Screen Time is Key

Filed under: Learn Forex Trading |

There are a lot of elements that need to come together if you are to make it as a forex trader, but perhaps the key ingredient in this journey is screen time. Without screen time (and by this, I simply mean a considerable and habitual amount of time looking at forex charts), you will simply not carve out the skills and instincts necessary for being a profitable trader.

 

In order to be a successful forex trader, you need, at a bare minimum, to make a habit of looking at all of your charts at least once every day – Monday to Friday (when the forex markets are open). This should only take 20-30 minutes at the most, so it is hardly a massive burden. If you are only checking once every day, this means that you are only really trading the daily charts, and as such, it would probably be best to look at these at the New York close when a new candle is about to open just as another one is closing. This is best because you can only really make trading decisions about a session when that session has ended. Once a candle is closed, it then becomes a pin bar, an inside bar, or whatever else it might be. By looking at these patterns, we can forms opinions about where the market is most likely to go next. These opinions will not be guaranteed, but they should be enough to give us a long-term market edge.

 

In summary, screen time is undoubtedly key if you wish to become a forex price action trader (however, it is not so important if you are only trading the fundamentals!). Try to make a habit of checking your charts between one and perhaps up to ten times per day (if you are trading off of the 1-hour charts). In the end, the screen time will pay off.

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