Forex market is open 24/5, giving traders the opportunity to take advantage of market volatility at their ease and take their break as they wish during the weekend. While most retail traders see weekend as a break, professional traders see opportunity in Weekends. Thus they have their own way of Weekend Forex Trading.
In my case Forex market starts with Sunday’s market opening (I live in the Netherlands), which I would just check my open positions (if there is any), look into the opening price to make sure there is no abnormal activity in the market. In general I would not really open any position until 8:00 am UK time in order to avoid thin liquidity in the market. In my past 10.5 years of financial markets career, I have noticed that my strategy performs the best on Tuesday, Wednesday and Thursday. However, I have made my biggest losses on Fridays and had most sideways market movements on Mondays.
We will be having a separate webinar this Sunday based on my Weekend Forex Trading routine which I follow religiously, I mean it.
During the week, I keep a trading journal for every single position I open, close, cancel or get hesitant about. If you don’t have a trading journal, I recommend you to get this free Forex Trading Journal now and start using it consistently. Since, I have my personal track record for myself, I spend 1 hour every Saturday 5:00 pm – 6:00 pm as personal performance review. During this period, I go through everything, literally, I try to find my mistakes, any possible glitch in my trading strategy, and if there is any I then spend extra 30 minutes to fix my trading style or strategy to avoid the same mistake for the next week and consecutive weeks.
Sunday for me is not a performance review day, instead it is an opportunity hunting day. I spend 6:00 pm – 8:30 pm every Sunday to go through the market. As a routine, I would start with the list of fundamental announcements for the coming week, and jot it down on my white board, yes I have a whiteboard too.
Once I have outlined the list of upcoming Fundamental Forex News, I then get busy with my charts. What should I look for? Which pairs perform better? Which tradable instrument is likely to trend? Which currency pair is moving sideways?
Once I have performed my checklist, I perform my weekly market analysis and write down key technical levels based on my very own True Fibonacci Waves strategy and locate alerts for each one of these levels or even place pending orders.