A Forty-Minute a Day Forex Trading Plan

Filed under: Learn Forex Trading |

Screen shot 2013-03-12 at 10.23.40If you have most of your day free and want to be more hands on with your forex trading, then you could spend a minimum of forty minutes per day looking at your charts, in four separate blocks of just ten minutes.

 

The most important time to look at your charts is currently 10 pm UK time (5 pm New York time), as this is when the daily candles close. However, there are also some good trading opportunities on the 4-hour charts (I would not go below this timeframe for beginners), and as such, you could also look for trading opportunities on the 4-hour charts at 10 am, 2pm, and 6pm (UK time – currently at the close of the 4-hour candles). So, by spending just ten minutes looking for trade setups at 10 am, 2pm, 6pm, and 10 pm, you will find that a number of good trading opportunities can be found.

 

As mentioned on the ‘Ten Minute a Day Forex Trading Plan’, I tend to trade a pre-decided number of forex pairs (these being the GBP/USD, AUD/USD, USD/CHF, EUR/USD, XAU/USD, XAG/USD, GBP/JPY, AUD/JPY, NZD/USD, EUR/JPY, and the USD/JPY), and I set up all of my charts ready on my trading platform. What you should also do during these 10-minute spells is to check and update your levels of support/resistance, as these are the levels that you can find some good price action setups. Again, for more on price action setups at levels of support/resistance see our daily forex articles here at eForex System Reviews, where at least one trade example is shown every day – Monday to Friday. There are also a number of articles outlining various elements of forex trading. However, as far as a trading schedule goes, a 10-minutes per day or a 40-minute per day trading plan should suffice for beginners to the forex markets.

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