5 Opportunities for Forex Trading Enthusiasts on HolidaysDecember 26, 2020
One among the wonderful features of Forex Tradingis its 24/7 availability for trading. Its downfall however is the fact that most FX related establishments want their employees to enjoy holidays and weekends. Consequently, forex markets are not open for transactions during these moments. Instead of feeling bad about this information, forex traders should consider holidays and weekends as an avenue to improve their trading skills. Here are 5 suggested things that forex enthusiasts can do during moments when the FX market is at its downtime
1. Relax and refresh your mind
I know that this may sound absurd for a very workaholic forex trading fanatic. But believe me when I say that you need to at least use market downtime to do some recreational activities. Have some time to at least grab your favorite comfort food or visit a relaxing place like the beach to reset your mind from the hustles and bustles of trading.
2. Be involved in trading courses
Whether these are free or paid trading courses, it will be beneficial to your trading career if you get enrolled in crash trading courses. Find courses that are self-paced so you do not pressure yourself from beating deadlines. If you are lucky enough, you can find trading education online sites that offer continuous courses from basic to advanced trading.
3. Conduct Back Testing
Several trading platforms involve tools and application usage so weekends and holidays would be a wonderful time to explore how things can help you experience a smooth flowing trade. This process is called back testing. This strategy is done by rehearsing a chosen strategy before finally applying it into the real trade. To do this, a trader has to initially select an earlier date and time on the chart (to a period in which you are unfamiliar with price action) then conduct ‘locking in the view’ before analyzing the detailed report.
4. Update your trading journal
Expert FX traders say that downtimes are the perfect moments to update your trading journal and plan for a weekly action plan. To swiftly fulfill this work, you will need the help of an economic calendar which can be used to arrange trading episodes depending on release date, importance, and currency pair. In cases where having a journal is not part of their trading habits, it might be a good idea for them to utilize holidays and weekends to start making one for an organized tracking of trading transactions done on a particular moment.
5. Socialize with fellow traders
Joining conversations in trading groups and forums will not just help you gain new friends that share the same interest as yours. Since most people who are into a particular group speak the same language as yours, this could be a great platform where you can exchange ideas and seek answers to questions that have been bugging you during your past trading sessions.
The world of forex is very busy and sometimes mind blowing. There will be times when you feel like driving on an uphill track where you get to feel your emotions suddenly shifting from good, to bad, to normal or vice versa. As a conclusion, a wise trader should find happiness in moments where forex markets are closed because these days are the best days to refresh and improve your trading skills in many ways.