A Ten-Minute a Day Forex Trading Plan

Filed under: Learn Forex Trading |

Screen shot 2013-03-12 at 10.03.37I know that there are many people out there who are interested in trading forex but who feel that they simply do not have the time due to work responsibilities or other commitments. However, when it comes to forex trading, you might be happy to hear that relatively good profits can be made with a minimal amount of time.

 

The forex market is a 24-hour market, and as such, the best time to look at your charts, if you can only look at them once every day – is the New York close, which is currently at 10 pm every day in the UK (5pm in New York). This is when a daily candlestick is closed, and a new one opens. This happens to be a good time to check your charts and make trading decisions, because a move is not really confirmed until that candlestick is closed (i.e. If a support/resistance level is closed past, then that level is broken, but if the candlestick has not yet closed – then it could be a false break in the form of a pin bar).

 

What I would suggest, if you can spare ten minutes every day at 10 pm (UK time), is to choose a handful of the most liquid forex pairs (I currently look at eleven pairs – which include 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 to spend just ten minutes checking these charts and looking for any price action setups at significant areas of support/resistance. You can learn more about price action setups at significant areas of support/resistance by following the daily articles here at Forex System Reviews. By looking at your charts for just ten minutes per day, and making around 4-12 trades per month, it is possible to make gains of 20-50% per year on your trading capital.

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