Day trader

Hi
I am new to Forex. my question is what’s the reasonable time required to be a day trader. also I i can spend any number of hours between 7pm to 7am (GMT). what is the best pair i should start with.
appreciate help:)

Simple question, answer is not so simple

There are lots of factors, many of them will depend on you as a person

Here are some considerations

  • You NEVER want to trade when you are any of the following: tired; distracted; likely to be interrupted; sick; or anything else that can effect your ability to make objective judgments (emotion)

So right away, if any of those boxes are ticked, do not trade that day or stop trading if you are currently trading

  • How long can you concentrate in front of a computer?

This is a personal question and one that you will need to figure out yourself, trying to over trade will lead to the problems I listed above

  • What is the market doing?

Sometimes you will open up your charts, and see absolutely nothing that meets your strategy, depending on your personality, this can lead to impulse trades out of boredom, where you attempt to force the market to fit your strategy when in fact it currently does not. Remember, often what separate good and bad traders is not the ability to make good trades, its the ability to not make bad ones…

  • What is your target/goal per day?

Set something realistic, and something that can be achieved with consistency, if you do every well very quickly, consider finishing for the day, as over-confidence on the back of big wins can be a real problem and ties in with my first point

  • What is your maximum loss per day?

When you hit it, and some days you will, STOP TRADING, do not take revenge on the market, or trade with the mentality that you “need to make your losses back”. The market will still be there tomorrow, however you will be more objective, and fresher. See my first point again.

I’m sorry i didn’t give you a direct answer, but i don’t believe anyone can, I hope with these points you can reach the answer that is right for you

Happy Trading

Hey n00bs :slight_smile: Nice to see fresh traders around here. (No offense, I’m a n00b trader too, just not a n00b forumite)

Good answers MulletBoy. Here are some more ideas to chew on:

You can trade when tired; distracted; likely to be interrupted; sick. But it’s riskier. I wanted to mention this because there are conditions that occur in life that cause your trading environment not to be ideal. Personally, while I am still trading a small account, I want to expose myself to as many of these as possible. I’d rather “live through it” and learn how to be prepared for the day when it strikes and I’ve got big money on the line. A good practical example of this would be: if kids wake me up with a nightmare, causing me to get dis-jointed sleep … yet I still wake up to trade in my groggy state. I am aware that the condition is not ideal, but I want to reinforce the discipline of trading. Sometimes it is really hard and even feels like a chore (last year I traded several days with a fever) but making it through those times can be insightful.

How long can you concentrate in front of a computer?
This question doesn’t seem right. If you are a quick-trade scalper, then you likely don’t need endless screentime to make a decent yield. If you are a swing-trader on longer timeframes, then you don’t WANT to be glued to the screen. So a better question to ask is: what is the best trading window for me between 7pm-7am? Depending on the currency(s) you are trading, there is probably a time when they are either more-volatile or less-volatile (depending on what type your strategy works best in).

Target goal per day
I personally hate this question. But I do understand the need to have written goals. The problem is, what you take from the market (be it pips or percentage) is not really something you control. You cannot force it into a window of trading time, because the market will only give you what it wants. You could possibly extend your trading window, but I would not recommend that. Why not master your trading style and then, looking back, come up with a realistic yield you can target.

Max loss per day
Yes I agree with that – stop trading if you should hit the max.