Basically, I do my technical analysis on four time frames in a time and they are daily, H4, H1 and M30. In addition, when I get same direction into all of time frames only then I go for my new trade otherwise not! Thus I filter my trading entry point. Yeah, I am so much sincere about my entry quality and I like to spend much longer time to do my trading analysis.
We must not stay long in front of the screen, it can affect our eyes and damage it. better take a rest.
I am not giving maximum time to this business as forex is my second source of income, I just give it 2 hours but not daily, some time I trade while some time I keep my self busy in my first job which is my main source of income.
The rest is for SL and TP. Good approach.
I have a feeling that the more you watch on the screen the less are chances to beat the market because watching prices for several hours seems to be squeezing concentration and power out of me.
I have that problem too - if I stare at the charts too long everything starts looking the same to me.
I spend between 7-9 hours / day behind the screens, and a minimum of 6 hours in a day.
It is too much as compared to me, you must be a scalper or a day trader. I am a swing trader and it only take a maximum of 1 hour per day for me on screen.
Most time on trading preparation, then i use alert when price is where i need it to be. 2-4 hours. Daytrader
I spend around 4 to 5 hours a day on screen on other days, while on Sundays I spend around 6 to 8 hours.
As a starter I use to see my screen for several hours to get market trend and prediction . Now I spend just few hours for this purpose , I can now analyze well in less time and open positions to my favorite side.
When I first started trading (scalping) I would spend over 12 hours a day - complete waste of time in a trading sense but taught me a lot about the market!
I now never enter a trade manually - only with orders.
I live in London and on a Sunday night I will spend about 30 mins looking at the weekly charts of all major currency pairs to identify strength and weakness. I will then try to identify high probability set ups by looking at the economic news releases scheduled for that week. Once market opens I will place my orders.
Then during the week I will monitor my currency pairs of interest but most of my time is spent on Twitter and other news outlets to keep on top what’s going on in the world. On average I probably spend around 6 hours per day but certainly not sat in front of the computer the whole time! Set and forget to a certain extent!