Hello everyone, I know the question about full time job and fitting trading in has been asked before, but what I would like to ask is the following: I am going to be working full time from 08:30 to 17:00 Europe/Prague time. If we assume the scenario where I can’t check on trades during that time (even though I could have long positions) what can I still trade when I’m finished at 17:00? If I’m not mistaken, probably the London market will still have one more hour to trade, but possibly volume will have died down.
Also if I’m not mistaken, the New York exchange will be in the middle? So what does that mean? Does it mean I can exchange certain pairs? So my general question is what are the best options to trade, assuming long and short positions?
I work a fulltime job and i am currently back testing a daily time frame trading strategy, So far i am having good results. I live in Australia so I have worked that in to my strategy i trade Technical analysis on backtesting and plan to use Fundamentals/COT report to help me choose my bias of direction when i am live trading with this new strategy. By trading a bigger time frame I only have to check my trades once or twice a day, which also frees me up for hours of more back testing.
Being that you are finishing work at the London NY over lap you are in a really good spot in terms of liquidity and volume. All you will have to do is develop a trading plan that will work within your time constraints. Babypips school has some really good material that discusses what days and what sessions to trade and what volume and liquidity does during these sessions.
in regards to long vs short. The short of it is(pun intended ;)) Some traders only trade long and others only trade short also some traders use there analysis to help them determine their bias for long or short positions. This kind of thing is something that you will choose long or short on what your trading plan and analysis says.
Just to give you a idea of my typical trading day in a very watered down way (not including the weekend or Monday cause i don’t enter trades on those days).
I wake up around 5am to get ready for work and in that period i’ll have a sneaky look at what has unfolded during the night(not that i really need to, i just can’t help but have a look). When I get home from work between 1pm and 5pm i start getting ready(do analysis) to places trades around 30 minutes after the London open. Once that’s done i forget about live trading and go back to back testing.
I trade and teach Forex trading full-time. I would say based on your schedule I would be looking at trading Daily and/or Weekly charts. These will be perfect for your schedule. There will be no need to check charts at work if you are trading on these two time-frames. Set your trades after the NY Session close or before going to work. You can easily check your trades after returning to work or an hour before the close of the NY session.
Hope this helps. You don’t want or need to be in front of charts all day long looking at them. That’s not what trading is about unless you are on lower time-frame scalping and based on your initial post that is not something your dong or interested in doing.
trade in full time is not good, it will turn you in emotional and unfocused. just use your some of times for trade and find good moment of market. It will be good for your performance
Hi, a newbie question from me to follow on from the above answers if you don’t mind please? :32:
Am I understanding correctly in that currency pairs can be traded at any time of the day or week regardless as to whether their respective trading sessions have closed?
For example last night I was looking at the GBP/USD at 11.15pm GMT (I live in the UK). Both the New York and London trading sessions were closed but the currency pair itself was going up and down in value still.
So does this mean that the GBP/USD can be traded at 11.15pm GMT, only the volatility will be very low so is not likely to move up or down in value by very much ?
[QUOTE=“Nervous Si;721606”]Hi, a newbie question from me to follow on from the above answers if you don’t mind please? :32: Am I understanding correctly in that currency pairs can be traded at any time of the day or week regardless as to whether their respective trading sessions have closed? For example last night I was looking at the GBP/USD at 11.15pm GMT (I live in the UK). Both the New York and London trading sessions were closed but the currency pair itself was going up and down in value still. So does this mean that the GBP/USD can be traded at 11.15pm GMT, only the volatility will be very low so is not likely to move up or down in value by very much ? Cheers Simon[/QUOTE]
Correct!
The only time that you can’t trade is over the w/end; markets close at NY close on Friday (10pm GMT) & reopen for the Monday Asian session (which is 10pm Sunday GMT). The market still moves over the w/end so it may gap up or down but you, as a speculator, can’t trade it. Other than that, you can jump in to or out of a trade at will - any time of day or night. As you stated though, the volatility will vary greatly depending on when you chose to trade.
Definitely you can have a full time job and be a trader. Forex market is open 24/5 so it doesn’t matter what time is it, you can always trade. You just need to focus on longer time frames and you are good to go.