One among the wonderful features of Forex Trading is its 24/7 availability for trading. Its downfall however is the fact that most FX related establishments want their employees to enjoy holidays and weekends. Consequently, forex markets are not open for transactions during these moments. Instead of feeling bad about this information, forex traders should consider holidays and weekends as an avenue to improve their trading skills. Here are 5 suggested things that forex enthusiasts can do during moments when the FX market is at its downtime
1. Relax and refresh your mind
I know that this may sound absurd for a very workaholic forex trading fanatic. But believe me when I say that you need
to at least use market downtime to do some recreational activities. Have some
time to at least grab your favorite comfort food or visit a relaxing place like
the beach to reset your mind from the hustles and bustles of trading.
2. Be involved in trading courses
Whether these are free or paid trading courses, it will be beneficial to your trading career
if you get enrolled in crash trading courses. Find courses that are self-paced
so you do not pressure yourself from beating deadlines. If you are lucky
enough, you can find trading education online sites that offer continuous courses from basic to
advanced trading.
3. Conduct Back Testing
Several trading platforms involve tools and application usage
so weekends and holidays would be a wonderful time to explore how things can
help you experience a smooth flowing trade. This process is called back
testing. This strategy is done by rehearsing a chosen strategy before finally
applying it into the real trade. To do this, a trader has to initially select
an earlier date and time on the chart (to a period in which you are unfamiliar
with price action) then conduct ‘locking in the view’ before analyzing the
detailed report.
4. Update your trading journal
Expert FX traders say that downtimes are the perfect moments
to update your trading journal and plan for a weekly action plan. To swiftly
fulfill this work, you will need the help of an economic calendar which can be
used to arrange trading episodes depending on release date, importance, and
currency pair. In cases where having a journal is not part of their trading
habits, it might be a good idea for them to utilize holidays and weekends to
start making one for an organized tracking of trading transactions done on a
particular moment.
5. Socialize with fellow traders
Joining conversations in trading groups and forums will not
just help you gain new friends that share the same interest as yours. Since
most people who are into a particular group speak the same language as yours,
this could be a great platform where you can exchange ideas and seek answers to
questions that have been bugging you during your past trading sessions.
Conclusion:
The world of forex is very busy and sometimes mind blowing. There will be times when you feel like driving on an uphill track where you get to feel your emotions suddenly shifting from good, to bad, to normal or vice versa. As a conclusion, a wise trader should find happiness in moments where forex markets are closed because these days are the best days to refresh and improve your trading skills in many ways.
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