Being a Professional Forex Trader: What to Do When the Markets Close?

Filed under: Learn Forex Trading |

 

Being a professional forex trader is not all about watching live feeds of charts and making important trading decisions. It is actually quite boring and much less glamorous than the average layperson might think. It is no longer about being on the market floor and shouting prices and making deals. In the world of the World Wide Web, most traders now sit and home in front of their computers and make quiet trading decisions. But what can you do when the markets are closed or when there is not much volatility in the market?

 

One of the things that every professional forex trader or every committed amateur trader should do is to record and review all of their trades. This means recording the result (with regards to the opening and closing prices, the lots traded, the risk-reward, and the profit/loss) and a visual record of the trade for later revision.

 

If you want to do the recording the lazy way, then thankfully MT4 does all of the legwork for you and records the results of each and every trade. However, it does not provide a visual record. To do this, I would recommend taking a snapshot of the trade when you open it, and again when you close it. If you are using a Mac computer, you can do this by pressing SHIFT, APPLE, and the number 4, and then clicking and dragging the area that you want to take a snapshot of. You can then print the snapshot out. If you are using a PC, then you can simply press the “print screen’ button. However you do it, it is important to have either a printout of each trade, or an electronic visual record of the trades.

 

So why go to all of this trouble? Well, when the markets are closed, you can go through each and every trade that you have ever made and analyse what you did right, and what you did wrong. It is only by this reflective process that we can become better traders, and therefore, record keeping is a vital component of being a professional forex trader.

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