Time of day optimization
There are many trading sessions throughout the day, from the Asian open to the London open and US-London overlap. What traders would realized is that each trading session tends to behave differently and hence their performance might be affected by the time of the day they trade.
For example, Asian open tends to have much less movement, but when there is a trading opportunity, it is usually a winning trade for traders who are excel in being patient. On the other hand, US-London overlap would have the most market movement and present a lot of trading opportunities, however, traders who are more decisive would be able to take full advantage of this. So it’s important for every trader to know which session they trade best in based on their personality and from there, further streamline their trading business plan.
At the end of the day, what our trading journal spreadsheet would help you achieve is this : you’ll know which currency pairs to trade, using the strategy you perform best in, during a specific time slot of the day. You can then focus all your efforts during that time period to bag your pips.
What if I perform better on certain strategies based on different times of the day?
Well, that is definitely something really difficult to track. However, we’ve managed to harness the amazing powers of excel to be able to crunch all those numbers in and track how you perform with different strategies based on the different times of the day you trade them. You can find all the explanations to this feature in the segment on currency and entry performance based on strategy.