Have you ever felt difficulties when you want to learn online forex trading? If the answer is yes, the time management may cause your problem. Most beginner traders are still having difficulty in dividing trading time. Moreover, they often get confused in determining trading strategies that are efficient and in accordance with daily activities.
To overcome this issue, try to follow a few simple tips to divide trading time better:
Get into the habit of reading economic news in the morning
Morning is a good time to learn new information. Thus, this time is also very good for you to use to learn to do fundamental analysis in stages. For example, if you immediately learn to do fundamental analysis in one day, it will certainly take a long time.
According to Neuronation, a 2009 study at the University of Sussex found that reading for only 6 minutes can reduce stress levels by up to 68%. Meanwhile, you will understand the economic events by regularly reading the financial situation. You can take your 30 minutes a day for morning reading. After a few days, you will more easily understand the economic conditions that occur and will not be inconvenienced when having to do fundamental analysis.
Use a Demo Account to Practice Understanding Technical Indicators
For technical analysis, trading techniques can test various indicators using a demo account that you have. For example, if you want to know how to do technical analysis using MACD indicators and Bollinger Bands, then you can use your demo account to open trading positions as desired and how these indicators are influenced by market movements.
By utilizing a demo account, even if you end up losing a position, you will gain valuable new experience and understanding. Do this routinely with one indicator every day. So within a few days, chances are you have mastered various technical analysis techniques.
Make Daily Trading Reviews and Notes at Night
One of the things that can waste your time is to repeat the same practice or trading theory lessons because you have forgotten the results of the previous session’s learning. To avoid this, always prepare a daily trading record containing trading techniques and theories that you have understood that day.
By doing that way, you will be easier to track your progress and minimize the time wasted. Additionally, those tips to divide your trading time better and it will make you get more profit.
Read more: 4 These Activities to Help You Trade Better