Managing Your Time

Filed under: Learn Forex Trading |

The great thing about trading forex is that it is a 24-hour market (Monday to Friday at least), and as such, it gives people the opportunity to trade when and where they want to. Of course, if you want to be a professional forex trader, then you really need to dedicate a lot of your time to the art of forex trading. However, if you still have a day job, the market provides a whole host of opportunities.

 

By looking at the charts for just twenty minutes per day (preferably at the New York close, which is around 10pm in the UK), you should be able to find at least several great trade setups per month. To be more than just a part-time trader, you could look at the charts whenever the opportunity arises. The markets are always there, and the more you look at the charts, the more setups that you will find.

 

What I tend to do it is set my mobile phone to beep me once every hour during the day about five minutes before a new hourly candle will be formed. If I am around, I check my charts to see if anything is setting up. If I’m busy doing something else, then I don’t worry about it and go about my business. The whole point of trading forex, for me anyway, is to gain my own freedom and get away from the shackles of paid employment. But if we are chained to our computers all day – then what is the difference?

 

Try to make a rough schedule for yourself – check the charts when you wake up, before you go to bed, and whenever you are around during the day: but do not become a slave to the charts. The markets are always there – 24 hours per day, and as long as you are not out all of the time, you should catch a good number of trade setups.

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