First off I guess its essential for you to know how I trade at the moment. For the 1st, I’m kinda new to forex trading, I’ve been doing it for like 3 months now, and I’m trading microlots. BUT, I have been following stock market, primary the Swedish one since I am from Sweden (oh yeah, I apologize if you have a hard time to understand what I’m “saying ), for a couple of years, and also, I’ve tried to trade stocks and other instruments for a while. All this to try different types of trading systems.
The thing I’m doing now is trying to trade hidden divergence along the trend using rsi/stochastic and also trying to use price action for entry/exit. And I’m doing this with the 1h chart. But my “problem” is, as the topic says, is that I am trying to combine this with a 9 to 5 job. So my “routine” looks like this: Checking the charts in the morning before I go to work, checking again when I get home and one more time before I go to bed, so that’s three times. So I think I feel that I’m missing out some trading opportunities by not sitting infront of the screen more than I’m able to, which ends up in most cases that when I see a potential divergence I but a buy/stell-stop and hoping for the pips to go my way. Lots of these trades don’t really go my way.
Maybe the 4h/daily charts suits me better, but what I can tell, it feels like trading the 4h/daily-chart won’t give me that many trading opportunities, and that has of course its pros and cons.
I just wanted to share this with you and hoping to get some input from you, maybe you are in a similar situation etc.
Starchn - if you have a full time job, commit yourself to that job and don’t get distracted at work. Start with the daily TF, it’s the most used and needs the least amount of time. Master that then move to 4hr. Trust me you don’t need to make many trades, you just need to consistently and robotically apply the same boring strategy and pick up net 100 pips a month to make some really good supplementary income.
If you are holding down a 9 to 5 job and trading at the same time, that is actually a good thing! Because I believe a trader can trade better if he does not have to worry about handling daily expenses through trading.
Having a constant flow of income from your full time job will relieve the stress of having to win on every trade in order to pay your bills.
A trader will trade better with a relaxed mind.
As you have figured out, trading on a higher time frame like H4 and Daily will give you less trade setups but that is just the way it is.
Importantly, you have to find your balance. If you have been trading on H1 and you have been profitable, then what is your problem? Are you happy with this arrangement? If not, then perhaps look at H4 and Daily charts.