I’m newbie part time trader because i have a job and i don’t want to get out there, but i have just few hours of days to trade beteween Sydney and Tokyo Session. What the best hour to trade in the Asian session? I have seen that after 9 pm the most currencies gets volatility, how ever i cannot stay with chart after 11 pm (GMT -3)
i need help with management time
Trade higher time frames, then you don’t need to worry so much about volatility, get on the trend and ride it.
My balance is US$200,00, can i trade just this in higher time frames? which is better to day trading? i’m using 15m, but i need to go bed always.
It’s a small account, but you can trade it. Have you done a demo first? That’s how you need to prove it will work.
On a $200 account, you’ll want very small position sizes, like 0.01 lots. Here’s a snapshot of my current account, it’s £1000, but using 0.01 lot sizes generally using higher time frames. Gain is small and slow but following trends (short and long term) rather than trying to predict where it’s going has given me a good win rate.
The most important thing is correctly identifying when your trade has gone wrong, or when it’s just on a pullback. A small position size gives you more time to let it play out before deciding you made a mistake.
This is a demo account that I made to a money that I will start, but I know that so small. Usually my SL is because news, my last position closes because a news about RBA in AUDUSD and AUDJPY. However I cannot stay there because I need to sleep.
Yes, effective time management can help a trader to be well-timed, organized and thereby every trader must try to choose trades according to market behavior which will allow timely trade executions always. However, yes, a trader must try to manage the whole trading journey by ensuring whole trading decisions effectively to perform proper money management and risk management.
great advice! thanks bro. i keep on always my risk management, but i am seeing that time management as important as the risk
The best hour is a best strategy. But the best strategy IS the best hour. What this means is that: rather than try to find the best hour to trade ( which is a failure mindset), beging to look out instead for a good strategy that can fit into that hour and still be profitable consistently. It is your trading strategy that will define your trading hour , not the other way round.
You can obtain this information from the internet: The Asian forex session
starts off the trading week on a Monday morning at 09:00 and closes at 18:00 in Japanese Standard Time (JST). In London, traders will have to be up at 00:00 (GMT) in the early hours of the morning until 09:00 (GMT) if they wish to follow the Asian session in real time.
Keep in mind that the FX market trades 24 hours a day, so official starting times are subjective. But it is generally accepted that the Asian session begins when Tokyo banks come online due to the volume of trades they facilitate. New Zealand and Sydney, Australia are technically the first, reasonably sized, financial hubs to start the trading day.
Sydney and Wellington are so lazy, i think both horrible to give volatility
With that amount, you should lower your volume or lots to trader higher time frame. Start with 0.01 lots sizes if possible. Don’t expect to make huge profit in a single trade. You need serious capital to do that.
New traders always need to start with this type of trading lots size; since they need to understand first their own stand against the market!
Buddy; you also can use pending order trading strategy if your current trading system supports you!