GIVEAWAY: If you only have 1 hour a day to trade, what should your top 3 priorities be?

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We’re coming at you with another exciting giveaway! If you wanna get in on the action, read on!

With most of us stuck in our homes, searching for other ways to make extra income, we’ve witnessed the rise in popularity of trading instruments like stocks, forex, crypto, etc. (We can’t forget the noise created by the Robinhood and GameStop saga! :wink: ) And of course, we’re happy to be part of the trading journey of our new members who chose to venture into forex trading! But with so much going on for most of our newbies, they could use our help in figuring out what to prioritize as they navigate through their forex learning journey!

To all experienced and veteran traders, we wanna know your thoughts on this…

If you only have 1 hour a day to trade, what should your top 3 priorities be? :thinking:

Don’t be shy about the details! This could be for someone who only has 1 hour to learn how to trade each day, or someone who can only spare 1 hour per day to open trades and monitor their charts!

So, who’s qualified to win in this giveaway?

This giveaway is EXCLUSIVE to our TL1, TL2 and TL3 members! (Check out Pipstradamus’ post to see if you qualify: An Explanation of Trust Levels) We appreciate every moment you spend with us here in the BabyPips community!

It’s a win-win for everybody! Newbies and part-time traders get to learn valuable information from experienced and profitable traders like you, while you get a chance to win Amazon gift cards! (All we’ll be needing is your Amazon email addresses and we’ll send your prize right over!)

There will be THREE (3) winners:

  1. RANDOM: The answer selected randomly from the pool of entries.
  2. BabyPips Community’s Choice: The answer with the MOST LIKES.
  3. BabyPips Team’s Choice: The answer deemed most helpful and creative by us, the BabyPips.com team.

But wait, there’s more! To make things even more interesting, depending on what your user Trust Level is, your Amazon.com gift card prize changes! Here’s the breakdown:

  • TL3 (“Regular”) winner will win 50 USD.
  • TL2 (“Member”) winners will win 25 USD.
  • TL1 (“Basic User”) winners will win 10 USD.

The giveaway period starts today at March 29, 2021 and ends on April 12, 2021 at 11:59 PM EDT.

We will announce the winners on this thread on April 13, 2021 so stay tuned for that!

*The prize will be in an Amazon.com e-gift card format, which means we’ll have to ask for the winners’ email addresses. Failure to respond with your email addresses within 7 days will result in disqualification and selection of new winners.

Good luck! We’re excited to hear what you’ve got to say!

11 Likes
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With only one hour to dedicate to trading per day the answer depends quite a bit on where the trader lives and in which timezone. However, I would say that the trader would, in any case, be advised to concentrate on the daily timeframe charts. In which case the following points need to be addressed:

  • decide whether trading trends lasting a few days to even weeks, or day trades for the next day based on the current day’s candle.
  • decide which currency pair to trade and what method is used to select the appropriate pair (e.g SW analysis, trendlines, MA slopes, etc).
  • decide entry method, limit orders, pullbacks, at market, etc
  • decide risk policy concerning percentage of account at risk per trade/over all positions
  • decide stoploss policy e.g. multiple of daily ATR, S/R, etc
  • decide position size from the pip value derived from risk amount and stop distance
  • decide take-profit policy, e.g. target level, trailing stop, indicator signal
  • decide policy on scaling in/out of positions

When all these policies are decided and clear then the one hour can be spent searching the pairs, checking economic calendars, determining levels, placing orders, updating the journal…

If the trader is new to the business then use the hour to run a demo with the above criteria, testing various alternatives, and read systematically through the books on trader psychology and money management in particular. There are also some useful Youtubers out there. But I won’t mention them here.

The other 23 hours can be spent deciding what to spend all the profits on… :wink:

20 Likes
4

In an hour
*l would analyze the trend using the 4 hour timeframe, then follow the trend.

  • I will check the economic news

  • Then l will use lower timeframes to enter either the 5 minutes timeframe or the 15 minutes timeframe, l will make sure l buy at support zone and sell at resistance zone.

