What are actions you can take to build your trading skills while the markets are closed?

cadig

cadig

To the pros/more experienced traders out there - I’m curious what the most effective ways to spend your time are when the markets are closed, to become a better trader and improve your trading skills/systems.

I understand that in a general sense ‘backtesting’ is probably the most common answer, but beyond that, what specific tests or things do you do that help increase your trading the most - particularly for traders that are new and/or not yet consistently profitable.

Here are a few specific examples that I can think of as potential ways to spend your time, aside from a general ‘backtesting’ answer:

  • Browse forex forums for trading system ideas

  • Backtest entry and exit systems on historical price data

  • Read books about trading mindset & psychology

  • Run monte carlo simulation on various money management algorithms

  • Seek out trading mentorship/groups and review your trading progress

  • Study historical price charts / price action

  • Look for trades for the upcoming trading session(s)

  • Learn about economics and find out what global economy/central banks are doing
Another way to put it - what does it mean to ‘put in the work’ to become an expert trader? What are the most important elements in your experience?
 
Personal growth can take many forms. Pick - up a computer card game that hones your statistical skills. It is common to find MMs at bridge and poker tournaments. Many desks still have card or backgammon tables for after COB recreation.
Sharpen your statistical skills.
 
same as when they are live

trade historical markets and practice...

trading view has something they call 'replay', my broker has something they call 'trading simulator both replay historical markets and you can trade them as if markets are live
 
cadig said:
To the pros/more experienced traders out there - I’m curious what the most effective ways to spend your time are when the markets are closed, to become a better trader and improve your trading skills/systems.
More...

Relax and stay home and spend time with your family (No gathering with friends unless your friends live with you under the same roof) and do NOTHING. Stay away from crowds, wear masks when you absolutely need to go to public places. Go to bed early, eat lots of healthy food so you can have all the energy to begin trading starting Jan. 4, 2021 when the market opens. And you are going to need all the energy you have. January is going to be TOUGH!!

Meanwhile enjoy the profit gift from the market but don't spend it all! You might need it to cushion the tough ride in January of 2021.
 
Look at 101 charts, zero in on some good moves up and down and ask WHY did it make that move - look at what happened in the preceeding 10-20 bars for clues.

Then, look at abother 101.

Then another 101 and so on.

Keep asking WHY...
 
Review all of your trades: One of the great way to improve is to understand what not to do, why the best trade was so great, and how to avoid losing as much as possible.
A complete trade management review would include all conditions including phycological aspects.
 
the market is open almost 24 hours a day.

Let's say you are trading US session.
After trading it, you can choose

- to PLAYBACK the US session and see how you can improve yourself

- to continue trading the Asian and European sessions

- to do non trading related things
 
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