I’m currently studying engineering, but I just wouldn’t like to stop learning Forex and trading demo, I have a managed account which is not going so well right now this month while I’m still learning, developing my strategy to execute it when I have more free time.
I’m considering myself as an Intra-week trader, it seems easier to me for several reasons, but I’m seriously thinking I can’t feel the market if I’m not hearing news, analysis and watching the prices move along the days.
Maybe it would help me to know what do you do besides Forex, is it an obstacle for you to trade? Or do you consider you would become more accurate and profitable if you wouldn’t have to do something else as working or studying?
Thanks, and I should put a signature saying “forgive my English and correct me if I’m wrong cos’ I don’t want to look stupid”… should look nice.
Hi Fx4Sure, nice to see more people from LatAm here!
Since you trade higher timeframes, I think you’ll do fine, there’s no need to look at the charts all day long to know what’s going on. Actually I think it’s a healthy practice psychollogycally speaking having ‘extra trading’ activities.
You could devote one hour or two, or maybe less, to scan your charts, make your analisys, and maybe establish an action plan for the rest of the day. I.e, if price reaches this particular support level, or forms that pattern, then I’ll do that.
Then get yourself a mobile platform and an alarm service so you can monitor your charts while on the go when something relevant happens.
This is what I do, and it has improved my trading/quality of time/life.
Unless you’re a scalper, staring for hours at the charts is the really risky thing to do, you could take very bad desicions based on boredom, fitting things on purpose so you get a trading signal, when in reality there’s nothing there.
One thing I had to learn the hard way is that even if you have spare time in a day, doesn’t mean it will make good trading time. Say if your job is stressful (not saying it is) then you will come home and even though you might have a few hours to stare at charts, you just aren’t in the right state of mind to pick out the subtle clues the market leaves. You might take a trade just to get it over with, or just be too plain tired to really care what’s going on.
If your job doesn’t tired you out, then there’s no problem if you’re sticking to higher timeframes. But if it does, you might look into getting up a little early to trade before work when you’re mind is fresh!
Maybe I should get a good schedule cos It seems I’m not organized at all when it comes to analysis and setting up my trades, I’m getting a good money management but my daily agenda really sucks!
Quite hard if a job doesn’t tires us out… however I think it’s important to have a fresh mind before trading because… trading just for trading it’s suicide, Imagine you have a bad day at the job or the college and then you come home to trade and you just wanna make some money to do something good this day and feel good… nothing good can come out of it.