Trading is an art that is finely managed in the weekends alone by a few professional traders. Some traders trade only at the end of the day and for backup manage their revenue from another source. Weekends are smartly utilized to analyse the market by taking advantage of a closed market to create trading strategies for the upcoming week's market.
It is usually hard to find traders who follow this, as mostly the full weekdays give them stress, looking at the charts all day long. Then they try to find the best possible entry level which would also end up in a mess. The best option is to apply your knowledge about how to make the market analysis(market size, trends, growth rate, profitability and success factors) by following the guidelines.
"Dreams only come true when you work hard to achieve them" similarly expecting for a dramatic change will never happen in reality without proper planning and execution. Creating a plan & working for it to obtain the perfect trade entry will give you confidence. Without wasting time in unrealistic dreaming a trader can confidently make those moves to earn success in trading.
It is a fact that people make things happen in a negative direction by OVERTHINKING a particular event all the time that went possibly in a positive way. So indulging more in trades all the time and over thinking is not a better solution. Being less involved and enjoying the outside world will make your mindset to be in a moderate state so that you can manage your trade entries and exists and also the market situation in a perfect manner like a professional trader.
What is market analysis and why should it be done on weekends will be good to know for a trader. As mentioned before periodically practising this market analysis will help definitely.
Evaluating the daily and weekly charts is done primarily. Understanding what had happened in the past week, the current week and the coming next week is known as market analysis in short. Comparing the End of the week and end-of-the-day analysis will help the trader to save time. Another benefit of doing this analysis is that it gives an insight into the whole week's trading results to the trader at a glance.
- The reason to do weekend analysis is to approach the next week with a perfect plan.
The second reason is the improvised approach towards trading that leads to limited trading frequency. Some trader believes that trading regularly will earn more money although the fact is specifically the contrast of that.
ROUTINE is more important than anything else as the professional traders believe and hence personally follow. They strongly consider it forms the root cause for Successful Trades.
The trading routine that a professional trader should follow:
- Check the daily charts
- Check the price action signals
- Analyse the market situation when the market is closed.
- Make money if you succeed or else move for the next trade
These are the things a professional trader follows in his day to day life. Elementary routine leads to expensive trades and being partly available in the market leads a successful and professional trader. Following these routines, traders become mentally stable to take decisions and by not indulging in the trade market all the time empowers them to pick the correct and best trades.