Trading Forex In As Little Time As Possible
One of the things Forex traders struggle with is how time consuming it can be. Day trading is especially time consuming. If you are not careful, Forex trading can suck the life right out of you.
The fact that Forex trading can be so time consuming is ironic because a lot of people get into Forex trading to become independent and have more free time. So be careful.
I personally struggled with this problem when I explored day trading. Here are some of the things I did to try to free up more time or fit trading into my life…
- VPS: I got a VPS so I could keep my platforms hooked up 24 hours a day. This would allow me to use trading tools to help identify setups and manage trades once they were placed.
- Alerts: I had alerts put on a lot of indicators so an email would be sent to me if the indicator triggered a trade setup.
- Blackberry: I got a Blackberry so when the email would be sent to my Inbox I would immediately be notified.
- Trade Management Software: I had trade management Expert Advisors made that would manage the trades after they were placed according to my trading rules.
- Extra Laptop: I got a smaller laptop computer I could take with me everywhere I went, just in case I got alerted to something while I was away from my computer and needed to access my VPS.
And even with all that, I still found it impossible to fit Forex trading into my life. Even if I could limit my screen time, I still had to be available all the time in case a trade setup triggered. And I still had to have the ability to access my VPS through an Internet connection, no matter where I was.
The Forex Time Commitment Solution
I solved this problem by only trading end of day, set and forget style. As a result of trading off the Daily charts, I only spend about 10 minutes a day looking at the charts and making trading decisions. (This approach also makes it possible for other people to follow my trade signals at ).
Too many traders get stuck because they are told the only way to make money as a Forex trader is to become a day trader and focus on the smaller time frames. This ends up being a big problem and you can end up spending hours sitting in front of the computer.
Even if you use all the things I did to try to fit trading in my life, it is still going to be tough. By trading the Daily charts all I need is a computer, trading platform and Internet connection at the same time every day (@ 5 PM New York Time). I don’t even need a VPS anymore.
End Of Day Trading Makes Trading Forex Worthwhile
One of the things a lot of people don’t talk about is the necessity to make Forex trading feel worthwhile. If you are going to keep trading long term, you really need to feel your efforts are being rewarded. Sitting in front of the charts 8 hours a day struggling with the market is going to raise the bar really high (and you are going to need to be rewarded greatly in order to feel your time in front of the charts was worthwhile).
On the other hand, by only spending 10 minutes a trading day you can last through the ups and downs of trading because you are not spending a lot of time and effort. It works out to about 40 hours of work a YEAR. And when you see profits at the end for such little time commitment, it is really easy to see how your time was well spent and well worth the effort.
If you want to see what trading in only 10 minutes a day feels like, I encourage you to take my .
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