Actually trading analysis takes much more time than trading itself. To my mind, it is possible to conduct proper analysis, define levels to open the positions and then just place alerts on those levels. If you have a list of instruments to watch and if you know the setups you are looking for trading requires very little time.
At the same time, the most time consuming process is the development of the strategy. It is difficult to calculate time spent on it because it is not a daily routine, but it takes nearly 70% of time, while 20% is daily analysis and 10% is trading itself. Of course it works this way if you have a strategy that allows you to enter the trade, place stop loss and take profit orders and then forget about the trade. From my experience, this works best while you always can make some emotion-based decisions if you will watch the trade for the whole day. In fact, if you will dedicate too much time to trading, it could lead to overtrading that is also harmful for the account. That is why it is necessary to find an optimal balance depending on schedule, trading style and particular strategy.
The approach explained above works for swing traders or daytraders making 1-2 trades per day. For sure, scalpers will have to spend more time watching charts.
its a good routine , always try to continue it , do not hurry when learning from school.
Best days:
-get up at 0630hrs
-Breakfast until 0700
-0700- 0800 reading general news, financial news, checking ,answering mails, write down release time of forex related statistics
-0800 starting trading ( scanning low spread forex pairs for catching one or some more pips.
-1200-1300 break, meal
-1300 the same like before noon
-1700 end of day ( under normal conditions)
I am just taking off Saturday & Sunday! Others 5 day, I am not talking any long break; even I don’t count my spending hours!
I am spending 4 hours each day but with breaks. Cant really focus continuously.
At my peak I was averaging 15-20 hours a week with about 1 hour dedicated to charts, everything else into R&D
Are you practicing demo or doing live trading?
I am doing live.
@dudebro I would say a successful trader would need to put in a minimum of 4-5 hours a week and they is no maximum.
However, to awnser your question more accurately- the amount of time you put in is dependent on the time frame that you are trading. To be a daytrader you will have to chart and digest news daily so you will need more free hours per day. To trade of weekly and monthly charts you can study the monthly,weekly and daily charts which of course take longer to form.
A newbie trader will need more hours as they are in a process of developing a system that works for them!
That’s a good distinction to make. Good call.
Man, that’s awesome. Any burnout with that amount of time? How much of that is charting vs reading?
Great answer. Thanks!
Definitely depends on where in your strategy development you are.
I guess you are using pending order strategy to grab your entry points; isn’t? Because; only 4 hours with break is a very tiny session!
Hi; here I am doing my trading job as a full time trader; so less than 12 hours! Thanks!
Changing my game a lil bit. I spend 2 hours daily between studying, researching and actually trading something nowadays
I dont consider myself a full time trader because I have a full time job but I spend the same amount of time trading if not more.
Yeah nowhere near of an aggressive trader.
Right now, since i’m not trading full time but rather doing FOREX as a way to enhance my income, I would put it at around 3-4 hours a day with 90% of that going towards reading, studying and making notes and 10% to actually setting my positions, limits etc.
Sometimes, if i get the chance - I put in a little extra work on the weekends (time & kids permitting).
So does anyone here do live trade as in do the following
- do your days research
- set aside a time period say 14:00 to 16:00 where you will trade based on your research
- 16:00 close positions, keeping long-term ones open
is all trading done in a semi automated fashion… set SL and PL and wait for one them to activate
Really intrigued to find out
That’s one of the best if not the ONLY to avoid the pitfalls of overstaying on a position when you know you “should have” left already because “it’s doing so well, why stop now?” - set things on auto so that you don’t lose your pants because you relied on your “gut feeling” instead of trusting your plan!