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Whether you are a trader from home or you work for a large financial organisation the general trading day looks very similar for both. After all, the market you trade is the same so it is not surprising that the trading day should follow suit. So, if you are currently in the middle of your Forex training or you are brand new to the industry the rest of this article should give you a good idea of how a typical trading day looks like. Current financial news status analysis – this is more relative to fundamental traders but technical traders should also take note. The financial industry always creates news on a national and international level. If there is no crisis of some kind there is always a financial issue that will be taken into account during the day. Traders tend to stay in tune with the latest happenings on certain issues and pin point which currencies they will affect. This will give them an idea of the general direction those currencies will go into today. 1. Trading plan – this is a must for every trader, no matter the type. A trading plan is the guideline that is followed throughout the day which defines important actions and reactions to ensure investment capital is exposed to minimal risk. Factors such as maximum loss levels or specific buying or selling instructions for particular news/data release are included so that no time is lost wondering about the type of decisions that need to be made when time is not on their side. 2. Noting down of all major news/data releases – news/data releases move the market – pure and simple. It is always important to know which news/data releases are due out today, how important they are and which currencies they will affect. Even if traders do not trade the news/data releases they always note them down so that they can stay away from the market at that point. 3. Trading – everything learnt during Forex training comes into play here. Traders use online Forex brokers to invest into the market to generate profits. Some use small time frames such as m1, m5, m15, m30 or H1 while some use higher time frames such as H4, D1 or W1. They all have separate Forex trading strategies that they have perfected throughout their Forex training and continue to use them with a high success rate. The market can be volatile but they use money management skills to expose as little investment as possible to generate as much profit as possible. 4. Day revision – every single order is noted into a trading diary which displays all profitable and losing trades. They also explain why the trade was taken or why it was lost, even if it was a simple mistake. The reason for the diary is that it provides traders with a real-time picture of their success and failures. If they are not written down trades would have been forgotten about and it is more likely that the same mistakes would have been made at a later, crucial point. The above list is not the complete list but it should give you an idea of how busy a trader can be before he/she starts to trade. There is certainly a lot of planning involved which is always followed by careful and specific trading management. Our website provides the most comprehensive Forex training course which is aimed at new and up-coming traders. It also includes a list of trusted Forex brokers which you can chose from to start trading.
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