What is a trading routine? Do the pro uses have a routine for trading? People love to think the traders are independent and they can do whatever they like. It’s true the successful traders are independent in terms of financial status but they are not living a life without any discipline. In fact, they share the key elements that all successful people have in common. It is nothing but discipline. Becoming disciplined is not just saying some words and knowing about the habits of a successful trader. It’s more about trading routine.
A trading routine is a bunch of rules written in the written format. The rules are more like aggressing the TOS before using a site. If you break the rules, the site owner can easily ban from and refuse to give service. Just like this, you must follow the rules of the financial market, or else it won’t take much time to get a big kick.
To save yourself from such “KICK” you need to have a routine. You need to know the nature of the market so that you can take advantage of the trending movement of any asset. People who use generic trading routines might be able to protect their capital but they won’t succeed in reaching the highest level of success. For that, they must have a well-tested trading routine. This is where most people fail as they assess their rules with emotional attachment. But if this task is given to trading bots, it can easily find the weakness in your trading routine.
So, how do the bot read your trading routine?
Trading routine is the reflection of your trade execution. By studying the entry and exit of a trade a bot can easily determine the weakness and strength of a trading edge. For instance, after executing 100 trades, let the bot analyze the performance. Based on the detailed report, you can easily find the key reason for which you are losing money.
Optimizing the frequency of trade execution
Optimization of your trade frequency is a very tough task as the traders tend to use a different approach. For a position trader execution of one trade per week might be perfect but for a scalper, it will be the way to low. The reason for which the traders fail to make money at trading is they don’t even know whether the system is designed for scalping, day trading, or position trading.
The bots will analyze the SL, TP, and frequency of the trades. Based on that it can easily determine the optimum number of trades which you should take per day. Revise your trading routine according to the result of the bots.
Optimization of lot size
Bringing variation in the lot size is the actions of professional traders. Many people think changing the lot size is not a fancy task. They take a high risk based on gut feelings and lose a decent portion of the account. In fact, the majority of the rookies don’t have any specific guidelines to bring variations to the lot size. The routine tells them to follow the 2% risk management rules regardless of the trading result. Risking 2% or taking less than 1% risk depends on your trade setups and your confidence level. If you are not good at analyzing these levels, you can’t bring variations to the lot size.
Trading bots are unique and it can take your trading to the next level. By assessing your trading performance, they can determine the most profitable trade setups. Once you have a clear idea of which setups worth taking the risk, you can pinpoint those entry setups in the trading routine. So, it will give you the unique ability to take a bit higher risk for a certain signal that has a higher chance to win.
Examining the news
The trading routine tells us to examine the technical levels only. Very few traders have the trading routine that tells them to read the news. Without focusing on the news you might move on the right path but the pace will be very slow. The trading bots can compare your trade execution levels, timings with the historic news event and let you know the key time to trade. In other words, you will know which major news your system can generate more profit. Though it seems complex, sync the bot with the platform and see how easily it correlates your execution points with the major news.
Some advanced trading bots can create a small summary of major economic announcements. You can use such bots to trade the live market. Those who are thinking these bots are super expensive is making a big mistake. With the right research, you might be able to free news bot that can transform your career.