How to scan the market daily and reduce emotional tradingHello everyone:
Many have asked me how I do my daily scanning of the market, so I thought making a quick video to explain all that would be ideal.
I will always do a weekly outlook at beginning of the week. This will take me a bit longer to do, but will go through all pairs, instruments to see how the price is doing from last week.
Using tradingview's features, I can then categories them in different watch list so I know which ones are in high priority to look out for, and which ones are still in need of more development.
Then, everyday I will try to scan through the market in all 3 major sessions if possible. Try to attend at least 1 of the 3 major sessions, either Asia, London, or New York session would be ideal.
Then, simply go through the ones that are highlighted (flagged) and see if price has develop into something you were forecasting to do.
Again, use tradingview's feature on drawing tools, Risk/Reward, object trees and more. You can simply hide them or bring them out on your charts at any time.
Set your alerts, and dont need to continue checking your chart/broker every minute. This is how to prevent you to be an emotional trader. When your alerts are hit, then check your app/computer to see the charts.
From your daily scanning, you need to have an open mindset. Even though you are looking at selling in this pair, but need to also understand that there is a probability that the price can move up. Therefore, what is your decision if price did not break down? Always have a open mind, so that you know when the price went to the opposite direction, you will know how to manage it.
I then spent a little bit of time to discuss every traders are different, and its important to know what kind of trader you are in order to succeed in this industry.
There is no right or wrong way to trade, its what work for your as a trader. What works for your mindset, perceptions and personality.
Its important to let your "ego" go, no need to compare strategies or style with others. Dont need have the attitude of your trading style is the best, and others dont work...etc.
ITs about understanding everyone will see the market differently, and sticking to a strategy continuously.
Otherwise, if you jump back and forth, or indecisive on what is your criteria to enter, then trading becomes gambling. Since there is no pre-determine analysis or outlook, its just a simple guessing game.
Put in the time and effort, and work hard towards your goal. Dont let the "social media" effect you as a trader.
As always, have a positive, humble attitude, and willingness to learn and accept new things will ultimately give you the best result.
Thank you
