9 Daily Tasks that will elevate your Trading to Elite Status…

Being an Elite trader is all about routines, make these daily tasks your routine and the success will follow.

When we have routines, checklists and tasks, we are always busy. Maybe busy is not the right word, we always know what we need to be doing. Because let’s face it when left to our own devices we tend to get side tracked very easily. And distractions are also not hard to find. So that when we are feeling an uncomfortable emotion, it becomes easy for us to allow our emotions to take control. This can be either positive or negative emotions both can allow us to be distracted and side tracked often preferring it to the task at hand.

And as traders we know that’s a bad thing. We must therefore give ourselves …


Daily Tasks

If you are struggling to trade consistently. There are a whole host of reasons for this. All of them stemming from your emotions and your lack of emotional control. You may be struggling with over-trading, meaning you are being controlled by fear, greed or any one of the other emotions. These daily tasks will help you overcome this.

Maybe your strategy is not clear. Have you written out your rules and created your trading plan. Procrastination or perfectionism could be your culprits for this. I had days where I sat in front of the screen not really knowing what I should be doing. Even when I did have rules to follow. To complete the daily tasks your strategy will have to be clear.

That’s why we need Daily Tasks. To keep us doing the right things. This stops us trying to find trades, while staring for too long at the screen. Analysing the same chart for 4hrs, I’m a buyer, no seller, buyer, seller. Or not really understanding what you are looking for.

As per usual you will get out what you put in. The more effort you put into your daily tasks, the easier your trading will become.



A man doing a self exam on his body

1.Self-Examination Task

No, you’re not looking for bruises, aches or pains. You are asking yourself a very pertinent question “Am I fit to trade today?”. Very simple, but one very over looked question. Trading has enough pressures and stressors of its own. It doesn’t need you adding any more into the mix. You need to be very honest and open for this daily task. It will however save you a fortune if you do it properly.

Are you particularly stressed? Stress highly influences your trading and not in the right way. It can be as simple as a row with a loved one, or it can be traumatic like the death of a close family member. These situations affect our emotions, which in turn affect our ability to trade. That’s why this question is both first and very important.

For those of you who are suffering with stress, but not sure how much or how it impacts your trading take our stress test here. You will also find some great stress protection techniques and sound advice on whether you should be trading or whether you need to have a break for a while.

Are you in the right frame of mind? Can you get into the right frame of mind? Are you ill or in pain? Or have you just woken up at bit groggy, then there are ways you can get yourself into the right frame of mind. One way of doing this is to create anchors. Those of you familiar with NLP will know that a good way to get into state (the right state of mind) is to have an anchor. This is something you have previously created using NLP. Which can then be used at will to get into that desired state.


2.Visualisations Task

A very common coaching method that gets used in all areas of life. We know that practice makes perfect. We also know that the subconscious mind doesn’t know the difference between real and imagined. So what I am asking you to do here, is to mentally practice.

Placing and exiting your trades. See your entry signal in your minds eye and go through the exact process in your head. You see your signal – you recognise that it is familiar – Feel good about it – take it. And then do the exact same process with your exits.

This is classed as good practice and goes towards your 10,000hrs.


3.Focus and Intention Task

For those of you that meditate. This will be your area of expertise. The idea of this task is to clear your mind of clutter and to focus on the task in hand. This will get your shopping list, things to do, people to see from your mind. You will be laser focused on your trading, nothing will get in the way of your Intention.

Your Intention is what you plan to achieve in that trading session. Remember the mind likes to be told, shown what you want, so tell it. But be sneaky, talk like you already have it and that you are grateful for it. This will start the mind on its mission to prove you right.

So, if your trading plan states that you want to make 5% or more per week. Then it stands to reason that you are looking for 1% or more per day. You would get yourself focused and make that your intention for the day.


