One of the questions that we get asked pretty often is ‘How can I fit trading into my life? I work normal daytime hours, and can’t be in front of the screen. What do I do?’
This is one of the most common issues for newer traders, and people that are still struggling to find the time to trade. Most people think that you need to spend hours in front of the screen as a day trader to make money trading forex. This is a huge misconception that couldn’t be further from the truth.
As professional forex traders, we know that its possible and practical to make money trading forex from as little as 20 minutes a day. You just need to follow the next 5 steps to reducing your time in front of the screen and fit trading into your lifestyle around your day job.
1. Keep your Day Job.
Too many people get into trading and instantly try to work out how quickly they can quit their job. This is usually all within the first 2 or 3 months, when they are still in the honeymoon period. You need to be fully aware that you are not going to quit your job and retire on a beach inside of your first 6 months. The best thing you can do for your trading is to keep your day job which brings in the regular income, while you grow your trading account, and if possible add funds to it along the way.
Trading the forex markets while you have a regular income coming in will mean that you don’t have the need to try to force the market, to overtrade, to force trades and to try to make money. You can focus on the essential part of trading, which is trading.
2. Learn to Trade the higher timeframes. 선물옵션
If you’re going to fit trading into your lifestyle you have 2 options. Firstly trade really small timeframes such as 30 second and 1 minute charts, which funnily enough is what most amateurs start doing. They feel they have to make money in those 30 minutes in front of the screen in a state of heightened tension. This is certainly one way to do it, however it seems a stressful, difficult, not to mention scary way of trading! Trading small timeframes like the 1 minute chart is incredibly difficult, as you may have a 3 pip stop loss with a 1 pip spread. This means that 33% of your trade is just the transaction cost. This means making money rather difficult. Not to mention the spread could be 2 or 3, and you land yourself in a whole world of pain.
Why not take the sensible and practical approach of trading higher timeframes like Daily charts. This way you only need to be at the charts once a day when the New York market closes, which you can quite easily fit into your lifestyle. Trading for 20-30 minutes at the end of the trading day allows you to trade multiple currency pairs, and benefit from their movement over the course of the trading day.
3. Restrict your trading time.
Don’t give yourself 3 hours in the evenings to trade. Believe me, you’ll find a way to spend 3 hours in front of the charts. Trading can become addictive, and if you don’t consciously restrict yourself to a certain time period, you’ll find yourself there for hours or even days!