Trading Blog

A Day In My Life As A Funded Trader

LIM WEI XIANG

Mar 18, 2024 — 2 min read

Wake up — trade — work — sleep; Repeat.

Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions.

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My daily trading routine is straightforward and anyone can follow along. I refrain from using complex fundamental or technical analysis, relying instead on a purely mechanical routine. Each day, I execute the same trade setup and patiently wait for market conditions to determine the outcome of my trades. Let’s break down my daily routine.

7.30 am: Rise and Shine

On weekdays, my routine begins at 7:30 am with breakfast and a morning shower. Following that, I dedicate time to setting up my trading equipment, including TradingView charts and the MetaTrader 5 App. By approximately 7:55 am, I am poised and ready to input my trade parameters.

8 am: Setting Up Trade Parameters

My trade setup parameter (Long or Short) hinges on whether the first-hour candlestick closes below or above the 21 EMA. After which I will promptly enter Limit Orders, set Stop Loss and Profit Target levels. Additionally, I utilize a Lot Size Calculator to calculate the trading size for the position.

The risk per trade is around 0.5% to 1%. Read more about risk management here: [LINK]

8.15 am to 8.30 am: Leave for work

Once I’ve set all the trade parameters for the day, I wrap up my trading activities and proceed to leave for my day job. Although my trading income isn’t substantial enough to replace my primary source of income, having an additional stream of income from trading is still beneficial. It provides an extra financial cushion and can contribute to overall financial stability.

Anytime: Trade Management

Depending on the outcome of my trades, there are days when my limit orders don’t get triggered or when trades move directly into a loss. In such instances, I remain unfazed and shift my focus to other projects. On days when trades are activated, I manage them on the go using my iPhone, using both the TradingView App and Metatrader 5 App.

Using the TradingView App, I will set alerts to notify me when the price reaches my first take-profit level, then I will use the MetaTrader 5 App to pocket 50% profit and shift stop loss to the breakeven level. After which just let the market determine the rest of the trade.

End Of Day: Trade Review/journal

Consistently record the outcomes of each trade, accompanied by detailed explanations for the factors contributing to either success or failure. This daily documentation serves as a valuable tool for analyzing the strengths and weaknesses of our trading strategy. Through this process, we can refine our approach, enhancing our overall trading performance. Additionally, maintaining a comprehensive record allows us to gain confidence in our strategy by closely monitoring its win rate and total profit.