I’m a noob in forex and I’m still in school so my schedule is a little more flexible than someone with a job. I have come to realize I am more of a day trader using short term time frames over long term time frames. But if I have a 9-5 job, I can’t sit in front of my computer and do this, and that depends on my time zone too. Wondering if any of you have actually done this with a 9-5? Also wondering if I would have to switch over to longer term time frames if I want to keep my job. What’s the best time frame to use if you have a 9-5? The 30 min, 1 hour or 1 day? I have tried trading the 1 day time frame before but unless it was a volatile market, I wouldn’t get much momentum.
Hi
Ther are several options.
If you cant stand in front of the computer to trade during london or ny session, then you can:
- Trade the daily charts using a discretionary system. The daily charts moves very slowly, but if you follow 20 pairs you will have plenty of setups to make good trades. ANd the best part is that you only have to check once a day when the candle close.
or
- Use mechanical system and write an EA for it.
Since I am a professional trader, I trade smaller timframes during NY session, and also I have an EA to trade during London session, when I am sleeping.
Hope that helps.
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I kinda have similar issues and questions. but I have decided to use both short term and long term. I am going to use forex signals and forex trade copy systems. For the long term trades, I will have to set a realistic Stoploss and Take profit on every of my trades. This will allow me focus on other things such as my job.
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My main focus is on short term trading . I make small targets,try to get them in trading.it seems easy than of long term trading.Few times I plan for long term , it requires big money and lot of experience to wait for a proper time of trading.
If you have regular 9-5 job than the most reasonable way of trading is long term like D1 or W1. Talking from experience it works really good.
Agree with Rambo, trade longer time frames and you only need to check the charts now and again to see how your trades are doing. Less time needed, less stress, more time for life
Problem with daily is finding a strategy that works for the swing trader. Most discussed on here focus on m15 or H1.
Anyone have a list of nice daily chart strategies??
I did it for a few years while I was a student attending a theoretically full-time degree course. It isn’t easy, and of course it’s limiting … but then the whole thing isn’t “easy” anyway, however you look at it?
Realistically, this is going to depend on your job, I think?
So it isn’t easy for others to answer for you.
If you’re able to get online regularly, or even semi-regularly, even if only via a smartphone trading interface, I’d think that would make quite a big difference?
I used to use two-hour, three-hour and four-hour charts. I much prefer faster charts, but it was all I could realistically do, on some days, for quite a long time.
It will also vary according to your time-zone, and specifically whether evening hours are any good for you, for trading?
I work a 7:30-4 and on practice. Must be able to see what the data releases are and how the traders are reacting. If you don’t keep up with it all, you get sliced up…trust me, I know.
Yes, but it depends on the type of job you have and the timeframe that is best for your trading. If your work allows you to check several times a day how an instrument is doing, then yeah, you might try it, although I found it too distracting and in the end both activities suffered.
As trading is an attention guzzler, I’d make it my only activity. Multitasking is overrated.
If you want to do forex trading with you day job, then you have to trade on higher time frames. Daily is the best in this situation as you will be needing a set and forget strategy.
I’m still an amateur for this kind of business. As a student, I always take my time about 30 minutes to train scalping method (it depends on the broker itself, but mine is allowed). Using 1-15 minute and 1 day timeframe.
Yes, I believe it can be done (longer time frames are better though). Preparation is the key, all the hard work can be done in your spare time. I trade off the daily and spend an hour or two analysing charts, looking at the upcoming news reports, determining entry points. Then it’s just a case of setting either an email alert if a price level is reached or an automatic entry with a pre-determined stop and TP level. At lunch I will check in to see how things are going and again later in the afternoon. The only disadvantage is not being able to adjust things on the fly if something unexpected happens.
While you can’t scalp you don’t have to restrict yourself to trading off daily charts. You can identify your levels of interest with the 4H or Daily in the evening and then semi-monitor the 15m chart to get a feel for the momentum and time your entry right during the trading day. Works fine for me and I work 9-5. I use Oanda and they have a good mobile app so I can keep a quick eye on things from time to time. The key is to plan a bit ahead to have your support and resistance levels in mind for that day so you can set your stops and TPs for the day if you can’t monitor it.
Thanks guys i havent started yet but im reading all the comment trying to gather information all i can, any im down here cape town…