Hello trader! How much time do you usually need to spend studying charts and watching the currency markets? I'm sure many of you at the beginning of your trading career literally stuck to your computer screens for days on end, obsessing over charts, drinking large amounts of coffee and constantly placing orders throughout the day, but is this the only, realistic approach we have? In this post, I will show you an alternative way to track your charts, using various methods and tools to develop a much more nimble, calm and productive approach to trading. I will show you that you shouldn't be stuck at your computer screens all day, while still using your time rationally.
✳️ Timeframes and Currency Pairs
The timeframes that you use when trading determine the frequency with which you check the charts. So, it goes without saying that if you trade on a 5-minute chart, you have to check the charts much more often than if you trade on a daily timeframe. Your workload is also affected by the number of currency pairs you trade, i.e. the more currency pairs you will use to trade, the more charts you have to analyze. This does not mean that you cannot trade on 20 currency pairs or more, it simply means that you have to have a ready-made system in which you can monitor each currency pair effectively. Say, when trading on M15 it is difficult to keep track of 20 currency pairs, but when you work on D1 it is quite convenient.
✳️ Analysis
Over time, you will develop your own expertise and confidence in being able to analyze markets consistently and quickly. Knowing where and when to "hunt" for a trade and when to properly use lower timeframes will help you save a tremendous amount of time for looking at charts. Having a clear idea of where you will look for price signals to open positions will allow you to plan ahead and choose your desired positions, and will prevent you from having to constantly monitor the markets.
On the other hand, traders who monitor the markets carefully and for long uninterrupted periods of time can fall prey to opening positions that they probably tend to find unreasonable, this may be due to the fact that traders feel pressure: because they HAVE to open a position to justify their time sitting behind the monitor. So, you need to know where and when to look for trading signals. For example, if you trade the cross of the 200th Average, of course, if the price is very far from this average, you understand that the next ten candles do not make sense to look into the terminal. And you do not waste your time and attention.
✳️ Price Alerts and Pending Orders
Price alerts play a great role in saving the time needed for analyzing charts. The way they work is very simple: as soon as you have analysed every currency pair you wish to trade, you can set up an alert signal at a price level you think is good for opening a position in that particular pair. When the price reaches the desired level, a price alert is triggered and you are notified by email or text, after which you can check the pair for any price movement signals.
Trading signals also play a role in position management: you can set alerts for stop loss level, entry level, profit taking, which means that you can leave your position and make changes to it only when the price reaches your targets.
✳️ Trading on the go
Before the rise of smartphones and tablets, trading on the go was not an option, however, modern technology and communication tools make trading on the go very easy. The ability to open and close positions or reduce a stop loss wherever you are generally meaning that you don't have to stick to your computer screens to trade. As a result, this has led to traders being able to trade almost anywhere they like from now on.
Getting all the latest information and staying up to date with current market movements, thanks to advances in technology and global access to the Internet, has freed traders from their screens and given them a degree of freedom that we all long for. Due to the fact that each broker offers its own application for trading, which you can download to your phone or tablet, trading has now become a fairly universal and accessible business, which can be engaged anywhere.
✳️ Have a trading routine
If you treat trading like a real business, you'll find that an important and necessary issue is having a set routine and appropriate working hours, as well as understanding when to work and when to rest. It is very easy to get caught up in the markets and feel as if you have to monitor the charts 24/7 so that you don't miss a single trade. This is a dangerous habit to develop because getting too involved in the markets will burn you out and exhaust you very easily.
If you find that the markets are starting to dictate your lifestyle (a classic example is when you stay up all night just to catch a good time to enter the market), then you've gotten too deep into trading. You should know when to turn off the trade, be able to turn off the charts, and get a good night's sleep. Be reasonable, set your own working hours and stick to them, even if trading is your main occupation, set aside a certain amount of time every day during which you would have worked in the markets and try to stick to it consistently.
✳️ Take a day off
Once a week you should take a day off from trading. No reading on forums, no studying strategies, no browsing charts, no testing Expert Advisors. Nothing related to trading at all. The best thing would be to go to the nature, go for a walk in a strange place, read a fiction book, visit the theater, spend time with family or friends. Such "days of unloading" help our brain to rest, process the accumulated information and experience to work more productively in the future.
