Connect with us

Markets & Finance

Do I have Time To Trade Forex?

There are lots of things that stop people trying forex trading and one of the big things is time.

We all live such busy lives with so little time to spare the thought of learning some new thing that seems very complicated at first and then find time to do it every day seems impossible.

( although I am always amazed that these same people have time to keep up with all the Soap on TV every day )

Do I have Time To Trade Forex?

The  starting point is just to decide  how much time a day you could put into learning & trading  and  the  first question is do you want to trade  full time or part time ?

In life the more time you put into something the better you get at it and although this may true with regards to learning to trade forex it is not always true when it comes to how successful you trading is.

One of the major advantage of trading is the amount of free time it can give you , just imagine waking up  each morning & deciding for yourself what to do with the next 24 hours ? If you chose to trade end of day this could become a reality without any negative effect on your profitability.

Decide how much Time you want to Trade each Day

Don’t try to commit to investing time you have not got, a good starting point would be 30 minutes a day ( or one less Soap )  and then build it into your daily routine.

Pick a time of day that will suit your trading strategy, when you know you will be free and make it as much a part of your day as the school run or breakfast. Make sure everyone around you at that time knows this is your trading time that you need to be left alone to focus on the job in hand. Concentrating for 30 minutes is not as easy as it sounds but you need this type of laser focus to ensure the best possible trading results

Pick a Time Frame that suits you

My forex training course tells me I should trade the higher timeframes and I chose this style as it fits well this into my lifestyle and I do my 30 minutes forex trading around 10pm every night once the children are all asleep. Plus with less volatility and lower transaction charges, the higher timeframes are easier to be profitable on.

But what is important to you is to pick the time of day that fits your lifestyle, you could look at trading pivots on the hourly chart in the mornings, as opposed to trading the daily chart in the evenings (UK time).

Plan your Trades & Trade you Plan

As  traders, we aim  to make money, as much money as possible, in the shortest time, so it is easy to assume the way to do this is learn loads of different strategies and apply them all but this  ends up with randomly trading one strategy on one currency pair, then a completely different strategy on another. I know from experience this does not work !.

When you are learning it is going to  try different  strategies & time frames to see which one fits you best  but with 3 months  pick a couple of strategies, learn them inside out & apply them exactly and you are much more likely to be profitable.

Do you have time to Trade Forex ?

Take 5 minutes, grab a pen & paper and do some planning

  • When you’re going to trade
  • How long for
  • Which timeframes you’re going to focus on
  • Which strategies you’re going to use

This isn’t something that I can prescribe as a set formula, as each and every person is unique, and has different schedules, targets and lives.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

3 Keys if You Want to Look Better 3 Keys if You Want to Look Better
Health4 days ago

3 Keys If You Want to Look Better

Are you generally happy with your look these days? In the event you said no, what steps can you take...

What Can You Do to Strengthen Your Business What Can You Do to Strengthen Your Business
Business4 days ago

What Can You Do to Strengthen Your Business?

Operating a business means you have a lot of weight on your shoulders to say the least. With that in...

Should You Buy Real Estate At The End Of 2020 Should You Buy Real Estate At The End Of 2020
Investments4 days ago

Should You Buy Real Estate At The End Of 2020

Experts analyzed the prospects and possible scenarios for the development of events. Residents of the US are warned about the...

How To Be A Confident Person How To Be A Confident Person
Life Hacks6 days ago

How To Be A Confident Person

Attractive, confident, funny, charismatic. These are some characteristics that define an alpha individual. While we all know what the goal...

Why Do Cats Get Diarrhea? Why Do Cats Get Diarrhea?
Pets1 week ago

Why Do Cats Get Diarrhea?

If you’re a pet owner, then you’ll know that one of the most common problems you need to deal with...

Common Reasons For Visiting An Orthopaedic Surgeon Common Reasons For Visiting An Orthopaedic Surgeon
Health2 weeks ago

Common Reasons For Visiting An Orthopaedic Surgeon

Have you suffered regular knee or back pain? Do you feel tired or stiff for a long time after resting...

Best Wholesale Beauty Product Suppliers In 2020 Best Wholesale Beauty Product Suppliers In 2020
Business2 weeks ago

Best Wholesale Beauty Product Suppliers In 2020

Beauty products include a range of goods that are used to care and enhance the appearance of your face, hair,...

Big Things A Digital Marketing Business Conducts Big Things A Digital Marketing Business Conducts
Tech3 weeks ago

Big Things A Digital Marketing Business Conducts

The customary word “ad” is defined as a communication procedure between the group of onlookers and the imminent business moving...

International Shipping In A Global Pandemic International Shipping In A Global Pandemic
Business3 weeks ago

International Shipping In A Global Pandemic

The Covid-19 pandemic completely turned the world on its head, in more ways than one. Beyond the devastating medical challenges,...

8 Ways To Reduce Stoke Risk 8 Ways To Reduce Stoke Risk
Health3 weeks ago

8 Ways To Reduce Stoke Risk

Stroke is the fifth leading cause of death in the United States. To help you understand how severe and common...

Top Whey Protein Recipes To Lose Your Body Fat Top Whey Protein Recipes To Lose Your Body Fat
Lifestyle3 weeks ago

Top Whey Protein Recipes To Lose Your Body Fat

Losing weight and keeping the kilos off is not an easy thing to do. Everything from what you consume to...

5 Amazing SEO Tools to Spy On Your Competitor's Website 5 Amazing SEO Tools to Spy On Your Competitor's Website
Tech3 weeks ago

5 Amazing SEO Tools to Spy On Your Competitor’s Website

So, you’re running an online business, and you surely want your business to get the best results. But, there are...

Keep .eu Domain After Brexit Keep .eu Domain After Brexit
Tech4 weeks ago

Keep .eu Domain After Brexit

Domains are becoming as essential as someone’s own home in the world of internet. Internet users are always looking for...

How To Use Apple Cider Vinegar With Mother To Maximize The Health Benefits How To Use Apple Cider Vinegar With Mother To Maximize The Health Benefits
Lifestyle1 month ago

How To Use Apple Cider Vinegar With Mother To Maximize The Health Benefits

Apple cider vinegar is used in many different household chores like floor washing, cleaning, doing dishes, vegetables and fruits washing,...

8 Tips from Dermatologists For Gorgeous Skin 8 Tips from Dermatologists For Gorgeous Skin
Health1 month ago

8 Tips from Dermatologists For Gorgeous Skin

We all wish of a flawless and glowing skin, but it’s not always easy to figure out the skin care...

Categories

Archives

Trending