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 )
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.
3D Rendering Terminology: Guide For Architects to Communicate With CG Artists
When chipping away at a building representation project, a modeler and a 3D delivering worker for hire need to see...
Learn and Become A Professional DevOps Engineer!
Have you been having a tough time deciding what you want to do when you grow up? Once your school...
Debunking The Common Myths About Cosmetic Surgery
Just a few years back, plastic surgery was thought to be some kind of sorcery or something that existed in...
How to Choose The Right Type Of Flooring For Your New Home
Building a house from scratch can be a tedious and stressful process even though you know you are doing something...
3 Ways To Style An Oversized White Shirt This Summer
If there is one staple item you need ready for your summer wardrobe, it’s an oversized white shirt. They are...
5 Tips For Picking The Perfect Wedding Ring
Your big day is coming up for your wedding day and you set the standards too high with your engagement...
What’s That Thing Called? All You Need to Know About Your Car’s Lift Struts
Imagine you’re out for grocery shopping or a weekend outing with family, and you need to load your shopping or...
10 Places to Explore In Ahmedabad Gujarat India
In the state of Gujarat Ahmedabad or Ahmedabad is a significant region and one of the very prominent city areas...
Men’s Top Fashion Trends To Be Following Spring/Summer 2021
With us all being in lockdown on and off for a year, people are starting to get excited for the...
Find Blog Post Ideas Using Google Keyword Planner
Being a successful blogger means that you have to create captivating and original content that will be helpful to your...
Best Vegan Egg Alternatives For Baking
In recent years there has been a dramatic increase in veganism due to its numerous health benefits. People are much...
7 Smart Storage Solutions For A Small Bathroom
A small bathroom can be such a nuisance. You never have the space you need and everything seems to be...
What Are The Better Ways Of Building Data Lakes? : The Right Way Is Critical
The pattern is the main period that each enterprise needs to be conscious of if they need to generate greater...
Everything You Need to Think About Before The Road Trip
Road trips are perhaps the most flexible vacation format: they can be as long or fast, intense or relaxed, planned...
Justice Law In Rural Area: Keep Community Feels Secure
In order to strive and keep on progressing forward, the judiciary system plays an important role in instituting trust within...
- Tech6 years ago
Creating An e-Commerce Website
- Tech6 years ago
Design Template Guidelines For Mobile Apps
- Business5 years ago
The Key Types Of Brochure Printing Services
- Travel9 years ago
Who Else Wants Also Nfl Hat
- General6 years ago
Kobe Bryant With His Unique Nba Jerseys
- Tech7 years ago
Why Small Businesses Can't Ignore Mobile Technology
- Tech6 years ago
Climb Google Using These Checklists
- Health7 years ago
Health Supplements For Sports Activities Nutrition