On Fridays, my trading day almost always wraps up by noon. Today, I'm clocking out even earlier for a chiropractic appointment. If I'm in a position when it's time to head out around 10:45 A.M., I'll just let my automatic orders manage it. After that, I’m heading up to Orlando for an internet marketing seminar—a three-hour road trip from my place in South Florida, which I actually enjoy. I just put on an audiobook and go.
This morning started like most: scanning the markets for familiar patterns. I was looking for specific setups, or “Waves,” that signal a potential move after a recent breakout. I quickly flagged three currency pairs that looked promising: the AUD/USD, USD/JPY, and EUR/JPY. For any swing trades, I needed to see a clear trend already in place before I’d even consider looking for an entry.
It was Wednesday morning, and the markets felt like they were holding their breath. It was the day of new Federal Reserve Chairman Benjamin Bernanke’s first testimony before Congress, and everyone was waiting to see what he would say. Coincidentally, it was also the 35th anniversary of the NASDAQ. I used to joke that two things were born in 1971: me and the NASDAQ.
It’s Friday morning, just before 7:30 A.M. EST, and I’m already watching the market. My main focus is a short position on the EUR/USD I’ve been managing since Wednesday. A big economic report, the Trade Balance number, is due at 8:30 A.M., which means things could get volatile. I’m preparing to use tight 60-second stops on any open trades to manage risk.
It’s early, and my overnight trade on the EUR/USD is slowly creeping lower, which is what I wanted. I used the Wave’s middle line as my protective stop, so I quickly check to see if that price needs adjusting. It’s only moved by a few pips, so I’ll leave my stop where it is for now.
The first thing I do every morning is check for the day’s economic releases, or what I call “hot zones.” For anyone running a trading operation as a , knowing when big news is scheduled to drop is non-negotiable. But there’s a common misconception here. I’m not looking for news to trade; I’m looking for moments of potential chaos to be aware of.
Welcome to my trading room. I’m kicking off this trading diary to document my process, and I’m excited to get started. Every day in the market offers its own unique lessons, and my goal here is to explain the thinking behind my decisions to enter or exit a trade.
You've already put in so much work, but this is just the start. Now you have to become a master juggler, a full-fledged freelancer. I think of it as spinning multiple plates while wearing several different hats all at once. The plates represent all the different projects you’re working on, and the hats are the various roles you have to step into, beyond just being the expert at your craft.
Closing your first deal as a freelancer is a huge milestone. Take a moment to celebrate that win. But before you dive into the work, it's smart to pause and make sure your work environment is actually set up to help you succeed. This is a crucial step when from home.