Pressed For Time Strategies

Hello, All!

First post from a NOOB who has been interested in trading for quite some time, but is now looking to do something about it.

As I go through the school of Pipsology, learn different pieces of the puzzle, there is one thing question that has been on the forefront of my mind. I have the normal 9-5 (West Coast, USA), and a family with whom I spend quality time in the evenings. I’m looking at having about an hour a day, later in the evening, for trading activities.

I’m thinking that within those limitations, I’ll need to stick to the longer-term charts, as I really don’t have the time to invest in following the shorter term ones.

I guess my questions are 2-fold:

  1. Is it possible to be successful as a Forex trader within those time limitations?

  2. Can anyone share some general guidelines on the types of trading strategies which would be appropriate to those time constraints?

I’m not looking for y’all to design a trading strategy for me, but rather to point me in the right direction. I was thinking of taking some of my stock trading knowledge, and looking for either trend-following strategies or swing strategies on the 1-day or 4-hour chart, but haven’t knocked out any solid strategies beyond that. I just was looking for some of your thoughts.

Thanks!

Tom

Yes. It could be possible if you can develop a strategy based on D1 charts. It will be a long term trading system. You will take entry on D1 charts. It could be after closing a D1 candle. Or after price makes some retracement. It will depend on your strategy. I personally trade on D1. But the problem is you will not get regular entry. Sometimes you may have to wait for weeks for a good entry. Hope it helps you.

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Hi Tom (from a fellow Tom) - Its absolutely possible to trade forex using just daily and weekly charts and consulting them just once a day. I follow trends on the charts and always make entries from orders I place each evening after the NY close (this is late evening obviously here in the UK). No need to watch the screen at all during the day, just log what’s happened next evening and set any new entry orders required.

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As @Jamesfx9 and @tommor have said, it is perfectly possible to be profitable under the circumstances that you outline. However, you will suffer once slight disadvantage as a new trader with this approach: you’ll learn more slowly.

Just as a golfer needs to hit golf balls to improve their game, a trader needs to trade. Trading less frequently means learning more slowly, especially at the outset. So while trading the D1 would make a lot of sense for you, don’t ignore the shorter charts when you have a little bit more time to spare.

We’re talking about demo trading, of course, where messing about costs you nothing but time.

if it must be 1 hour
Generally that’s not enough
but it is possible to integrate into your life if you are long term trading
but at times you’ll need more than 1 hour

but , sure… it’s possible

Long term Trading, Daily charts or Higher
as for the strategy itself, you need to work that out for yourself

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Yes James you are right! Long-term trading strategies don’t produce such a huge number of trades in every day! But, they produce enough number of pips in every trade position! In my trading, I also follow D1 and H4 time frames!

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Thank you, all for the thoughts and the encouragement!

As I develop a strategy, I’ll post some trades that result for comment.

Thanks!

Tom

You are always welcome mate! Hope for the best!