6 Likes
5

With one hour to trade,

  1. I will checkout the babypips calendar for major news update (Fundamental Analysis) within 5-10 minutes.
  2. Having the set or specific pairs or commodity I trade, I will analyze the chart for possible trade setup, whether to buy, sell or wait within 30-40 minutes.
  3. Once I eventually decide to place a trade (buy or sell), I will place order(s) (pending order preferably), setting my TP, SL with a good risk (1-3% of my account) to reward management as I necessarily do not need to sit and watch the trade since there is no time.
8 Likes
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  1. Pick a trading strategy that would work on 1hr timeframe. Like MA crossover.
  2. Analyze for entries using strategy within the 1hr
  3. Enter trades with predetermined stoploss and takeprofit values.
  4. Check back for profits or loss
  5. Only risk 2% of account per trade
2 Likes
7

Analys optimise and execute
With a good trading strategy

1 Like
8

Keep it short and sweet. Trading doesn’t need to be complicated.

  1. Use the daily charts and only check when the candle closes.

  2. Use bollinger band and when reversal candle appears (engulfing candle or hanging man/shooting star with confirmation candle) Take the trade provided stochastic is showing as overbought or oversold.

  3. Place entry at close of previous candle. Place stop at high of previous candle. Set Take profit at 1:1 R:R

  4. Play playstation.

11 Likes
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I may be unique in this regard but for me the top 3 priorities, as it relates to the question posed are…

  1. Do Not Lose Any Trades
  2. Do Not Lose Any Trades
  3. Do Not Lose Any Trades

Anyone who tells you otherwise more than likely has a different motive besides making money/profit, lol.
To improve your chances of meeting your profitmaking goals I would suggest the following.
Trade a volatile pair.
Trade pairs with the smallest spreads.
Stop losses shouldn’t be too tight but at the same time shouldn’t be too far away while profits should be allowed to run WITH a trailing stop.
Good luck.

All of the foregoing is the textbook way of doing things. Over time each trader will eventually develop their own way of doing things. I for example have tweaked some things and have discarded some things and have added a few. The result can be seen in the attachment. Make of it what you will.

Latest March Trades
Latest March Trades1366×768 396 KB

5 Likes
10

THESE are the only 3 things you need to do! (mostly for pure begginers or people who are looking for an easy way to trade forex)

  1. LEARN the “No Nonsense Forex” way.
  2. Back test + Future test your NNFX system
  3. TRADE!.

The “No Nonsense Forex” method was created by VP and it is a indicator based system with very strict rules. all of the work is done on the Daily timeframe, you can only look at the charts 30 min before Daily candle close. and you let the system work!

most of the losses never hit your SL (taken out early with an exit indicator), and once in a while you can get a 250 pips move and more.

cons
it does take a while to study but once it hits its worth its time in gold.
though its not as profitable as lower timeframes.

pros
You only actively trade 10 min a day once you get the hang of it,
Once you trust your system nothing phases you.

he has a podcast and a YouTube.
the YouTube is like a seminar in college. full of information and very clear.
30 per video so you can watch 2 or 1 and spend 30 min on the chart implementing what you learn.
once your reach a minimum amount of understanding its time to download jjtraders kit off of her YouTube channel, you’ll get a bunch of good indicators and some cheat sheets for all you’ve learned, find the discord, go to TradingFox YouTube channel get a lot of different ideas and algorithm, use their system or build your own. (if you do use other people system BACKTEST, some indicators might work differently with different brokers! like the ATR if the candle close with 1 pip different it can mess it up).

No Nonsense Forex YouTube :
sorry cant link :confused:

TradingFox YouTube (shows NNFX system in short 10 min videos and more) :
sorry cant link :confused:

jjTrader YouTube (Systems and usefull download section):
sorry cant link :confused:

AND many MORE links I cant link!

GO GET IT!

6 Likes
11

Really like your strategy.

1 Like
12

If you only have 1 hour a day to trade then your top 3 priorities should be:

  1. Get better time management and organisation skills and multi task better.
  2. Get up earlier.
  3. Buy Bitcoin!
3 Likes
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all i take is 3 mins a day ,thats all ,its the strategy thats matter.

