How long and when I should trade? These are the main questions beginner traders have. In other words, what kind of time management should you have?
Unlike stock market that is strictly tied to a schedule, the currency market works round the clock. That's why many newbie traders start to have a 24-hour life when they stare at the charts all day. They don't have a slightest clue when it's better to work and when to rest.
Most traders, especially beginners, trade in their free time. This is understandable, because it's extremely difficult to combine work and trading. However, some people are lucky enough to look at charts right in their workplace.
Professional traders who work from home don't sit at charts all the time. They work in a certain trading session, make forecasts, open positions and go away from the charts.
Trading sessions
Although forex market is open 24 hours a day, traders who live in different time zones need to rest and sleep, just like all normal people. That's why price movements in the markets depend on the trading sessions.
By the time an amateur trader living in the U.S. finishes his job, the Asian markets have almost closed; the European markets will also close soon, and the American market has a few hours left. As a result, the trader's main resource; time is limited.
So, what to do with it? Nothing complicated. Adapt our habits and trading methods to make the best use of the time available to us.
If you have limited time to trade, you have to make the best of it. On the one hand, if you have the whole day to trade, it gives you a lot of opportunities, but on the other hand, it increases the risk of "overtrading". After all, no one has ever gotten healthier from hours and hours of continuous looking at charts.
Time management rules
Now let's figure out how to manage our time, which is just as important as risk and money management. In forex trading we have 24 hours a day and that's good. However, most of us have a job to do, which means we have only a few hours left for trading, which is not good. So, the first thing to do is to decide exactly when you trade.
When to trade
Trade only when you have dedicated time to do so. Trading is impossible without concentration, without the ability to fully immerse yourself in the world of charts. You can't help the kids to do their homework and wash the dishes, while opening trades at the same time.
It will instantly turn into an ordinary game of chance. Ask yourself a simple question, say "when do I have free time"? Think of trading as a job that is done in a clearly allocated period of time. Let’s just say, if you trade from 9 to 11 p.m. That’s great. This is your trading time. Now make sure no one disturbs you during this time. Finish all your work before this trading period. Free it entirely for trading only. Consistency is the key to success. If you trade when you have a free then you're just gambling. And it will end up, as it always ends, with the loss of capital.
Therefore, you need to understand at once that you cannot trade on the opening of all markets at any given time. You should focus on one specific market, which at this time shows exact pattern that you need. For example, higher volatility for trend strategies or lower volatility for consolidation strategies.
Free up your time to trade
Let's say you trade from 9 to 11 p.m. This period is your only chance to make money. If you miss it, you're left with ultra-risky trading. That's why all your business ends before 9 p.m.
Turn off your social media. From 9 to 11, it's just you and the charts. Turn off everything that will bother you. If you miss even this small amount of time, spending it on chores or browsing on the Internet, you’re not going to be a professional trader.
Trading is a business; it is potentially your new full-time job. Treat it responsibly. If not then after a couple of months you'll give it up after losing a certain amount of money.
Preparing for trading
Time is set, all chores are done so that nothing gets in the way. You need to get ready for the trading. If you’re hungry, eat something. Prepare your body and mind. You have to activate your brain. A beer that you drink in the evening will have exactly the opposite effect. You only have two hours. Be prepared. Just 5–10 minutes of exercise, and that's enough to spot market patterns with a keen, tenacious eye.
Specialization
Pick 1or 2 your favorite assets, say EUR/USD and GBP/JPY. Another option is to go through 10-20 assets at once in search of the ones that will show the behavior you need during those 2 trading hours.
If you run through a bunch of assets, your attention is immediately scattered, you get tired quickly. Even one asset is difficult to analyze, and you want to complicate your trading tenfold. Start small, with 1-2 currency pairs or indices. Who earns the most in any profession? The one who specializes in something one, who is an expert in his field.
No overtrading
For profits and losses, you need to set clear limits. This is extremely important. Beginners very often overestimate their strength and, forget about money management, try to "win back" after a series of failures. Time does not matter to them at all. They often overtrade and don’t notice how:
• Fatigue has accumulated
• the market has changed
• concentration is broken
• they lost more than they earned
Stop Trading
Most novice traders find it extremely difficult to stop. They will not follow the rules described here. And they will realize their mistake only after some time. They will understand that:
• You can't trade when you're tired, it's a self-destructive practice;
• You can't trade when you're not ready for it;
• You can't open random trades when you only have five minutes.
When your allotted time to trade is over, just stop. Take a steady, deep breath. Step away from the chart for at least 5 minutes. Try to put everything out of your mind and think about what you will do tomorrow. That's it for today. You have done all you can, no matter how it went. Write down your conclusions about the past trading hours in your trading diary.
Time limit
Such rules allow to set up trading for people who are extremely limited in time due to office work. Another option is known to forex traders is to work with large timeframes (usually daily). It is possible to come to work in the morning, to open positions and check them a couple of times, in the afternoon or in the evening after work. So, don’t rush. The markets will not go anywhere. Calm down, put everything in its place and you will see how positively it will affect the results.
