Developing your daily trading routine in 4 easy steps

Keeping things organized in real life is a very tough task. It becomes more difficult when you participate in the investment business. Thousands of professional investors in Singapore have stated that financial instrument trading is a very risky business. If the risk is so high, why do we have more participants in the market? The answer depends on a trader’s actions. The professional traders are good at dealing with loss. They have a very organized routine and are always on track.

Creating an organized routine is a very hectic process. But we are going to give you 4 easy steps that can allow you to create a robust trading routine.

Market analysis

The first thing you must incorporate into your trading routine is the market analysis process. Market analysis is the process by which the traders take the trade based on the technical and fundamental analysis. Your routine must define the time for such activities. Looking for trades all day long and becoming addicted to this market is not a solution. As a smart trader, you have to carefully select the good trades with logic.

The technical part is relatively easy compared to fundamental analysis. However, you should not ignore the news. Skipping the news analysis forces you to take the trade with high risk and you will not be able to trade with discipline.

Managing the portfolio

The elite traders in the Saxo capital markets Singapore place emphasize on their portfolio management skills. To them, it is the only thing that can ensure the survival of traders. Being a rookie trader, you should not think you are immune to losses. Thousands of traders in the world get become biased in favor of their trading method. To them, their trading method is immune to losses. No such thing in the world exists that can protect your capital from all losses. It is an undeniable part of the business.

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The trading routine must define the maximum percentage of risk you are allowed to take in a trade. Though it will be complex, you can allow going with the standard 1% rule. Without defining the risk, you should not trade with real money.

Entry and exit point

The entry and exit points for the trade should be defined in your trading routine. The rookie traders are losing most of the trades as they don’t have the skills to analyze how the market works. To them, trading is just the placement of trades. But in reality, trading is more than that. In order to succeed in the Forex market, you have to carefully find the entry and exit points. This must be done by following the standard rules of money management. If you ever break the rules, you are not going to succeed at trading.

Improvise your trading routine

The final step is improvisation. You must have the skills to improvise your trading plans so that you can take trades and bring changes to your trading routine. Since the trades will be recorded in a journal, you have to analyze the losses. By analyzing the losing orders, you will get the unique chance to bring significant change to your trading method. The changes need to be done with logic. It’s more like fixing the faults in the trading system and giving your trading method a better way to win the trades.

The elite traders never stick to a rigid trading method. To them, the chance is very important to ensure the survival of this business. If you want to succeed, be prepared to embrace the losses. Stop trying to trade like a naïve and greedy trader. The actions must reflect a strong reason. Keep the routine written in the diary as it will help you to train your mind and become a disciplined trader.