This 10-Minute Trading Routine Saves Me Hours Every Day
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#648: This 10-Minute Trading Routine Saves Me Hours Every Day
In this video:
00:26 – Important to trade a routine.
01:02 – Helps identify Strength and Weakness.
01:34 – Also trade H12, H8 and H6 charts.
02:20 – Eliminate pairs you don’t want to trade for the day.
02:55 – Only look at a candle on the close.
03:40 – Weekly chart scan.
04:32 – Check out my new Masterclass.
05:12 – Blueberry Markets as a Forex Broker.
05:26 – Use my 10 minute scan each new trading day.
Today, I’m going to give you my 10 minute morning trading routine that saves me hours each day as a full time trader. Let’s get into that more right now.
Hey there, Traders! It’s Andrew here, The Forex Trading Coach with video and podcast number 648.
Important to trade a routine.
I think it’s really important that you have a routine in your trading. I think it’s also really important that you don’t spend too long doing your trading. But to do that, you need to know exactly what to look for. Now I have a very easy to follow and implement 10 minute trading routine that I do each day, and I do this at the completion of the trading day, which is 5 p.m. New York time.
Now that happens to be my morning time here in New Zealand. And each day I go through the daily charts at the completion of the daily charts, when they’ve closed at 5 p.m. New York time. And that allows me to quite easily in 10 minutes, go and scan through the charts and see what’s happening in the markets.
Helps identify Strength and Weakness.
I can easily identify strength and weakness. I can see which pairs looking like they’re all moving up. So let’s say all the Euro pairs for strong that day. And therefore that gives me the bias that maybe the euro strong. And maybe I should be looking at the pairs that have weakness and strength in the euro. So example let’s say the US dollar was particularly weak all day.
And I can see that the euro strong. Well, that’s going to give me the bias that maybe the EUR/USD might be worth looking at, depending on its candle pattern and it’s room to move, etc. when trading for that day.
Also trade H12, H8 and H6 charts.
So once I’ve scanned through those charts on the daily charts, I can also at the same time have a look through the charts on the 12 hour, the 8 hour, and the 6 hour, because, you see, they all close at the same time.
And at that 5 p.m. New York time is a really important time for me as a trader. But if that doesn’t work for you, don’t worry about it. You don’t have to be trading at exactly that time. You see, the beauty of trading those longer time frame charts and the beauty of trading using limit orders is you’ve got hours and hours and hours to actually place the trades, because with limit orders, let’s say a buy limit, I’m looking for the price to move down first anyway and get me filled.
So if you can’t place those trades, let’s say you’re in Europe until your morning time. Most of the time those trades are not going to get filled anyway, so you don’t have to be there. Bang on 5 p.m. New York time.
Eliminate pairs you don’t want to trade for the day.
Now, the other thing is when it comes to trading, is that because I’ve scanned through those charts, I’ve eliminated a lot of pairs.
I don’t want to look at that day, and that’s going to massively help me throughout the rest of the day. My other important time that I like to look at charts is 5 a.m. New York time, because at that time, other timeframes such as the 12 hour. The 6 hour. The 4 hour, 2 hour charts also change over.
And of course, it’s European daytime by then as well. So by doing the morning scan, I can then help shortcut any other trading opportunities that I look at later in the day.
Only look at a candle on the close.
Now the other important thing is to only look at a candle on the close. So if you are looking at, say, 4 hour charts, just look at a 4 hour chart.
Once the candle is completed, if you’re 2 hours into a 4 hour chart, it’s pointless looking at it because it’s just going to move so much and you’re just not doing yourself any favors. You’re wasting time. So by identifying on the bigger time frame chart, the levels that I’m looking at, the pairs that I want to focus on, or the pairs that I don’t want to focus on.
That 10 minute morning scan for me saves me hours every day. It also means that I’ve fine tuned what I’m looking for, and I know exactly what charts to go and look at throughout the rest of the day. Now, if you do this, it’s going to save yourself a lot of time and a lot of effort.
Weekly chart scan.
And think about this also because at the beginning of each week, I do the exact same scan on the weekly charts.
Now, if I happen to have the weekly charts and the daily charts all showing me the same bias, let’s say EUR/USD on the weekly chart was bullish and on the daily chart it’s bullish. Well, guess what’s likely to happen that day. Now if I see a good bullish setup on let’s say a 4 hour chart, I now have strength on the daily, I have strength on the weekly and I have the quality set up, let’s say, on that 4 hour chart.
So you can either use the scan to take specific trades based off candle patterns on the weekly charts or the daily charts, or use that information if you wanted to trade shorter time frame charts because you’re putting strength and weakness and that strength bias in your favor, it has to add more weight and likelihood to you having a successful trade.
Check out my new Masterclass.
So if you’d like to know more about how we do that and how we can help you to do the same, jump onto my masterclass if you’ve not already been on there. Look, we’ve been teaching people for over 17 years from right around the world. We’ve got clients in 111 countries. We know what works, we know what doesn’t work, and we know how to impart that information and that knowledge that we have onto traders.
So whether you’re brand new and you’re just starting out in trading and you’re a bit lost and confused because let’s face it, as a it’s a minefield out there, or whether you’re that frustrated trader that’s been out there and, you know, tried everything under the sun and about to give up, well, we can help you as well. So jump onto that masterclass.
Blueberry Markets as a Forex Broker.
And if you’re looking for a high quality, MT5 broker that offers so many markets, tight spreads, great people, great communication, fast withdrawals, I highly suggest you can set up Blueberry Markets are put linked to them as well.
Use my 10 minute scan each new trading day.
So this is Andrew here, The Forex Trading Coach. Don’t forget the 10 minute routine at the start of the new day will save you hours.
It makes your trading high probability outcome and makes your trading more enjoyable. And it also means you can do things like getting outside and enjoy the great outdoors, or do whatever it is that you want to do. But please don’t sit on charts watching every pip of movement. It’s just not enjoyable and it’s not sustainable. Do the opposite.
Trade less high quality trades, controlled risk, high reward to risk outcomes and you’ll do well from your trading. Any questions? Send me an email, Andrew@TheForexTradingCoach.com I see this time next week. Bye for now.
Episode Title: #648: This 10-Minute Trading Routine Saves Me Hours Every Day
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
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