In this episode of Truth About FX, Walter opens up the “secret” of his daily trading routine and the reason why he doesn’t trade on certain days. According to him, your routine should be in sync with your lifestyle and trading system.

Would you rather stay awake all night and lose sleep for a trade or sleep early and take the trade early morning the next day?

Download (Duration: 06:04 / 6.96 MB)

In This Episode:

00:31 – trading day

02:23 – starts to kick in

04:57 – good signal

05:50 – no fun at all

Tweetables:

When do you put your order in? [Click To Tweet].

Take the trade early if it was early.  [Click To Tweet].

There are certain worst days to take trades. [Click To Tweet].

Hugh: Hi, Walter. This is a question that I am sure you get all the time. What’s your daily routine look like, especially on a trading day?

Walter: This is a good question. I used to live in the States where a lot of actions happen during the London market. It was in the middle of the night and I really do not like that. I moved to Australia where the London markets starts in. It depends in the time of the year but usually starts around 5 pm, 4 pm, 6 pm so it’s not really that difficult to be awake when the London market starts.

The reason why the London market is so important to me is because I trade a lot of weekly and daily chart trades. I trade typically Tuesday, Wednesday, Thursdays. I do not like to get into trading on Mondays and Fridays for a whole bunch of reasons.

In the shownotes of this episode, I can post a little video explaining my reasons behind that. You can go up and test this ideas for yourself and see if that seems to hold true. Basically, I would wake up in the morning, my daily candles will either have closed or they will be closing very soon.

Then, I’ll know based on that once that the daily candle close, I’ll know. Do I have any daily setup that’ll make daily charts that I want to take? If I do, then what will happen is, I will — I’ll send out a video right so that the traders, you’ll know — my form will say this  one’s I’m looking at because I wanted to know that this is the trade that I want to take during the London market but I will not take during Asia.

Again, like I said, it is in the shownotes, you can see the video. I’ll show you why I do not take trades during Asia and why I do not take trades on Mondays and Fridays. Basically, we found that the those were the worst days to take trades.

All day long, I know what I want to take later on the day. All day during the Asian session, I know that, for example, I want to buy the EUR. If I want to buy the EUR, I’ll place my order when the Asian session is over and as the London market starts to kick in, right after the Germany starts to fire up.

That is how I like to place my order in there and then if it gets triggered over the New York or London session, then I’m sittin down. I’m sweet, I’m stoked . If it doesn’t gets triggered then, the next day when I wake up in the morning and I’ll see the daily candle close, I reassess and say “Okay,