Are you curious about what successful traders do?
I am, which is why when I come across this article, successful trader’s daily routine, I have decided to learn more about it.
Here’s what I found: The key to becoming successful is to develop a good morning routine so that you’ll be in the top mental conditions.
To quote a famed author and speaker for leadership:
“The secret of your success is found in your daily routine.”
– John C. Maxwell
The First Step: Waking Up Early
This is the most difficult yet important step.
By waking up early, usually before 6:00 am, you are one step ahead of your peers. You’ll have more concentration and accomplish your works faster than normal as there are lesser distractions. (Read more on the benefits of waking up early)
The Second Step: Getting the Right State of Mind
Before you jump out of your bed, think of at least 3 things you are grateful of. This will help you attract positivity and sets the tone of your day. As they say, “One positive thought in the morning can change your whole day.”
The Third Step: Exercise
Exercising in the morning helps energize your body in the morning, boost mood and get you ready for the day. You don’t need to go to a gym to do this. Early morning jog or home exercise is enough. If you are not a fan of exercising, try doing a quick workout routine for 15 minutes daily — this alone will give you a significant difference.
To keep the body in good health is a duty, otherwise, we shall not be able to keep our mind strong and clear. — Buddha
The Fourth Step: Meditation
Meditation is a form of relaxation process where you become thoughtless. Several benefits of meditation are calm mind, good concentration, better clarity, improved communication and reduces stress.
Meditation before or after the workout largely depends on your preference and the type of workout you choose. But base on the different forums I have seen, most sites suggest meditating after a workout, as it is faster to go deeper into meditation than normal due to the physical state of your body.
The Fifth Step: Eat a Healthy Breakfast
This is the most important meal of the day, which is why you should have a good and healthy breakfast. It provides you body and brain the fuel it needs to get your day going. Eating breakfast also has long-term benefit. A study made by National Health Service shows, “Eating breakfast has long term benefits. It can reduce obesity, high blood pressure, heart disease and diabetes.“
What time should you have breakfast? It is recommended by nutritionists to have your breakfast within two hours after you wake up.
The Sixth Step: Analyze the Market
Check on the latest market news. Is there anything that came up overnight or pre-market sessions that will affect your open trades? Adjust your stop loss if necessary and update your trading journal.
The Seventh Step: Review Your Trading Plan
Review your trading plan and rules. Is there any opportunity for you to enter in your chosen time frame and currency pair? If so, does it fit your trading plan? If yes, then enter the trade. Otherwise, stay out!
What do you think of this morning routine? Is there any other tip that you can share with other traders?
This article is first published in fxadvise.com.