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In 2016, Nial won the Million Dollar Trader Competition. Most of you know I publish a daily market commentary each day shortly after the daily Forex market close. My daily trading routine is the core foundation that all of my trades are built on, and it’s my opinion that all aspiring traders need such a foundation to build their trading career on if they want to have a serious chance at making consistent money in the markets. News just came out over the last week that Bill Gates, founder of Microsoft, is once again the richest man in the world. This leads me to my next point: How do YOU analyze your charts each day to find trades? Do you have a routine that you go through each day? Like success in any other field, trading success is the result of developing effective habits through discipline and proper procedure.
I still do it because it’s a habit, and a very effective one at that. The first main thing I do at the start of each new trading week as well as each day, is map out where the key chart levels are and watch how the market is reacting around them. I first zoom out to the weekly chart and get a quick view of where the key levels are, at that time I will draw them in on my charts. In the weekly EURUSD chart below, I have drawn in the key weekly support and resistance levels as I do at the start of each new trading week. After I’ve drawn in the key weekly chart levels I will move down to the daily chart time frame. In the daily EURUSD chart below, you can see the most relevant key support and resistance levels that I’ve drawn in. Note that I actually adjusted the weekly level that was at 1.