Big weeks in forex rarely arrive unannounced. Central bank meetings, inflation figures and jobs data are scheduled weeks ahead, so the work can be done before Monday. This is how to prepare for the trading week with a Sunday routine of about an hour, so the news meets a plan rather than a guess.
Quick answer: how do you prepare for the trading week?
Spend an hour before the market opens on five steps: 1) mark central bank meetings, CPI and jobs releases on the economic calendar, 2) update weekly and daily levels, 3) write if-then scenarios for each market, 4) set a maximum loss for the week, and 5) decide when you will not trade.
Why a big week needs a plan before Monday
When several major releases land in the same week, currencies can break levels that held for months. Without a plan, traders tend to react to each headline, chase the first big candle and take on more risk than they meant to.
Preparation will not tell you where price goes. It decides in advance what you will do in each case, how much you can lose and when you will stand aside. That is the part most weekly forex outlook articles skip: they give opinions, not a process.
How to prepare for the trading week: the Sunday routine
We run these five steps in the same order every weekend. They assume you already have a short list of markets; if not, start with our guide on how to build a weekly trading watchlist.
- Mark the economic calendar.
- Update higher-timeframe levels.
- Write if-then scenarios for each market.
- Set the risk budget for the week.
- Decide your no-trade windows.
1. Mark the economic calendar
An economic calendar for traders lists each release with its date, time and expected impact. Filter it to the currencies on your list and note the interest rate decisions, CPI inflation figures and jobs reports. Central banks publish meeting dates well in advance; the ECB’s monetary policy meeting calendar is a good example.
Write each high-impact event into your plan in UK time. A US jobs report or a rate decision can move every dollar pair at once, which is why it helps to understand what moves the US dollar.
2. Update higher-timeframe levels
Start on the weekly chart, then the daily. Mark the zones where price turned sharply before and note which ones are close to current price. Our top down chart analysis walkthrough shows the order we use.
Only update levels that matter this week. If a market is far from anything important, say so in one line and move on. Also note last week’s high and low, because in a busy week a break of either often sets the tone for the days that follow.
3. Write if-then scenarios per market
For each market near a level, write two or three short statements. For example: “If price rejects the weekly supply zone, then I look for a sell trigger on the 1-hour chart. If it closes the day above it, then I stand aside until a retest.”
Scenarios turn a Sunday opinion into conditions, which reduces bias when Monday opens. They also feed straight into your filters and triggers trade entry checklist.
4. Set the risk budget for the week
Decide the most you will risk on any one trade and the most you can lose in the whole week. When the weekly limit is reached, trading stops until the next Sunday review. Our guide on how much to risk per trade covers the first number.
Example: on a hypothetical £5,000 account, a trader risks 1% (£50) per trade and caps the week at 3% (£150). Three full losses end the week, however good Thursday looks. Spread bets and CFDs are leveraged, so gaps and slippage around big releases can make a loss larger than planned.
5. Decide no-trade windows
Around major releases, spreads often widen and price can jump past stops. Many traders choose not to open new positions in a set window either side of a rate decision or CPI release, such as 30 minutes. Write the windows down so the decision is already made; our article on when not to trade explains the wider idea.
| Preparation step | Time it takes | What it prevents |
|---|---|---|
| Mark the economic calendar | 10 minutes | Being caught by a release |
| Update higher-timeframe levels | 20–30 minutes | Trading into a nearby zone |
| Write if-then scenarios | 15 minutes | Bias and impulse entries |
| Set the weekly risk budget | 5 minutes | One bad day ruining the week |
| Decide no-trade windows | 5 minutes | Slippage and spread spikes |
The times are a guide for a list of five to ten markets. Once you know how to prepare for the trading week without checking notes, the whole routine usually fits into an hour, leaving the rest of Sunday free.
From the desk (January 2018)
This is the desk’s original note from January 2018, kept as published. It is historical commentary, not a current view.
It was a very volatile end to the week last week, with all the major currencies pushing through significant support and resistance levels.
The US Dollar has collapsed to 3 year lows, the Euro is at 3 year highs, and the pound is approaching Pre-Brexit levels. So where do the markets go from here?
Learn how to trade these patterns effectively
That week shows why the routine matters. When several majors break key levels together, it is usually one theme, here the US dollar, so your scenarios and risk budget should treat those pairs as one idea rather than three separate trades.
Common mistakes when preparing for the week
- Predicting instead of planning. A strong Sunday opinion becomes a reason to force trades.
- Checking the calendar too late. Finding out about a rate decision after it hits an open position.
- Too many markets. An hour of prep cannot cover twenty charts properly.
- No weekly loss limit. A poor Monday turns into a poor month.
- Skipping the review. Last week’s lessons never reach this week’s plan.
Pair the routine with a short weekly trading review, and watch for frustration building midweek; our guide to how to stop emotional trading helps.
Frequently asked questions
How long should weekly preparation take?
For five to ten markets, about an hour once the routine is familiar. The first few weeks take longer while you learn each chart.
Which economic calendar events matter most for forex?
Interest rate decisions, CPI inflation and jobs reports usually move currencies the most. Speeches by central bank officials can matter too, especially near a meeting.
Should I trade during high-impact news?
Beginners are usually better standing aside, because spreads widen and price can gap through stops. If you do trade around news, reduce size and accept that fills can be worse.
Should I hold positions over the weekend?
Markets can open on Sunday evening at a different price from Friday’s close. Only hold if your plan allows for that gap risk and the possible loss fits your risk budget.
Next steps
A weekly routine works best inside a full risk framework, so read our guide to building a rules-based risk model next.
If you want a structured route from foundations to trading psychology, the basics section of The Two Traders price action trading course is free.
This article is for education only and is not financial advice. Trading leveraged products such as CFDs and spread bets carries a high risk of losing money.