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Hmmm. :thinking: I remember how I had a few hours each day to study and it still took me quite a while. :sweat_smile: But that’s just me, and we all learn on our pace. I would say that if I had only 1 hour, I would

  1. Start with studying the basics of forex here on babypips
  2. Looking for a simple strategy I could start with, and is recommended for beginners and
  3. Backtesting/ Demo trading

Not sure if this will fit 1 hr tbh :sweat_smile: But maybe improving your time management skills would also be helpful in managing the 1 hr. Haha. :smiley:

3 Likes
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“1 hour to learn”
(1) Don’t pressure yourself
(2) Keep an open mind
(3) Don’t expect anything to stick on your first pass

“1 hour to open trades and monitor charts”
(1) Know/simulate your VAR (value at risk) for open positions, for many different scenarios
(2) Trade what you see, not what you want to see
(3) Look for overall market correlations/relationships and how they impact your strategy

1 Like
17

1hr/day?

Sadly some might translate this to; How do I make $10000 with a $50 account per day. Maybe some wizards out there can do this though, I don’t know. Or maybe if the angels finally blew that trumpet to signal the end of the world, no doubt XAUUSD would rally 1,000,000 pips and one could achieve this :slightly_smiling_face:

If you had an hr/day to trade, definitely analysis should be your top priority.

  1. Know the market conditions; are we trending up or down or are in a range market? There are multiple tools to help achieve this; MAs, Bollingers, channels, MACD, stochs etc etc etc.
  2. If we’re trending what part of the trend are we in? Beginning, middle or end? The easiest way to know this is by applying Multiple Timeframe Analysis. Remember, MTA exists primarily to help you pick entry and exist points for a trade, whether short term or long term or both. And MTA is not a definite strategy but different strategies employ MTA e.g. MA crossovers and Elliot wave strategies employ MTA but they’re wildly different strategies. Think about this way, if you’re a sheep MTA is your shepherd.
  3. If you see a trade setup set the terms of your trade following proper risk management. How much are you willing to risk vs how much are you hoping to gain? Again, this is all based on your analysis. I’ve read superman likes to risk only 1% of his equity on a single trade while the joker goes as high as 30%. Feel free to tell me who has been the more successful 💁

Check your results. Hopefully things go our way more often than not.

4 Likes
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Classical end of the day strategy.

  1. Identify trend on W1
  2. Look for candlestick patterns on D1
  3. Place SL and TP using ATR

K.I.S.S.
:wink:

3 Likes
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  1. Learn hidden divergence theory if you have yet to do so.
  2. Check H1 to D1 across all liquid pairs for hidden divergence using the common indicators like RSI, MACD, Stochastic, MACD, MA.
  3. The setups have a high winrate if you use ATR or previous pullback for SL but they are rare so 1 hour a day should be plenty to check for them.
1 Like
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If you had 1 hour a day to learn and to trade then you would want to focus on a daily strategy so that you can “set and forget”.

  1. Learn the basics through BP’s School of Pipsology, and learn about daily candles and what they are telling you. Also learn about price structure, trending/ranging markets:

candlestick_patterns
candlestick_patterns1024×676 208 KB

  1. Narrow your pairs down to 5 or 6 to prevent too much correlation. Too many correlated pairs will just lead to overexposure in the market. By limiting your pairs you get to know them better, and over time as you gain experience, you’ll have a better idea how they move on a daily basis.

  2. Use your knowledge of candles and price structure to pick out the best opportunities using a daily chart. Use pending orders to buy/sell, and always have an exit plan in the form of a SL, TSL and/or TP. If you use a hard SL then you will need a TP, if you use a trailing SL then a TP may not be necessary:

image
image1569×830 60.6 KB

Once you have everything in place, 1 hour per day should be more than enough time to trade, while leaving time to do all the other things in life that you love to do.

Good luck!

5 Likes
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  1. Identify market trend using preferred strategy.
  2. Identify support zone for bull market and resistance zone for bear market using preferred strategy.
  3. Place a pending order to buy or sell in the direction of the trend. Manage risk properly.
1 Like