Whew! It’s Friday night – we made it.
A rollercoaster week of trading’s over and hopefully you’ve managed to make a decent profit on your trades overall over the past few days, but the weekend’s no time to be complacent. To keep everything looking good in your account next week, there’s a few tried-and-tested habits favoured by experienced traders.
1. Analyse the week’s trading and make notes
If you’ve ended the week in profit without having taken undue risks, that’s great – well done! Still, you do need to consider whether there was an element of luck in some of your winning trades.
Have a good look over the trades you made during the week, both winners and losers, and consider how well they fitted into your strategy and indeed how your strategy performed overall in the week that was. A few dodgy decisions can easily be forgotten if you’ve done well on the whole, but if ignored they can quickly turn into a lot of dodgy decisions…
2. Sink a pint
A long week at work and in front of your charts can take its toll on your patience, so Friday’s a good time to get away from it for a wee bit. Phone up your pals and hit the pub; maybe shoot some pool or have a game of darts and take your mind off prices and trends and all the rest of it.
A good break away from your usual daily tasks is an excellent way of hitting the ground running come Monday morning, refreshed and de-stressed. Plus who knows, you might think up some new ideas – relaxation is a great way to encourage creative thinking. Fish supper optional.
3. Watch the news
True, you’ll probably have been doing this here and there throughout the week, but at the weekend it can help to focus more on general news to get a feel for the events that might develop next week.
World Business Report or whatever else is your favourite business programme might not make as much mention of upcoming political events, and what’s more you might well be sick of seeing Richard Quest or whoever on your TV all week – there’ll be plenty of time for him on Monday.
4. Talk to other traders
You might’ve had a great week with your trading while other traders you know have fared less well or the opposite. Either way, you can learn a lot from each other by sharing your best trades and less inspired decisions, analysing together what’s been happening.
It’s also worth discussing any new ideas you might have before trying them next week – somebody else might have suggestions or recommendations having tried similar before. While you’re at it you can also go online to a forex blog and leave a comment (we don’t bite).
5. Note upcoming Asian data
Chinese industrial data often come out early on Sunday mornings; these are are very important for gauging sentiment on the whole in the week to come. You should also be aware of what’s scheduled to be released from Japan, Australian and New Zealand in the wee hours of Monday.
This applies especially if you have pending orders or trades open over the weekend in the relevant currencies or crude oil – you don’t want to start the new week on a downer getting caught out by an unexpected figure.
Disclaimer: this article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances or needs.
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