✳️ Do you spend too much time analyzing charts?
The purpose of this post is to show you how flexible trading can be and that you don't have to be glued to your computer monitor working 24/7 to get results. Even if trading is your main occupation, it can be scheduled in parallel with your other activities. It shouldn't look like an all-or-nothing proposition, because the forex market allows us to choose when to trade, so you can appropriately structure your trading hours to suit your own needs.
You can't get around the fact that you need to spend a tremendous amount of time constantly learning the aspects of forex trading in order to execute effective trading, but once you have accumulated the necessary skills and confidence in your own skills, you will actually need a much smaller amount of time needed to directly trade.
Trading may even seem like something boring to you, but that's only because you just understand and accept what the markets really are, realizing that it's not a game, but just a business.
The main goal that attract people to trading is the promise of financial freedom and an attractive lifestyle, but trading can have the opposite effect and can sometimes become an obsession that completely drains the trader. You must know when to work and when to play. Setting in place a set order/trading clock brings into your daily life the routines every trader needs to maintain a healthy and productive workload.
Time is a very valuable commodity, in our modern lives the day is already filled to the brim with so many other commitments and activities, and managing it wisely is key to success. So, if you find yourself spending too much time on charts, there are things you can do to reduce your trading load, it will give you the freedom to step away from your screens. These include the following:
1. Using price alerts and pending orders, which are probably the biggest time-saving factor.
2. Focusing on higher timeframes while carefully using lower timeframes as well.
3. Having a fixed schedule of trading hours which you should stick to.
4. Using trading applications that allow you to stay connected when you are away from your computer.
Applying these recommendations to trading will allow you to stay in contact with the markets without physically sitting in front of charts for days on end. What is the point of looking at charts if currency pair prices are not in a zone where you are not waiting for a signal? Why waste your time watching the price movements, if you are not going to trade any time soon anyway? Instead, let price do its thing, and on occasion enter the market in the area where you are waiting for a signal, that would be exactly the time when you should switch to the charts and hunt for pips. Remember, you are the main figure (not the markets!) and you are the one who keeps the trading procedure consistent and tight, be patient.
✳️ Timeframes and Currency Pairs
The timeframes that you use when trading determine the frequency with which you check the charts. So, it goes without saying that if you trade on a 5-minute chart, you have to check the charts much more often than if you trade on a daily timeframe. Your workload is also affected by the number of currency pairs you trade, i.e. the more currency pairs you will use to trade, the more charts you have to analyze. This does not mean that you cannot trade on 20 currency pairs or more, it simply means that you have to have a ready-made system in which you can monitor each currency pair effectively. Say, when trading on M15 it is difficult to keep track of 20 currency pairs, but when you work on D1 it is quite convenient.
✳️ Analysis
Over time, you will develop your own expertise and confidence in being able to analyze markets consistently and quickly. Knowing where and when to "hunt" for a trade and when to properly use lower timeframes will help you save a tremendous amount of time for looking at charts. Having a clear idea of where you will look for price signals to open positions will allow you to plan ahead and choose your desired positions, and will prevent you from having to constantly monitor the markets.
On the other hand, traders who monitor the markets carefully and for long uninterrupted periods of time can fall prey to opening positions that they probably tend to find unreasonable, this may be due to the fact that traders feel pressure: because they HAVE to open a position to justify their time sitting behind the monitor. So, you need to know where and when to look for trading signals. For example, if you trade the cross of the 200th Average, of course, if the price is very far from this average, you understand that the next ten candles do not make sense to look into the terminal. And you do not waste your time and attention.
✳️ Price Alerts and Pending Orders
Price alerts play a great role in saving the time needed for analyzing charts. The way they work is very simple: as soon as you have analysed every currency pair you wish to trade, you can set up an alert signal at a price level you think is good for opening a position in that particular pair. When the price reaches the desired level, a price alert is triggered and you are notified by email or text, after which you can check the pair for any price movement signals.
Trading signals also play a role in position management: you can set alerts for stop loss level, entry level, profit taking, which means that you can leave your position and make changes to it only when the price reaches your targets.
