How to Train Forex Trading Skills on the Weekend

There’s plenty to do in the weekend if you want to sharpen your forex trading skills! As far as forex is concerned, I’m usually doing 4 separate activities on the weekend. I’ve described these more in-depth in a separate article on how to improve your forex skills on weekends, but this a short introduction:

1. Trading week review

The first thing I do as the weekend begins is to review the past week. I take my trading journal with me, look at the trades I took and review them on a number of different points:

• How was my weekly performance? Profit, loss? Overall R-multiples for the week?
• Did I follow my trading plan on every trade? If so, did it pay off? If not, why not and was there a valid reason? Improve discipline?
• How did I feel emotionally and what is my overall sentiment about the past week?
• Go over every trade and see where I could have made improvements.

2. Backtesting / refining strategy

Secondly, for certain parts that I can automate, I will program backtesting strategies and try to optimise and refine my current strategy. Based on the input of my trading review, can I improve on certain things? Would this actually be beneficial in the long run or was this more due to luck?

Backtesting accomplishes 2 things: the most obvious one is that it allows you to validate a trading idea and strategy against a set of test data to see if there’s any validity to it. The second benefit is that it actually will make you a confident trader. Confident (not overconfident!) traders make solid decisions, stick to their plan because they believe in it and will have better results overall.

I will use MT4’s Strategy Tester and StrategyQuant for automated backtesting and Forex Tester 2 for manual step-by-step testing. Below are 5 best forex trading systems to refine your current strategy…

• Forex Fibonacci Retracement Bands Trading System With Octopus Trend-Momentum Based on Trend Following Indicators

Fibonacci Bands Forex Trading System With Octopus Trend Indicator. Fibonacci Bands trading system is based on two dynamics levels of the Fibonacci retracement. But the other main feature is the setting asymmetric the levels of multi indicator alerts.

Why use an asymmetric levels, because the financial markets are not symmetrical and you try to interpret them with symmetric algorithms. Playing with the asymmetry maybe you can get some interesting results. This is an experimental idea.

• High Profits Forex Awesome Oscillator Trend Magic Trading System With Linear Weighted Moving Averages

High Profits Forex Awesome Oscillator Trend Magic Trading System.  Awesome Oscillator (AO) is a momentum indicator reflecting the precise changes in the market driving force which helps to identify the trend’s strength up to the points of formation and reversal.

This strategy is one of the most profitable because: it is suitablefor any time frame, The risk reward ratio is high, It helps to reduce your risk exposure, It is very easy to follow

• Renko Street Moving Averages Trading Strategy – How to Trade Forex Successfully Using Renko Charts

With many years of research using this system, we have now brought Renko Street Moving Averages Trading Strategy to a new level of excellence. Here is tutorial How to Install, Creating, and Setting Forex Renko Chart.

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I recommend you to trade following a trend, against the trend will make you very risky trade. You get alert does not mean that you have to open your position. Always look at the current trend. Simply, zoom out your chart and you will see the current trend.

Also try to combine with overbought/oversold area, chart patterns, fibo lines,candle pattern D1 or H4. As I said before that you have to be 100% confident in that what you are doing. This is the only way that leads to succses! Whatever system you use to trade.

• Forex Trend Dominator System with Heiken Ashi, CCI, and MACD Indicators

High Accuracy Forex Trend Dominator System with Heiken Ashi, CCI, and MACD Indicators. The Forex Trend Dominator User’s Manual and complementary accompanying materials were prepared using 100% their best efforts.

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Forex Trend Dominator is based on price action and other technical variables to identify new trends in providing fast, accurate and profitable trading signals. It guides you to trade with the trend rather than against the trend. Our system quickly catches weakened trends or reversals quickly, so that you can enter and exit trades with confidence and profits.

• Advanced Forex ADX Moving Average Trading System With MACD and Stochastic Zone Indicator

Forex ADX Moving Average Trading System – This is an extremely low risk, high reward strategy which can and will change your life if you use it properly.

The only thing that could make this system fail over the long term is you not sticking to the rules…….that’s it!

If you stick to the rules of the system, you’re going to be smiling from ear to ear as you watch your account grow at an astonishing rate every month from now on

3. Reading (trading) books

At all times, I’m reading at least one trading book. After a week of screen time, I find it provides a welcome change from the charts. As a lifelong learner, I find that by reading books – even if they’re not related to trading – I’m improving as a trader.

To give you an example: I recently read Thinking, Fast and Slow by Daniel Kahneman. It’s by no means about trading but instead tackles cognitive science and behavioural patterns. After reading it, I found that a lot of cognitive behaviour could be applied to trading and I actually implemented some of the things I learned in my trading strategy.

4. Currency analysis for the week ahead

This is my Sunday activity. Every Sunday, I take my currency pair watchlist and go through them one by one, applying my trading plan and looking if there are interesting opportunities to spot. I’m writing down short summaries for every pair that I find promising and set the necessary price alerts for the week ahead. Of course, this works better if you’re a medium-term trader like me and not if you’re scalping.

Doing this on Sunday has multiple benefits: since you completely split up the trade analysis and the trade entry, you won’t be tempted to enter trades and spend more time on proper analysis. Additionally, it allows you to focus on the week ahead with a clearly defined set of currency pairs on your radar. The price alerts allow me to step away from the charts during the week as well. Much less distraction, much more time for other activities.