How much time do you spend on the Forex each day?

Hello, I am rather new to the Forex market seeing as I have only began demo trading last week. I would like to know what the average trader here spends a day watching those annoying charts. Currrently I have dedicated about 5-7 hours a day learning about forex, as well as place trades (more like guessing) on the demo. I would like to know how this stacks up agains the “normal”. :slight_smile:

15 - 30 minutes.

normally 30 min

Oops… I don’t do charts. :wink:

about 3 hours

I take about an hour or two. Most of that time goes to reviewing my trades or missed trades. The other portion goes to adjusting my tread lines and Fibs and setting alerts.

15 Hours - Covers European and USA (actually to follow DAX 30 from open to close) (and sometimes another hour or two for Tokyo if worried about positions and can’t sleep)! Most of the time spent researching, listening to news, etc. etc. Love this stuff!

I find it interesting that most people here dont send as much time on the forex as I though (under 4 hours). How do you guys make such informed decisions about making trades? From the technical side, what chart indicators do you use, as well as what time frames?

Currently I use the following at normal setting (because I have no idea what the perameters mean):

Parab SAR

With the following time frames: 1m,5m,15m,1h,1d,1w

I use the 1h - 1w charts to (try) to find trend lines, and the 1m,-15m to place an order. Currently I have just tryed scalping for 5-10 pips but that didnt work out well. 11 loss trades and 6 win trades, so lost about 21% of my demo account in 3 days. (I let the bad ones ride longer then I should because I was hoping they would correct themselvs.)

What strategies do you guys recommend to for a day trade, i.e. one trade placed per day?

P.S. How are pivot, support and resistance calculated and used?

P.P.S Thanks for the replies. :smiley:

I think you have posted the wrong question, you should ask how much time do you want to spend on the forex everynight? Everybody is different and trade differently. So first figure out how much time you want to spend and decide what type of trader you want to be and then make up a system that you can understand and then tweak it until you can make a profit with it. Then go live. But like everbodys says don’t go live until you have at least 3 months of profit in a row. I like to suggest to open a demo with the same amount that you will open a real account with and go live after you have doubled your demo account.

Thanks Hobbit I meant to put that part about the charts and amount of time in but I forgot. Since we are on the same page I will call you a Genuis, for today>

I spent 17 hrs total last week. 12 hours studying and 5 hours in front of the computer. I am new so I dont know what it will be when I get a system and start doing live trades. Depends on my work schedule also

I agree with your thinking behind this question. Forex was granted as an industry so that one does not need to work everyday, conventionally. It should ideally be only once a week may be.
If one had to keep glued to the screen all day long, it won’t solve the purpose getting into forex. Its for lazy guys like you and me, who hate to work.

p.s. one who said’ there is just no holy grail system’ was just not aware of it.

12 hours a day, European and US session.

10 hrs a day Tuesday to Friday. I have four days trading :cool: , three days holiday every week :). Suits me right to the ground :wink: