Are you a trader? Here are the things you can do during weekends!
Trade during weekends. Table of Contents
Trade Cryptocurrency pairs on weekends
Just like the Forex market, there is no central to any Cryptocurrency market.
What makes Cryptocurrency better than Forex in terms of this aspect is that you can invest in Cryptocurrency markets even on weekends.
Before Cryptocurrencies, you could never invest on weekends although some brokers have liquidity of Forex during weekends.
Now that you can easily access any Cryptocurrency market online, you can literally invest online 24 hours a day and 7 days a week.
The most popular way to invest in the Cryptocurrency market is “Margin Trading” in which you can speculate on the price movements of Cryptocurrency pairs such as BTCUSD and ETHUSD.
Now the first step to start investing in Cryptocurrency pairs is to find the right broker you can trust.
You haven’t found a broker to invest in Cryptocurrency yet?
Go to the page below to see a list of licensed brokers that offer Cryptocurrency trading.
5 things traders can do on weekends
Your trading this week is very difficult.
Friday is coming soon, and as always, you are thinking about what you can do to keep yourself busy (except time spent with friends, family, or watching TV).
Well, we have put together a guide which is five things a weekend trader can do that may improve or increase your performance.
Closer to home, let’s take a look at five things traders can do this weekend!
1. Set a goal
As a trader, one of the best things about the weekend is that you have time to sit down and start thinking about what you want to achieve in your trading career.
It is very important to set goals for yourself when trading.
This will not only point you in the direction but also give you a real sense of accomplishment.
So, what kind of goals should you set for yourself?
When you are trading, or just when you just start trading, one of the main problems you may encounter is how to effectively manage risks.
Knowing how much risk or loss you are willing to take in each transaction is always a good exercise so that you will have a comprehensive understanding of the worst-case scenario.
It may be wise to allocate only a small part of the account balance, for example only 2% of the balance for each transaction.
Therefore, if you lose money in this transaction, at least you stick to your risk management goals, which in turn protects you so that your loss will not exceed the initial investment.
Your time allocation:
As a trader, you are really attracted to charts so that you can spend nearly 3 hours analyzing only one tool, and you still need to study your entire portfolio.
It is beneficial to create an analysis timeline, give yourself a few hours to analyze, and then allocate a certain amount of time to each tool.
Set profit goals:
Most people are very familiar with setting profit targets for their trading strategies.
However, there is a key buzzword that many people seem to be not doing well, and that is “reality”.
Realistically, realize that even brokers and fund managers can hardly achieve profits of more than a few percent per month.
Be realistic about your expectations for monthly returns, and don’t put too much pressure on yourself, as this will directly affect your success.
2. Self Assessment
When you are trading, there is too much information to absorb, too many plans to make, too many things to do, so that even the best people cannot take a step back and evaluate what we have done.
Since the market is constantly fluctuating and changing, you should always check yourself.
So, I heard you ask, “Where do I start?” This is the importance of a good record! At this stage, your transaction log should be your preferred source of information.
If this is not a regular part of your work schedule, give it a try.
You will be surprised how useful it is!
In any case, since the weekend has just arrived, you are now in a good position to get a complete picture of the situation last week.
You should focus on identifying the overall market trend (obviously related to your trading) and whether the current trend is bullish or bearish.
An in-depth study of tools is also a good technique, which can help you truly understand the effects of your strategy in trading each tool.
First, look at the trades you actually created; are you entering and exiting the market at the right time? How is your stop loss and profit closing performance?
Then, open the chart and view the weekly time frame to understand market trends.
How is your strategy performing? Did you make a mistake? Is there room for improvement? Here, you should begin to identify the gaps that affect the performance of the strategy.
Finally, go further into the time frame and evaluate again: Are the support and resistance levels different? Are there clearer levels of support and resistance (they are not visible in higher time frames)? By doing this, you will be able to determine if you have missed something and identify recent trends, which will help determine the direction of trading in the coming week.
In general, this is the focus of thinking.
If your research shows that you have been trading a financial instrument that does not work for you, then discard it!
3. PoA – Create a plan of action
When you enter the weekend, be sure to remember the 5 Ps you should remember in your mind: Prior Planning Prevents Poor Performance in advance can prevent bad performance)…There are others (although thicker) Face) evolve…
Either way, it is obvious that preparation is the key to a successful strategy, and the best time to prepare is when you have time on weekends.
So, how do you start to develop a suitable action plan? Well, you have set your goals and determined when your strategy might have some gaps in performance.
Now, it’s time to combine this information and develop an action plan.
First of all, it is important to understand what you are going to do.
Look at the next week and decide where you should focus your energy.
You have already performed an analysis and should schedule any upcoming announcements or market-driven events in the calendar.
After the analysis, you can begin to predict the outcome: how will the market change? In what direction is it changing?
How big is the change? Is your tool of choice in an uptrend, downtrend, sharply sideways, or consolidation phase? Have you decided on the points at which the stop loss and profit will be closed? How do you incorporate risk management objectives into the overall action plan?
It seems that there are many things to decide, but you are at a favorable point of analysis during the weekend, because the closing of the market usually gives you a good overview of the whole week.
Another benefit is that doing this on the weekend saves time in the long run, instead of rushing at the last minute.
If you try to complete the analysis while focusing on creating transactions, you may make mistakes and ruin all your efforts!
However, your action plan should not only consider the technical factors of trading! Take a moment to consider how prepared you are for trading.
You should make sure that you are emotionally and psychologically prepared for the next week’s trading, understand the risks involved, and look for ways to reduce trading decisions based purely on emotions.
4. If it ain’t broke – don’t fix it! If it is… Get Rid!
As Einstein once said, “The measure of intelligence is the ability to change.” So, instead of being “one of those people”, we might as well learn from our mistakes and adapt to changes in the market… Welcome to the testing phase!
Now, any competent trader knows that back-testing is a good way to understand performance without unnecessary risks.
Using historical data, you can simulate the real market environment and test the performance of the strategy, and then use it in the actual environment!
By using this method, you will find it easier to identify weaknesses in the strategy.
Be decisive at this point, and get rid of anything that doesn’t work for you.
Does the transaction size you use suit your strategy? Did you enter at the right time? Have you set your stop loss in the right place? In general, is there such a financial instrument that you have been trading but does not work for you? If there is, then discard it.
However, one thing to always remember at this stage is that historical data does not guarantee future market trends.
Even if you eventually back-test the strategy and achieve complete success, this does not mean that the strategy will definitely work in the actual environment.
This is just to give you a general idea of the possible outcomes.
Finally, our weekend trading activities have entered the final stage, I dare say, this is the most interesting! You spend most of the week trading, and you spend some time on the weekends making trading plans.
So, it’s time to relax. This is the last of the five things traders can do this weekend-our favorite!
Make sure to give yourself plenty of time to rest, spend time with your loved ones, play computer games, or expose yourself to nature-anything that gives you enough time to stay away from the chart.
Always remember that your mentality directly affects trading performance-give yourself enough time to recharge so that you can be in the best condition during Monday’s trading!