As a day trader, I usually start my day at 9am.
I have 2 computer screens, one will be focused on charts, while the other will be used for checking the news and browsing the net.
9am: i will start to look at the news which happened while i was asleep. I will also look at the economic calender for today and tomorrow, paying special attention to events with medium to high importance. I do not trade the news but i still want to be cautious for news coming my way when i have open positions. After getting a picture of what news have been released and what upcoming news events there are, I will start to look at my charts for trading opportunities. For charts, i look at around 20 currency pairs, ranging from majors, minors to exotic pairs. If there is a trading opportunity and the spreads are reasonable, i may take the trade. At this hour of the day, in the Asian session of the market, market is still thin, there are usually few trading opportunities.
11am: i will go for brunch nearby. When i am not in front of my computer, i will still look at my positions using my mobile. I will also run some errands during this time.
1pm: I will be back in front of my screen, screening through 20 over currency pairs. The European session will be opening soon, there will be more liquidity in the market, there is more price action. Once i am on my trade, I will usually 'set and forget' and go about with my usual routine.
3pm: I will start to read, usually investment and forex related titles. I will also check out twitter news feed to look at what other traders are up to, twitter is also one of the best tools to keep up with market updates.
5pm: I will check on my trades (if any) and look for trading opportunities. Once that is done, i will hit the gym or go for a swim.
7pm: I will get a quick dinner and head back to my computer. Market is usually volatile with European session ongoing and US session about to open in a few hours.
12am: I will usually end my day at midnight. If i have a few positions, i will lighten my positions to rollover.
Why did i come up with such a stupid title? Of course, you will catch up with your beauty sleep.
You hear your friends talk about how much they earn from retail forex trading. When you talk to your friends who work as a trader in an investment bank, you found out that they earn big bucks. You get all excited and you want to be a part of it as well, hence you started trading forex, deposited $5000 but you lost it all in 2 months. Sounds familiar? You wont give up after losing $5000, you will keep trying and depositing even more this time to make back what you have lost.
Many people who come across trading will want to trade on a part-time or a full-time basis. Like some of you, I started trading at a young age, after reading a travel blog of a girl who works and holidays at the same time by doing forex trading. From then on, I am so determined to master forex trading, devoting all my free time reading up on forex related books.
Having been trading for years, i can tell you why this is still the best job ever.
We are always greedy and want to make the most money in the shortest time. Hence, it is very likely that beginners will trade 15 minutes or lower. Beginners will think that they can enter and exit trades in a very short time, hence they can take on more trades, resulting in more profits. In the event that they are losing money, instead of short term horizon which they plan to stay in the trade for, they tell themselves that they will hold the trades until their positions break even. However, they will lose even more with their existing positions and never recover.