4.Tracking Phase Task

This task is detail oriented, so you would need a detailed and focused state. You will already have your currencies of interest thanks to your weekend analysis. Now you are tracking those currencies while waiting for your signal to appear. The frequency of this task and the amount of time it consumes. Will be strictly determined by your trading strategy and trading plan.

If you trade the 4hr charts there is no need to sit there all day watching the screen. You will just quickly scan your currencies of interest just before, during and after candle change. That’s it. Otherwise you will get irritated and disillusioned. Which will lead you to place trades that are not in-line with your rules.

cartoon detective tracking the evidence with a spy glass


5. Activity Phase Task

This task is focused and assertive. This is not a time for strenuous detail, you are not carefully and patiently awaiting your signal. In this phase you act fast. You have seen your signal now you must move quickly and efficiently to place your trade mistake free. There is no second guessing, no last minute double checking of your analysis. You do not quickly check the lower timeframe. All those statements are a recipe for disaster. All trading decisions will have been made before you sat down to track your currency of interest.

You see your signal – you recognise that it is familiar – you feel good about it – you place the trade.


6. Observation Phase Task

There are two stages to this phase, precise and a bird’s eye view. I think the titles are quite self-explanatory, but just in case. The observation phase is critical to controlling your emotions, as it is here that most damage is done. To sit and closely watch your trade is just asking for trouble. But to shut your eyes and hope for the best is not any better.

This stage really needs to have accurately written rules as to how you go about observing your trade. Otherwise fear and greed will get you to break your rules and make poor decisions regarding your trade. It is here people close out early because for the first time in weeks they see a little profit. Or the market gives a false impression of reversal scaring you into closing.

In your rules you should have included the stages of the trade and which kind of observation you will be doing at each. A rough guide would be, that after so many pushes in your direction you move from precise observation to bird’s eye. Then when the market approaches a possible reversal point move back to precise. This is one set of rules that will be greatly enhanced by your journal, if you include these decisions in your notes!!!


7. Activity Phase 2 Task

In this task you will need to be  confident and decisive. You see your signal and you close your trade. No what if’s, those questions should have already been answered in your trading plan. Your exit will have been planned from the beginning of the trade. No decisions are made at this point, you are like a private in the army obeying orders regardless.

Of course it would be even better for you and your strategy to take yourself out of the equation. Using the Take Profit, Stop Loss or a mixture of both as your exit. This will make any psychological issues you may be suffering from at this time, redundant.


8. The Debrief Task

When you have finished your trading for the day the debrief is essential. I would also advice making a checklist for this point. Make sure your journal is up to date and all screenshots and been taken. Did you follow your rules? In other words, did you make a mistake?

If yes, no self-flatulating. The point is to come up with ideas to prevent the mistake happening again. ot to beat yourself up.

If no mistakes were made congratulate yourself for a job well done. Pat yourself on the back. We are often quick to criticize ourselves yet very rarely give ourselves praise when praise is due. So be kind to yourself, maybe even treat yourself. The results of the day are a by-product of your efforts. The idea is to not make mistakes.

9. Gratitude Task

Be thankful for what you have, you will find the universe more rewarding if you are thankful for what you have now.  And be grateful for what you gained. Everyday you gain either profit or education so be grateful for it. Its amazing but the more you appreciate what you have … the more you seem to get. Law of Attraction at work me thinks …

a beautiful view in the snow gratitude task


If you are struggling to learn to trade consistently by yourself, then I would suggest taking a look at our Trading Room. Here you will gain access to two coaches, Andres – Director of Trading and myself Director of Trading Psychology. Where else can you learn and be coached by a Trading coach and a Trading Psychology Coach, while making pips?


To Your Consistently Profitable Trading



P.S. What did you think of this Lesson? Please share it with us in the comments below!

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Callum McLean

Co-Founder and Trading Psychologist at Special FX Academy
Trading Psychology Coach and Certified NLP Coach. It is my belief that trading is 99% Psychological. And it is by understanding and improving your psychology, that you can be a successful trader. Success is a formula that everyone can and should learn.
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