Weekend is a great time to relax, exercise and clear your mind from the markets, keeping yourself fresh for the new week ahead. However, do make some time for some "backend" activities to grow as a trader. Here is a short list of them.
Prepare for the week ahead
Read up on major events or news that shaped the market the previous week. And watch for major events in the upcoming week. This reduces surprises or allow the trader to have an understanding of the current macro environemnt. And of course, analyse
the charts for the week ahead and probable trade set-up.
What's Important: Preparation and planning
takes up 80% of a trader's time. Traders trade their plans. Traders do not
trade on hunch or tips.
Strategy and Trades Review
Review your trades, check if you have traded according to your
plans or if any part of your planning or trading process can be further improved.
Also review your trading method/strategy for further improvement, e.g.
entry trigger, position sizing or methodology's performance.
What's Important: Trading is a business and
it is dynamic, you'll need to makes changes and re-focus if necessary.
Education
What's Important: It's not how much you
read or absorb each time that matters but the consistent effort of reading on
the regular basis. Regular effort helps upkeep and upgrade your knowledge like a
regular car maintenance or upgrade. Regular reading routine especially helps
a trader to maintain his/her focus and discipline.
Wishing all readers a wonderful week ahead.
