I Want to Trade Forex But I Don’t Have the Time!

Filed under: Learn Forex Trading |

I’m guessing that some of you, the ones who have full-time jobs and family responsibilities, might have an interest in trading forex but simply do not get involved because you think that you don’t have the time. But there may be a way around this. Let me explain…

 

The foreign exchange market is a 24-hour market, which operates from 10pm on Sunday to 10pm Friday (UK time in winter). One way that you could trade if you have other commitments is simply to check the daily charts, once every day at 10pm (or just before ideally). This is when a new daily candlestick is formed. If you trade using price action signals on the daily charts, you can draw in your significant areas of support and resistance and see if any price action setups have occurred at these areas. Checking say fifteen different currency pairs, this should take you no more than ten minutes. If there is a trade setup, put your order in, place a stop loss and set a target, and check back tomorrow to see if they have been hit. By using a set and forget type strategy, there is no need to check your trades throughout the day.

 

So using this methodology that is all your need – ten minutes per day before you go to bed or settle down for the night. I would, however, recommend doing this for at least three months on a demo account first and see how successful it is. If you are doing well and being profitable, then you could think about dipping your toes in with real funds. When it comes to the forex market, you have all the time in the world, or at least, you do compared to other markets which are only open when you are probably working. So why not give it a go? You might find that it fits into your lifestyle just fine.

Leave a Reply

Your email address will not be published.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

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>