Lets' get one thing straight. A lot of people start trading Forex only to give up in 3 months time. They may start Forex trading again at some point, and you might find yourself in this position, but there's one big problem.
Forex trading has to fit into your lifestyle. If it doesn't fit into your lifestyle, you won't carry on doing it. So many people start trading small timeframes for hours at a time, put their lives on hold, and try to get rich quick. The sad fact is that this is very unlikely to work for them, as their having to force 4+ hours a day, to the detriment of the other things in their lives such as family, work and friends.
I've got a better idea, how about fitting Forex trading into your lifestyle and getting rich more easily, without having to force it and without having to find hours a day in which to trade? Doesn't that seem quite a lot more appealing?
Fit Forex trading into 30 minutes a day
If you're going to fit trading into your lifestyle, you have to be trading the Daily chart timeframe. You can't trade an hourly chart and expect to be able to do it in 30 minutes a day. Trading the Daily chart means that there is only one bar/candle per day, so all you need to do is log on to your trading platform when the Daily bars close - New York close, and make your trading decisions at that time.
Let's say that you trade 10 or 12 currency pairs, you've got 2 or 3 minutes per currency pair to check if your strategy is setting up. That may sound like a small amount of time, but that leads me on to the next section.
Plan your trades at the weekend.
A bit of time at the weekend looking through your charts and analyzing trend and strategy setups is time well spent. Bear in mind that there will only be 5 new bars per week, you can set yourself in a very good position by doing a little bit of preparation at the weekend. Remember, fail to prepare, and prepare to fail...
Set and Forget
So if the goal is to learn how to trade the daily charts in less than 30 minutes a day, you need to learn to set up your trades and let them run, coming back to the charts once a day. I'm not going to lie to you, this can take some time if you're obsessed with always watching your money tick up and down on the screen. It is however, the most relaxing way to trade. Get used to the fact that the world isn't going to end tomorrow. You have a stop loss in place to protect you, and you can sleep soundly knowing that if the trade does go the wrong way, your broker will get you out of the position.
You see, you really do have to set and forget about your trades when you're on the daily charts, as the end goal is to make sure that we're highly focused when we're trading, but we're able to step away from the screen and get on with our normal lives. That's the way that trading is meant to be.
Continue to practice implementing the above to develop your trading skills towards a pro Forex trader.
Forex trading has to fit into your lifestyle. If it doesn't fit into your lifestyle, you won't carry on doing it. So many people start trading small timeframes for hours at a time, put their lives on hold, and try to get rich quick. The sad fact is that this is very unlikely to work for them, as their having to force 4+ hours a day, to the detriment of the other things in their lives such as family, work and friends.
I've got a better idea, how about fitting Forex trading into your lifestyle and getting rich more easily, without having to force it and without having to find hours a day in which to trade? Doesn't that seem quite a lot more appealing?
Fit Forex trading into 30 minutes a day
If you're going to fit trading into your lifestyle, you have to be trading the Daily chart timeframe. You can't trade an hourly chart and expect to be able to do it in 30 minutes a day. Trading the Daily chart means that there is only one bar/candle per day, so all you need to do is log on to your trading platform when the Daily bars close - New York close, and make your trading decisions at that time.
Let's say that you trade 10 or 12 currency pairs, you've got 2 or 3 minutes per currency pair to check if your strategy is setting up. That may sound like a small amount of time, but that leads me on to the next section.
Plan your trades at the weekend.
A bit of time at the weekend looking through your charts and analyzing trend and strategy setups is time well spent. Bear in mind that there will only be 5 new bars per week, you can set yourself in a very good position by doing a little bit of preparation at the weekend. Remember, fail to prepare, and prepare to fail...
Set and Forget
So if the goal is to learn how to trade the daily charts in less than 30 minutes a day, you need to learn to set up your trades and let them run, coming back to the charts once a day. I'm not going to lie to you, this can take some time if you're obsessed with always watching your money tick up and down on the screen. It is however, the most relaxing way to trade. Get used to the fact that the world isn't going to end tomorrow. You have a stop loss in place to protect you, and you can sleep soundly knowing that if the trade does go the wrong way, your broker will get you out of the position.
You see, you really do have to set and forget about your trades when you're on the daily charts, as the end goal is to make sure that we're highly focused when we're trading, but we're able to step away from the screen and get on with our normal lives. That's the way that trading is meant to be.
Continue to practice implementing the above to develop your trading skills towards a pro Forex trader.
