Whew! It’s Friday night: we made it. This has been a particularly eventful week, with better data from Turkey driving the lira to appreciate sharply on Monday and Tuesday. Today’s NFP rocked forex markets as usual as traders scrambled to manage their positions. Traders at the weekend will be analysing what happened and why as well as spending some time relaxing. Keep reading for a summary of the most important weekend activities of traders.
Evaluate the week’s performance
Regardless whether you’ve made a profit or a loss this week, you need to consider the reasons for events and whether you could’ve improved.
If everything’s been great for you over the past few days and you’re all green, that’s brilliant: well done! Nonetheless, you need to understand why everything went so well. You also need to ask critically whether you could’ve done better. It’s fairly common for an inexperienced trader to have a ‘winning streak’ which might last for a few days. However, no ‘streak’ lasts forever, and you need to use the good times to prepare mentally for the bad.
It’s arguably even more important to recap if you made a loss. You should try to rule out the possibility that your strategy is faulty. All too often, new traders build a good strategy, only to discard it when it goes through a period of weaker performance. This might be because of unusually high volatility or a series of major events happening in close succession (like this week).
Sink a pint
After a long week at work and in front of your charts, you really need to disconnect and get out with your pals.
Phone up some people and arrange to meet them in the pub or wherever else you want to go. Maybe shoot some pool or go to the cinema. Whatever it is you do to socialise, enjoy your time away from your computer and phone.
This can be especially helpful if it wasn’t a good trading week. Joking around with your friends is a great way to let off some steam. Celebrating a good few days is also worthwhile, allowing you to start the new week relaxed and de-stressed.
Watch the news
Yes, you’ve probably been watching Bloomberg and other specifically economic news all week. But at the weekend, markets are shut, so you’ve a great opportunity to catch up on more general events around the world.
World Business Report and similar are of course useful when you’re trading. Conversely, Saturday’s a good time to understand political news and — for some markets — the weather. Markets are closed, but finance ministers and central bankers are often still active, even on Sundays. Meetings of the G20 and G7 also tend to stretch into Saturday.
Big news for oil and the lira also tends to come on Sundays, being normal working days and the start of the week in Turkey and Arabia. Monitoring all of these factors is important because they can give you hints on what to expect at Monday’s opening. The last thing you need is to wake up in the new week with a nasty surprise.
Talk to other traders
You’ve probably been doing this a bit in the pub on Friday night anyway. Still, it’s also a good idea to have organised conversations with your peers specifically about trading performance.
Most traders would agree that a fresh pair of eyes can often be helpful. You might have looked at a few charts and planned what you think are excellent long-term trades, only for another trader to point out the flaws in these. What’s more, they can often give helpful suggestions on how you can improve your plans further. You’re reading loads of data every weekday, so doesn’t it make sense to get a wide range of informed opinions as well?
Note upcoming data
There’s usually a range of data from countries in the eastern hemisphere on Monday mornings. China’s the most important, but you shouldn’t forget Australia, Japan and New Zealand as well.
Odds are you’re going to be fast asleep at 1.45 GMT on Monday morning when Caixin data usually comes out. You need to look ahead on Saturday and Sunday to understand what’s on its way when in the wee hours of Monday. Even better, do this in advance on Friday evening: markets are still open, so you can modify your stops and targets to your heart’s content while activity’s low in the afternoon EST.
Read Exness Education
We couldn’t leave this out! Many of the educational articles on Exness Education comprise a lot of fine detail. Quite a few of them are easier to understand with concentration.
Quiet times on Saturday and Sunday are ideal for reading through long-term technical and fundamental analysis. They’re also good for cluing up on an unfamiliar indicator or strategy. Exness Education’s articles are designed with beginners and intermediates in mind, so it’s almost certain that you can find something suitable for you.
Successful traders at the weekend
These aren’t all of the things that might be on the agenda for traders at the weekend, of course. Exactly which ones you prioritise and whether you consider other activities to be essential is up to you. The important thing to remember is that even while markets are closed, you can and should still be active in preparing for next week. This might just mean watching the news and chilling out.
If you’re not trading with Exness yet, Saturday and Sunday are perfect for opening your account. Just click the button below, enter your details, and you could have a demo account open and ready for practice first thing on Monday morning!