✳️ Trading on the go
Before the rise of smartphones and tablets, trading on the go was not an option, however, modern technology and communication tools make trading on the go very easy. The ability to open and close positions or reduce a stop loss wherever you are generally meaning that you don't have to stick to your computer screens to trade. As a result, this has led to traders being able to trade almost anywhere they like from now on.
Getting all the latest information and staying up to date with current market movements, thanks to advances in technology and global access to the Internet, has freed traders from their screens and given them a degree of freedom that we all long for. Due to the fact that each broker offers its own application for trading, which you can download to your phone or tablet, trading has now become a fairly universal and accessible business, which can be engaged anywhere.
✳️ Have a trading routine
If you treat trading like a real business, you'll find that an important and necessary issue is having a set routine and appropriate working hours, as well as understanding when to work and when to rest. It is very easy to get caught up in the markets and feel as if you have to monitor the charts 24/7 so that you don't miss a single trade. This is a dangerous habit to develop because getting too involved in the markets will burn you out and exhaust you very easily.
If you find that the markets are starting to dictate your lifestyle (a classic example is when you stay up all night just to catch a good time to enter the market), then you've gotten too deep into trading. You should know when to turn off the trade, be able to turn off the charts, and get a good night's sleep. Be reasonable, set your own working hours and stick to them, even if trading is your main occupation, set aside a certain amount of time every day during which you would have worked in the markets and try to stick to it consistently.
✳️ Take a day off
Once a week you should take a day off from trading. No reading on forums, no studying strategies, no browsing charts, no testing Expert Advisors. Nothing related to trading at all. The best thing would be to go to the nature, go for a walk in a strange place, read a fiction book, visit the theater, spend time with family or friends. Such "days of unloading" help our brain to rest, process the accumulated information and experience to work more productively in the future.
✳️ Do you spend too much time analyzing charts?
The purpose of this post is to show you how flexible trading can be and that you don't have to be glued to your computer monitor working 24/7 to get results. Even if trading is your main occupation, it can be scheduled in parallel with your other activities. It shouldn't look like an all-or-nothing proposition, because the forex market allows us to choose when to trade, so you can appropriately structure your trading hours to suit your own needs.
You can't get around the fact that you need to spend a tremendous amount of time constantly learning the aspects of forex trading in order to execute effective trading, but once you have accumulated the necessary skills and confidence in your own skills, you will actually need a much smaller amount of time needed to directly trade.
Trading may even seem like something boring to you, but that's only because you just understand and accept what the markets really are, realizing that it's not a game, but just a business.
The main goal that attract people to trading is the promise of financial freedom and an attractive lifestyle, but trading can have the opposite effect and can sometimes become an obsession that completely drains the trader. You must know when to work and when to play. Setting in place a set order/trading clock brings into your daily life the routines every trader needs to maintain a healthy and productive workload.
Time is a very valuable commodity, in our modern lives the day is already filled to the brim with so many other commitments and activities, and managing it wisely is key to success. So, if you find yourself spending too much time on charts, there are things you can do to reduce your trading load, it will give you the freedom to step away from your screens. These include the following:
1. Using price alerts and pending orders, which are probably the biggest time-saving factor.
2. Focusing on higher timeframes while carefully using lower timeframes as well.
3. Having a fixed schedule of trading hours which you should stick to.
4. Using trading applications that allow you to stay connected when you are away from your computer.
Applying these recommendations to trading will allow you to stay in contact with the markets without physically sitting in front of charts for days on end. What is the point of looking at charts if currency pair prices are not in a zone where you are not waiting for a signal? Why waste your time watching the price movements, if you are not going to trade any time soon anyway? Instead, let price do its thing, and on occasion enter the market in the area where you are waiting for a signal, that would be exactly the time when you should switch to the charts and hunt for pips. Remember, you are the main figure (not the markets!) and you are the one who keeps the trading procedure consistent and tight, be patient.
🚀TOP 1 broker🚀
bit.ly/3spSQqC
🔻FREE Telegram channel🔻
t.me/DeGRAMChannel
🔻Contact for Paid SIGNALS🔻
t.me/DeGRAMForex
bit.ly/3spSQqC
🔻FREE Telegram channel🔻
t.me/DeGRAMChannel
🔻Contact for Paid SIGNALS🔻
t.me/DeGRAMForex