Make the Most of this Weekend to Improve Your Trading
One of the best characteristics of this FX market is it is an actual 24hour daily economy nonetheless, this doesn’t expand to evenings. When there certainly are a small number of markets to trade throughout the weekend, forex traders are far better off with this opportunity to coach themselves, spending some time manual and researching back-testing, in addition to, strategizing for your week beforehand.
This Report covers the subsequent:
- Why trading has been shut on the weekend
- Weekend trading chances
- What Forexnewstv traders perform at the weekend
- Further studying to Increase your forex trading
Why is trading shut on the weekend?
Trading the forex market is closed on the week ends due to institutional forex traders and massive banks (the sellers and buyers of forex ) operate throughout working hours at the week and also require off time weekends. Most occupations operate in this fashion and the forex market is just the same. But simply since the forex market is off line, it still doesn’t mean you have to be. The weekend presents a great opportunity for traders to learn, reflect and plan for the upcoming trading week.
When preparing for the week ahead, it is essential for traders to know when each of the major trading sessions come online, as each session has its own characteristics that need to line up with your trading strategy.
Major Forex Trading Sessions:
13:00 — 22:00
00:00 — 09:00
08:00 — 17:00
Weekend Trading Opportunities: Boost your Knowledge and Plan Your Trades
1) Explore free forex trading education
This is one of the more common ways to spend trading time over weekends when most FX brokers are closed for trading. While the markets may be closed, there is a wealth of online educational content that allows traders to access materials for weekend study.
Forexnewstv has a whole host of free educational material for all types of traders. Some of these include:
- Beginner and advanced trading guides
- Expert insights on the Traits of Successful Traders
- In-depth forex education articles
- Live trading webinars hosted by our expert analysts
2) Make the Most of Your Trading Platform
Weekends are the ideal time to learn the ins and outs of a trading platform and find out how your chosen platform can assist your trading. A selection of advanced trading platforms allows traders to analyze a number of different strategies, applied to past data, for a better understanding of how these strategies would have played out. This process is called back-testing and is an excellent way of testing a strategy before employing it in live conditions.
The process of back-testing involves the selection of an earlier date and time on the chart (to a period in which you are unfamiliar with price action), ‘locking the perspective ‘ and analyzing the detailed report afterwards to gauge how well the strategy would have done.
Popular platforms with this capability include ProRealTime and MT4 charting packages. Below is an example of the back-test function on the advanced charting package, ProRealTime:
It must be mentioned that just because a strategy performed in a particular manner in the past, doesn’t mean it will function in such a manner later on. The objective of back-testing will be always to mimic the way the plan would have performed and detect that the variability of expected versus real outcome of the plan.
This can be perfect todo whenever the industry isn’t actually moving, allowing traders an environment to better manage the emotions of trading.
3) Strategize for the Week Ahead
One of the benefits of trading being closed is the fact that it allows traders to take a step back to evaluate the week that has just passed. This can be a phenomenal time to account for the week’s trading activities and update your trading journal.
Many traders following a trading plan may use this time to review, edit, and modify their plans based on recent observations. If you don’t have a trading program, the weekend may be a terrific time to construct one.
For traders which are already familiar using their planthey are able to check out the week beforehand to focus their own approach, given the expected economic statistics releases. Even the Forexnewstv economic calendar allows traders to prepare events based on discharge day, importance, and money set.
Example of this Forexnewstv Economic Calendar
The Financial calendar is currently accessible 24/7, meaning traders may float to your week forward when the market is shut.
What exactly do Forexnewstv Traders Do Over The Weekends?
Below are several best tips and suggestions from our pros on the way to achieve success over the evenings:
Paul Robinson –
“It’s important for traders to enjoy the weekend downtime, but it’s also important to carve out some of the quiet time for review of the prior week’s activity. Review your trade history; make notes on the good and the bad. Make sure your pending ideas are well formulated and trigger levels clearly in place in time for market open.”
James Stanley –
“Weekends are key for FX traders, there are no prices moving and there’s no need to react. FOMO is at a minimum because there’s simply nothing to do, and this can be a good time to manually back-test or even just read a new book on a new concept, make some tweaks to the trading plan or plot the week ahead.”
Michael Boutros –
“For the most part, weekends are time to step away from the charts and reset. Sunday evenings are a time for reflection and planning, studying price-action and coming up with a game-plan. I use this time to fine-tune my charts and consider the setups I want to actively track throughout the upcoming week; and have my levels and trade ideas planned out and ready to go.”
Further reading to Improve Your Forex Trading
- It’s frequently simpler to stay calm when prices aren’t ticking, however, active traders need this calm state of mind when the market is moving. Learn how to manage the emotions of trading.
- One market that is open on the weekend is Bitcoin. However, Bitcoin has proven to be very volatile, so it’s essential for new traders to read the introduction to Bitcoin trading to understand the basics of the cryptocurrency.
- Weekends are meant for research, so why not read through our Traits of Successful Traders research to find out the number one mistake traders make