ITS FRIDAY, MARKETS ARE CLOSED, WHAT NEXT?
Entrepreneurship is a tough undertaking, primarily because nobody tells you what to do, when to do and how to do it. That is true in the world of forex trading hence the low survival and success rates. In rare circumstances do traders share their tips on how to remain relevant and successful in the long run. I have made it my purpose to share tips that will aid in your journey. Very few articles and sources of information exist out there on what to do when markets are closed. Majority of us learn the hard way but over time, every trader tends to develop their weekend or time off routine. Mastery takes commitment and time. A large proportion of traders use this time to refine their analysis, set ups and general strategies.
So, markets are closed, what next?
This is the best time to take a neutral look of how the week played out. Take this time to journal and seek clarity. What went according to plan? What didn’t go according to plan? And why? Often times we are eager for Monday to come around for us to jump back into the market. Without self-reflection, we tend to repeat our mistakes. Personally, I like asking myself the following questions (example of answers)
What is happening in the market?
Is the market trending or ranging?
Why is it happening?
Has the market mitigated a previous demand or supply zone? Is there a break of structure or change of character?
How is it happening?
Is it a bullish or bearish correction?
This process allows me to accurately read and analyze forex pairs and assess whether my previous set ups are still valid.
I do recommend once in a while you clear your charts and start analyzing markets afresh. Will you arrive at the same conclusion as before?
Finally, take a breather, walk away from the charts and enjoy life. Time away from charts allows your mental and emotional state to be in equilibrium. The market isn’t going anywhere, your skill however, can advance or retrogress. Taking time off to recharge and polish your view of the markets will eventually pay off in the long run.