I swing trade on the daily charts. I look at the pairs I trade at the NY close for 5-10 minutes and place my trades if they are there and go on with my life. I am trading full time now (which is actually 5-10 minutes LOL) so I don't have a job during the day.
You can look at daily charts on the weekend and start simple by placing support and resistance lines on the daily charts. Look for candles indicating a change of direction around those S/R lines. Once you have identified an area of possibility over the weekend you can monitor the 4 hour charts to get a good entry. This can all be done on your phone in your lunch break. Just adjust your lot size to suit your risk. Maybe use a 1/3 risk reward ratio. Just an easy way to start out in my opinion.
You can look at daily charts on the weekend and start simple by placing support and resistance lines on the daily charts. Look for candles indicating a change of direction around those S/R lines. Once you have identified an area of possibility over the weekend you can monitor the 4 hour charts to get a good entry. This can all be done on your phone in your lunch break. Just adjust your lot size to suit your risk. Maybe use a 1/3 risk reward ratio. Just an easy way to start out in my opinion.
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This is great advice even if a trader doesn't have a 9 to 5 job. Thank you!
I do two things, mainly:
1) I cheat. I mean, in my working place my superiors are very easy going and understanding so if vanish for 20 minutes it's not such a big deal.
2) Pre-plan my time at home. Honestly, whenever I come home I usually have one to two hours of work in me, after that, I'm basically brain dead. So I do what I can with what I have. Disclaimer: I don't have kids
I don't have time to Netflix and chill
I will change my priorities if I feel my wife isn't getting enough of my time/attention.
Daily charts only and few instruments only. I would check the markets during the day, but that's more of a habit, than actual trading.
If there is anything to be done - set limit or market orders before NYC session close and leave it till next evening. No starring at the screens, fully compatible with any type of the job. But just because it suits me.
One thing that has helped me tremendously in my learning so far has been coming to an understanding of the difference between scalping, day-trading, swing trading, and position trading. Being a newbie I was super excited to learn that there was a way that I could trade without having to watch the charts all day! Before I started my journey of learning forex trading I had only heard of "day-traders", so I had no idea that different approaches existed. I work a full-time job so I typically spend a couple hours a day on market analysis when I'm not working, and then wait for the trades to set-up. If I get the right entry-signal and confirmation I will take the trade with confidence, if not then I continue to wait. I typically hold open positions for 2 days to 2 weeks and set up price alerts to that I can lock in profits using trailing-stops early or get out of a losing trade early before it hits my stop-loss. Anyway, swing trading is more fitting to my lifestyle and personality. I feel everyone should do the research and find what works best for them. Happy trading!
One thing that has helped me tremendously in my learning so far has been coming to an understanding of the difference between scalping, day-trading, swing trading, and position trading. Being a newbie I was super excited to learn that there was a way that I could trade without having to watch the charts all day! Before I started my journey of learning forex trading I had only heard of "day-traders", so I had no idea that different approaches existed. I work a full-time job so I typically spend a couple hours a day on market analysis when I'm not...
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That was a very on point explanation and I completely agree with you!
I trade unique pairs with currencies I understand something about, usually it's something like eastern europe and asian currencies anyway and something like that and above that really. I do that part time mostly because I am now working full time on some financial job as well with anything like that. Please correct my ways of doing so by posting your own unique experience here anyway. I am using like few hours timeframe for the whole part of the day I am free from full-time.
have a trading setup that is relevent to trading out of hours. set and forget I usually use daily charts with help of patterns, analyse and general observation of trend to figure out good entry points then put in orders
have a trading setup that is relevent to trading out of hours. set and forget I usually use daily charts with help of patterns, analyse and general observation of trend to figure out good entry points then put in orders
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What it's profit ratio, if you don't mind me asking?
{quote} What it's profit ratio, if you don't mind me asking?
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I'm currently at a stagnent 50/50 win/loss ratiot but I have been playing around with my setups. but staying patient and observing market has helped. easy to get carried away and place orders. the returns are not as much, but aiming to pull 10-20 pips max each trade will bring those ratios up. hope this is helpful
{quote} Some traders prefer scalping and stick to much shorter time-frames.
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Of course; when you are doing scalping. There is no need to follow the D1; since tiny trends are leading the profit of scalping; M15 is my main time frame for scalping!
{quote} Of course; when you are doing scalping. There is no need to follow the D1; since tiny trends are leading the profit of scalping; M15 is my main time frame for scalping!
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To each their own, I've seen people scalping on the M1 time frame too.
One of my team member is doing a job.He also work with us. He is good at Fundamental analysis. My point is if you busy. Scalping, Day Trading not good. Swing will be the best style that suits.But most follow swing only with technical analysis. We need to analyse 4H , 1D time frames to get a good setup for swing. But remember if you trade swing only technical will not enough. You need to understand macro economy. you need to know big picture using Fundamental analysis. Then you can understand the direction that goes. After you can enter positions along fundamental directions using technical analysis. For technical analysis only one or two ours should spend everyday. For fundamentals weekends better to analyse to get a direction. So less time should spend. Even with a job you will able to do that. With both Fundamental and Technical you will able to success in trading too as a Swing trader. My advice is if you doing a job as everyone learn and get experience well with technical and fundamentals. Then become a good swing trader.
People don't care about what you say, they care about what you build
