A typical day in the life of a forex trader in Las Vegas is usually quite distinct from that of a nine-to-five worker. The activity lineup is never the same, and the dynamics are different. Vegas traders attend events or forex shows like The Las Vegas MoneyShow and The Winning Formula. They also mostly work from home without visiting an on-site workplace and spend most of their days monitoring trades and staring at market charts. This makes many people wonder if all a trader ever does is stare at the monitor screen from dusk till dawn. If you are one of those people, we’ve compiled this article to satisfy your curiosity. Here’s a look at a day in the life of a typical Las Vegas trader in the foreign exchange market.
Morning Routine
Most Las Vegas traders and investors have to start their day earlier than usual. Some begin as early as 3–4 am and with a couple of personal rituals. Depending on their lifestyle choices, this could include gym sessions, running, yoga, or other related activities.
The morning routine might not seem like much, but for most traders, it sets the tone for the rest of their day and gets them pumped to start. It could also be an excellent time to get out of the house and have a little social interaction, considering they might have to work from home most of the time.
FX Carlos, a famous forex trader and YouTuber from Las Vegas revealed in his YouTube videos that he starts his days as early as 3:30 am, beginning with visiting the gym. He mentioned that starting the day at the gym makes him sharp enough to make decisions on the charts. The idea here is to sharpen your mind enough and boost morale.
Trading
Returning from the morning routine, traders are ready to get into trading. This is where they get into monitoring price movements and doing the necessary analysis. Technical analysis plays a massive role in forex trading. It helps them identify relevant trends, find support and resistance levels, and find the ideal entry and exit point. Las Vegas traders use platforms like Oanda to carry out their daily trades.
They also look out for higher or lower price changes that might have occurred while asleep. The currency market is open 24 hours a day, and some market occurrences are expected to slip by investors while they sleep. However, this can be managed through forex brokers and carefully placed stops to guide against their outliers. Lastly, they review exposure at the end of the day and ensure no unnecessary exposure at night.
Visiting Active Communities
Discord, Twitter, and Reddit are popular communities forex traders visit between daily routines. These active communities allow them to get in on the latest trends, access profitable opportunities and trading strategies, and network with other market investors.
Aside from these social media platforms, Las Vegas traders also have forums like the Las Vegas Day Traders and Trader’s Expo. Here, they drop valuable information for each other and attend sessions and spaces that can benefit their trading journey. You might need to review your routines if you haven’t been part of active communities as a trader.
Researching
Continuous learning is critical to any trader’s lifestyle, and so is it for Vegas traders. They are deeply interested in economic and bank policies within their vicinity and globally. They also keep tabs on news and economic changes that could influence the direction of their investments. The forums listed in the previous section are places to get such information
They utilize the data generated to adjust their market positions and reevaluate stops and entry points. In addition, some traders also use this opportunity to examine new trading strategies and ideas that could equate to better market positions. Other activities that fall within these are staying updated on market news, attending webinars, ad seminars, and reading books.
Lifestyle Considerations
Being a work-from-home fellow means traders have to build healthy lifestyle habits. At the same time, the 24-hour grind can take its toll on their mind, likewise can managing losses and fighting through the bad days. Traders in Las Vegas have a unique recipe for developing coping mechanisms and finding healthy lifestyle choices for a happy life. Nights out in Las Vegas, playing games, going to parties, and other fun activities are things investors include in their routine. Physical and mental conditioning are also top priorities. These could entail consistently maintaining a healthy weight, limiting alcohol intake, joining the gym or Las Vegas trading communities, and having a morning walk or run.
Habits of a Successful Trader in Vegas
As a trader looking to be successful in Las Vegas, it is advisable to include most of the routines listed above in your daily activities. Being a trader requires conscious dedication and discipline, considering you’d primarily work on your terms. You’d need to put some basic checks in place, and this starts with the daily habits you cultivate. These habits begin with the morning routines, to reviewing trading plans, joining active communities, and choosing a healthy lifestyle. The market is filled with opportunities; you might as well get up now to take full advantage.