Unlike stock market that is strictly tied to a schedule, the currency market works round the clock. That's why many newbie traders start to have a 24-hour life when they stare at the charts all day. They don't have a slightest clue when it's better to work and when to rest.
Most traders, especially beginners, trade in their free time. This is understandable, because it's extremely difficult to combine work and trading. However, some people are lucky enough to look at charts right in their workplace.
Professional traders who work from home don't sit at charts all the time. They work in a certain trading session, make forecasts, open positions and go away from the charts.
Trading sessions
Although forex market is open 24 hours a day, traders who live in different time zones need to rest and sleep, just like all normal people. That's why price movements in the markets depend on the trading sessions.
By the time an amateur trader living in the U.S. finishes his job, the Asian markets have almost closed; the European markets will also close soon, and the American market has a few hours left. As a result, the trader's main resource; time is limited.
So, what to do with it? Nothing complicated. Adapt our habits and trading methods to make the best use of the time available to us.
If you have limited time to trade, you have to make the best of it. On the one hand, if you have the whole day to trade, it gives you a lot of opportunities, but on the other hand, it increases the risk of "overtrading". After all, no one has ever gotten healthier from hours and hours of continuous looking at charts.
Time management rules
Now let's figure out how to manage our time, which is just as important as risk and money management. In forex trading we have 24 hours a day and that's good. However, most of us have a job to do, which means we have only a few hours left for trading, which is not good. So, the first thing to do is to decide exactly when you trade.
When to trade
Trade only when you have dedicated time to do so. Trading is impossible without concentration, without the ability to fully immerse yourself in the world of charts. You can't help the kids to do their homework and wash the dishes, while opening trades at the same time.
It will instantly turn into an ordinary game of chance. Ask yourself a simple question, say "when do I have free time"? Think of trading as a job that is done in a clearly allocated period of time. Let’s just say, if you trade from 9 to 11 p.m. That’s great. This is your trading time. Now make sure no one disturbs you during this time. Finish all your work before this trading period. Free it entirely for trading only. Consistency is the key to success. If you trade when you have a free then you're just gambling. And it will end up, as it always ends, with the loss of capital.
Therefore, you need to understand at once that you cannot trade on the opening of all markets at any given time. You should focus on one specific market, which at this time shows exact pattern that you need. For example, higher volatility for trend strategies or lower volatility for consolidation strategies.
Free up your time to trade
Let's say you trade from 9 to 11 p.m. This period is your only chance to make money. If you miss it, you're left with ultra-risky trading. That's why all your business ends before 9 p.m.
Turn off your social media. From 9 to 11, it's just you and the charts. Turn off everything that will bother you. If you miss even this small amount of time, spending it on chores or browsing on the Internet, you’re not going to be a professional trader.
Trading is a business; it is potentially your new full-time job. Treat it responsibly. If not then after a couple of months you'll give it up after losing a certain amount of money.
Preparing for trading
Time is set, all chores are done so that nothing gets in the way. You need to get ready for the trading. If you’re hungry, eat something. Prepare your body and mind. You have to activate your brain. A beer that you drink in the evening will have exactly the opposite effect. You only have two hours. Be prepared. Just 5–10 minutes of exercise, and that's enough to spot market patterns with a keen, tenacious eye.
Specialization
Pick 1or 2 your favorite assets, say EUR/USD and GBP/JPY. Another option is to go through 10-20 assets at once in search of the ones that will show the behavior you need during those 2 trading hours.
If you run through a bunch of assets, your attention is immediately scattered, you get tired quickly. Even one asset is difficult to analyze, and you want to complicate your trading tenfold. Start small, with 1-2 currency pairs or indices. Who earns the most in any profession? The one who specializes in something one, who is an expert in his field.
No overtrading
For profits and losses, you need to set clear limits. This is extremely important. Beginners very often overestimate their strength and, forget about money management, try to "win back" after a series of failures. Time does not matter to them at all. They often overtrade and don’t notice how:
• Fatigue has accumulated
• the market has changed
• concentration is broken
• they lost more than they earned
Stop Trading
Most novice traders find it extremely difficult to stop. They will not follow the rules described here. And they will realize their mistake only after some time. They will understand that:
• You can't trade when you're tired, it's a self-destructive practice;
• You can't trade when you're not ready for it;
• You can't open random trades when you only have five minutes.
When your allotted time to trade is over, just stop. Take a steady, deep breath. Step away from the chart for at least 5 minutes. Try to put everything out of your mind and think about what you will do tomorrow. That's it for today. You have done all you can, no matter how it went. Write down your conclusions about the past trading hours in your trading diary.
Time limit
Such rules allow to set up trading for people who are extremely limited in time due to office work. Another option is known to forex traders is to work with large timeframes (usually daily). It is possible to come to work in the morning, to open positions and check them a couple of times, in the afternoon or in the evening after work. So, don’t rush. The markets will not go anywhere. Calm down, put everything in its place and you will see how positively it will affect the results.
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bit.ly/3spSQqC
🔻FREE Telegram channel🔻
t.me/DeGRAMChannel
🔻Contact for Paid SIGNALS🔻
t.me/DeGRAMForex