Mostr of the time i finish work im too tired to even remember my name. I work for a busy recruitment company as a consultant/coordinator. My ultimate goal is to trade full time. I understand support and resistance, Fibonacci retracement etc. But ever since i started working this job i lost 50%+ of my portfolio in less than a month… (Shame on me) because of not being able to spend enough time analysing and just making quick and risky decisions from “High importance news”. How do you guy manage to focus on markets after a long and stressful day at work? And what preparation strategy do you have in place so you can trade with peace?
It seems like you just need to switch up your sleep schedule. Like if you work early mornings then you can try waking up maybe a couple of hrs before you leave for work and look at the charts to look for your set-ups, and just go to bed a bit earlier. Also, try meditating. That’s what helps me to focus and it keeps me calm when placing my trades
I feel ya. And then with all this work + learning to trade, you have other things too like family or health stuff you need to tend to. It really helps to plan your day/week out. It works for me when I have time to plan what will happen but I get thrown out of whack when unexpected things from family and friends crop up. I need to have a plan B for when those things happen also.
You mentioned new relationship, that means something has to take a step back for a few weeks or months. I value relationships more than trading tbh so if you can build a solid, quality relationship as trading takes a bit of a step back, I think it works great because in the near future, you can have both!
You could just trade with daily chart time frame. It is very suitable for a busy man like you. You could try to use your strategy on larger time frame. Backtest and demo trading before you risking your hard earned money. As for my routine, I woke up early in the morning 5am (GMT+8), as I am from Singapore, checking on charts for possible entry. If there is no entry, I would check once again next morning same time. If there is possible entry I will just buy or sell on that pair of currency,set and forget until it hits TP or SL.
It would be difficult to find time for trading with such schedule. While trading you came face to face with the most educated and experienced traders working in prop-trading companies and hedge funds, equiped with newest equipment and supplied with advanced newsfeeds. To compete with them, you need to have enough time for preparation, so it is almost impossible to spend 1 hour a day and be a profitable trader - as newbie traders believe. Trading is a huge work requiring a lot of time and efforts to be paid.
In your situation, try to use free time to read trading-related books and educate your self and make savings that will not only provide you with initial capital, but also will allow you to dedicate time for trading and reduce your full time job time.
I used to also have an issue with finding the time to trade and focus on my trades, not leave them overnight. Since i tend to scalp on crypto, i need to find the time to actually monitor the trades whilst they are open. This is why I am always on the look out for brokers that offer 24/7 so i can utilize my time that i have free at weekends
My first thought was an EA also. That’s what they are perfect for, people who don’t really have the time or energy to put into trading… at least for the time being. Maybe one day you can start doing it full-time and then you can switch back to manual?
personally i have always steered clear of EA’s but i guess thats just because i do not know much about how they actually work. in fact, any light on the subject would be much appreciated !
thank you so much also, maybe a stupid question, but can all EAs be integrated into MT4, no matter which broker i am using ? As i use more than one, but all have MT4 platform.
Pashka, about strategies, it’s really difficult to point out one or another … it’s really a personal preference. Starting from Price Action and adding some good indicators will get you on your way. What really makes the difference is your ability to be disciplined, to stick to the system and avoid forcing trades just because you’re in a hurry or because you want to get something going … if you see what I mean.
As far as I’m concerned, after years of manual trading, I decided to concentrate on automated trading. It’s been a lot of work but now it’s going well. Maybe, you may want to look into that.
Whatever you decide to do, I wish you lots of luck and happy trading
