Chronicles of a trader I

Trading is not easy. It takes effort. It is more than an auto-execute program that wins 90 percent of the time. It’s not only about the wins in Forex trading, but about the quality of the wins and about limiting losses.

Most of you must be wondering how does a professional trader day look like? Is this hyper interesting, is it boring, how does he cope with the pressure?

If you want to change from the norm—then take that look at yourself and make that change

AleksFx

“It is Sunday the market will open in eight hours. I am drinking my morning coffee. Caffe by the ocean. My favorite chill out music playing. My tablet is ready and I am opening the best platform for chart analysis for tablets Trade Interceptor. Looking at the charts… Weekly charts first, let me see where the previous week ended, let me try to anticipate the range continuation or will we see some breakouts finally. It has been 4 months of ups and downs, hard consolidations. Scrolling through charts, writing down all the possibilities. The strategy is ready, but the strategy is one thing and everything that happens in the market is a different thing…

The client is making an inquiry via Skype. How is my account doing? Results are not good. Yes, we are in a bit drawdown on his account, nothing big, of course, he is just curious when it will be better. I am explaining to him our strategy and what can I expect from the markets in the next weeks. All we need is one good trade, one directional price action not a consolidation. He says-yea I know you are not a range trader- telling him that even my friends range traders have the problems in these markets”

In every trader’s day, you are having a fight with your emotions. That is the most important thing. Will you get into the trade or no, will you have more trades than you should, will you enter the trade too early. All is coming to one word, emotions. So if you are wondering about a trader’s day and you are imagining traders head into the shining screens, clicking his buy, sell and close buttons, no it does not look like that.

“Monday morning. The market opened opposite of my expectations, some of the positions are in the red. Ok starting my breathing exercises, calming the mind with meditation ahead of a busy day… Heading outside on the beach for my morning run. My body is now relaxed, I am calmed I can take my first cup of coffee and open the news portals… Mentoring inquiry via Skype. The client is asking will be a profitable trader after the three weeks of mentoring?

I am explaining to him that the trader is developing from 5-10 years. He doesn’t like the answer. I am telling him that mentoring will save him almost 3-5 years of the stand-alone learning process. It will give him a clear insight on how to develop a trading strategy, how to execute a trade, how to win a battle with his emotions. Basically, it will give him a tool for successful trading, but it all depends on him, on his level of commitment, patience, and discipline. That is what mentoring is for, to save the time of your own research, to give you “a hidden gold”  in a trading business”

Trade for a next week NZDUSD

Chronicles of a trader will continue, meanwhile look at the possible best trade for the next week. But it requires patience. NZDUSD is testing the key downside resistance within the downtrend Pitchfork channel. Wait for a daily close below the 0.6710 level for a short trade entry with the stop loss above the 0.6750. In the case of a Monday, bounce go for a range consolidation long trade entry with the stop loss below the 0.6710 level.

Do you look to anticipate a trend? Do you know of any market clues that would help you predict a trend-type move? If you had an idea a trend was on the horizon, the only thing you would need to do would be to get the direction right.