Sorry in advance if this has been asked already. I work construction during market hours so I’m not really able to look at my phone during the day.
I know I can swing trade equities/futures , but I was wondering if forex would be something that would be worth getting into that I could learn to trade after work during Asian market hours i believe it’s called.
Any input or old post on this would be appreciated. Thanks!
From all that I hear the Asian session is simply too thin trading and sluggish price movements to be worth sitting around for. I don’t even recall specific strategies that work well under the conditions during Asian trading.
Wow that’s a bummer! If I can’t trade during market hours , does anyone know a good time I could trade outside of normal market hours? I thought forex might be good for this. I’d like to make sure before I decide to take the time and learn it.
You can always trade the weekly candles. I am trying that out right now (demo account). I can look at the charts on the weekend at my leisure and then put some trades in. It is not fast moving and it is not necessary to look at the charts until the next weekend as long as you have your stop loss and take profit defined as part of the trade.
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I work days as well and still trade every day. I do have the luxury of checking in on them throughout the day, but it’s really not necessary, it’s only because I can. Set your order, SL and TP and let it run.
I do most of my analysis before bed. I’ll go through each daily chart and if I see a setup I like I’ll place a buy/sell order at the price I want to enter, along with a TP and SL. If the order is triggered then great, let it run its course. If not then that’s fine too, just cancel the order when you get home.
Unless you’re scalping then there’s really no need to be checking your trades throughout the day.
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Thanks, yeah I’ve been looking at the daily and the weekly for overall trend for some swings I’ve been practicing. Would you guys recommend getting into forex over equits? Just curious of what I’d be getting into if I decided to try some forex. I actually have a forex for dummies book I bought 4 years ago but I’m curious on what people who actually trade it think.
Doing something similar to this with the daily chart !
Thanks for the reply!
I have traded both and had about the same results. Now I invest in equities and trade Forex. Neither are easy and trading takes a lot of time and patience to profit from consistently.
Most are better off investing in ETF’s and calling it a day.
I suggest you consider scalping for now in the evening. Around 8pm EST volume heats back up and you can trade for a couple of hours…
As a new trader you’ll go crazy all day at work not being able to check to see if you are losing your shirt or not.
Some of the best traders in the world scalp.
If you are going to day trade, Use 0.01 lot trades using daily or weekly charts.
That’s my 2 cents.
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Forgot to mention I’m California pacific time!
If you have 9-5 job, I think trading with daily or weekly time frame is the best option for you as many members have already suggested above.
First you can complete all courses in Babypips, it will give you the basic knowledge about trading then you can read more books that suit to the strategy that you pick from the course. Some YouTube channel is good to gain more information.
My time local starts same with Asian market but currently I rarely trade with this session since it’s not stable, it suits for scalpers. New York session will decide the final result of daily trade, then you can analyze the chart before opening time of NY session then place order with SL/TP. I’m not sure you try with demo account or not, if you don’t, let start with demo account to test your favourite strategy and then
go on with live account from 0.01 size.
Hope it helps and gook luck with your trading journal.
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