You are only as good as your next trade. Please repeat this daily because I go into each week thinking.
It holds me accountable to review my watchlist every week before the market opens. I do this best on Sundays. I'm well aware Sundays can get busy with church and family. For this reason, keeping a small watchlist is helpful.
Create Your Watch List With Me
Creating a watchlist doesn't take skill. It takes strategy. Your watchlist is made up of currency pairs you watch each week.
Think of it as a list of pairs you follow. You want to know their every move by:
The direction of price movement shows you where the price is ultimately going. Therefore, it's beneficial always to check the trend on each pair on your watchlist.
2. Market Conditions
Market conditions detail how the trend flows or how much momentum is within the movement. The direction can flow broad, meaning it has more profound fluctuations, or narrow, meaning quick pullbacks.
These two factors put together dictate how often you'll be able to enter a trade each week.
Creating An Organized Watchlist
You can easily create a watch list of the same pairs with the same currency names. Trading view allows you to section your watchlist by terms so you can group your like currency pairs.
Afterward, you can color-code your watchlist as:
Red: Need to be watched
Blue: Traded on a specific timeframe
Green: A Position is running
Or whatever color you decide is good for you to stay organized and aware.
I created a quick YOUTUBE video to share with you two trade ideas and how I've organized my watchlist this week.
You don't have to take a lot of trades a day to be successful. However, as a swing trader, 3-4 trades a week are a significant number of trades to take each week.
Keep up with as many pairs as you can mentally handle. If you are experiencing trouble being profitable, adding more currency pairs will worsen the situation.
Trade while learning. You get better as you trade. Document every trade you enter and take good notes on the trades that are working more than not working.
Your watchlist must focus on setups that work well with your strategy. It'll help lessen confusion and keep you focused.
And when you need an excellent trading community...
I've created a trading community for you. We are a small intimate group of traders to avoid getting lost. We trade together, analyze great trade setups, and trade the same technique together.
Are you ready to be a part of a trading community that cares? Well, let's get you going.
The Trade On Purpose Community is waiting for you.