Newbie in need of advice

Hi all, new here and fairly new to FX. Been studying the subject for a while and now paper trading and testing a few systems, but my question is…having a family and working most of the day, what are the best pairs to trade between the hours of 7pm and 12am GMT. I’m not looking for huge gains, but will be happy to make a steady profit. I use IG Index at the moment for trading real at a £1 a point and Oanda for paper trades, though I will be opening an account with them soon enough.
Only trade commodities futures on IG at the moment which gives me a small profit, I set my stop loss and basically leave the trade. FX appears to need a little more attention I believe, more so at my stage, so I can only trade between them hours to ensure I don’t suffer major losses and so I can trade off the chart. Any help please guys. :slight_smile:

Perhaps the worst time to trade given that both London and New York have closed. :slight_smile: Asian starts to warm up around zero hundred hours - 01:00 and takes you into London open. Most volatility around 13:00 - 17:00 GMT (London - New York overlap).

So what do you do? If as you say your working then perhaps you might consider scaling back your lot size and trading the daily or even the weekly? If you care to flip through various time frames you will see PA will behave broadly the same on any given time frame.

I am going to agree with RC on this I would look to trade longer time frames. that means you need to keep your lot size small Oanda is great for this. If you use a system that is simple you could run it with pending orders or set up an email/sms alert at your trade signals if you have access to your broker during the day.

If you feel the need to try and trade during the Asian session I would look at the AU and NU and some of the yen pairs.

I agree with Shr1k. You should consider trading the Aussie or the Kiwi. If you want to do some day trading, maybe you can consider trading the news. I have found that trading news from Australia and New Zealand is easier than trading other news reports.

i also suggest you think about swing trading, and look at the 4-hour / daily charts. You could leave your trades open for a few days, and just check them out every night

There is often great cyclicity on the daily and 240 charts for the major and minor pairs, which would enable you to find end of day setups on those charts. I don’t think that you will find too many setups at that time that will come to fruition while you are still at the computer that evening, you will be carrying the majority of the trades during the night. I have three small kids myself, and trading end of day in the session you describe, as well as shorter trades in the 0530-0930 slot has worked well for me. For the end of day session, as long as the pair you focus on for any given trade has a good trend on the daily and 240 charts, there can be sufficient momentum to carry the move forward and make some good pip gains.