u201cclean and obvious\u201d signals that line-up with levels on the chart, in other words, that have confluence<\/a>.<\/p>\n Now, once you have done the above steps, let\u2019s say you spot a potential trade. Here is how I will set it up with the entry, stop loss and profit target placement\u2026<\/p>\n In today\u2019s lesson, I have shown you how I personally analyze the charts each week and day and gave you a \u2018peek\u2019 into my own personal trading habits. Hopefully, after reading today\u2019s lesson (and re-reading it) you now have a better understanding of WHY you need a daily trading routine and HOW to develop one.<\/p>\n The above daily trading routine is the core foundation that all of my trades are built on, and it\u2019s my opinion that all aspiring traders need such a foundation to build their trading career on if they want to have a serious chance at making consistent money in the markets.<\/p>\n Many of you know I publish a daily market commentary each day shortly after the daily Forex market close. However, what you may not know is that doing these daily commentaries (similar to above charts) is also part of my daily chart analysis and trading routine. I actually started writing down my thoughts about the markets each day well before I started this website, and it\u2019s something I\u2019ve done continuously every trading day for about the last decade. It\u2019s literally a habitual part of my daily life\u2026if I miss a day of commentary for some odd reason, like travel or a holiday, I literally feel \u2018strange\u2019, and like something is \u2018missing\u2019. You need to get to that point too.<\/p>\n For on-going help and assistance with learning to trade, analyzing the markets, spotting trades and building your own personal trading plan, my daily commentary and members\u2019 analysis is a great example of how I perform my rolling (ongoing) analysis of the market in real-time conditions. This is something that you can learn from me and mimic on your charts. I encourage you to \u201cwatch over my shoulder\u201d each day as I analyze the charts and plan my trades in the members daily chart analysis area<\/a> and my trade ideas newsletter<\/a>.<\/p>\n Please Leave A Comment Below With Your Thoughts On This Lesson\u2026<\/strong><\/p>\n If You Have Any Questions, Please\u00a0Contact Me Here<\/a>.<\/strong><\/p>\n <\/p>\n \t<\/p>\nThe Main Ingredients of My Daily Trading Routine<\/h2>\n
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My Daily Trading Process: Chart Analysis and Trade Execution<\/h2>\n
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How I Find a Trade, Set it Up and Execute It<\/h2>\n
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<\/p>\nConclusion<\/h2>\n
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