Hi all.
Im new to trading forex and have been studying it non stop and paper trading.
Since I have a full time job in Israel typical 9-5. What markets can I trade on? I would like to experience some sort of action.
What do you guys/gals recommend?
What trading strategy should I focus on since I don’t have the luxury to have my fingers on the pulse all day.
Thx
Israel is two hours before London opening, which means the Tokyo is trading late afternoon your time. More volatility on London. So you could trade after 5pm on London or before 9am. on Tokyo and Sydney.
If it suits your lifestyle, for a newbie trading the daily chart, would be an ideal option. In which case I would advise you follow the long term 200 SMA, and 89 EMA for more recent events. So you’re looking for a trending pair, not a ranging market.
Try it on a demo account first of all, though. Best of luck.
Hi, in my opinion you have two options. Trading on the daily chart or use expert advisor. Regards Greg
Definitely start your trading journey on the daily chart (D1). London’s business day winds down about 5pm UK time. There are few serious changes to forex daily candles between then and the next day’s business in London so if for example you’re setting entry orders based on the daily candlestick format, the daily high or low this is accurate enough. Even relying on a price around 5pm as the day’s “close” will not be too far adrift.
You can practice trading the daily charts on your demo account and if it works for you, move ahead.