My Routine in Commodity Trading: Reflecting on an Australian Perspective
Living in Australia, trading US markets presents a unique challenge with spilt working hours. Due to time zone differences, my routine adapts based on the active trading sessions, particularly focusing on US market hours. This article delves into my day-to-day trading practices and the strategies I employ to ensure optimal performance, including market checks, order placement, and analysis.
Adapting to Time Zone Changes
Currently, the US markets close at 7am my time (3pm EST) and reopen at 8am (4am EST). During our summer, the markets close at 9am (5pm EST) and reopen at 10am (6am EST). There are also a few weeks when the markets close at 8am (4pm EST) and reopen at 9am (5am EST). My routine is meticulously structured to handle these changes, allowing seamless transitions and minimal disruptions.
The Morning Ritual
I begin my day shortly after 7am. My routine involves a quick market check to gauge the overnight session's performance. This check is particularly crucial when significant volumes and substantial market movements occur. However, on quieter days, it's a routine without any interruptions.
After this, I have a brief 15-20 minute preparation session. This includes a shower, getting dressed, and essentially getting ready for the day. This short preliminary period ensures that by the time the US markets reopen at 8am, I am fully prepared to dive into the day's trading.
Order Management and Alerts
Once the markets open, my primary focus shifts to reviewing and adjusting my trades. I recheck market conditions and my existing orders, making any necessary changes to stops and positions held. Additionally, I set up alerts for key events that could impact my trading strategy.
If any market events trigger my alerts, I adjust my orders promptly. However, I receive these notifications discreetly through my watch, ensuring it doesn’t disturb anyone around me, including my wife, who gets a full night's rest.
Market Analysis and Strategic Planning
Every few weekends, I dedicate time to analyze the markets I trade and those I do not. This analysis helps me identify any necessary tweaks to my trading system based on recent market behavior. This practice is essential for maintaining a robust and adaptive trading routine. My typical portfolio consists of trading just 2-3 markets at a time. If one of them becomes less active, I am ready to shift my focus to another market, ensuring diversification and flexibility.
Continuous Learning and Enjoyment
In between trading sessions, I read extensively to fuel my trading ideas and explore new strategies. Reading books and staying informed keeps my approach current and innovative. Apart from trading, I also strive to enjoy life, balancing work with leisure and personal development.
Adapting to the unique challenges of commodity trading in Australia has taught me the importance of precision and organization. With a structured routine and a commitment to continuous improvement, I can stay ahead in the dynamic and competitive world of trading.