Forex Trading for Your Schedule

Posted June 21st, 2010 by Rapid Forex 17 Comments »

When to Trade Forex?

One of the most common questions I’ve received is:

“I’m busy, do I have enough time to trade?”

The answer is YES, when you understand that different timeframes provide different time commitments.

I personally don’t like sitting at the computer for 4 hours during a Forex Surfing or Forex Swimming session. I’d much rather be out driving around Maui, playing guitar, swimming in the ocean, hiking a trail, or doing something outside. In fact, I generally don’t spend more than 2 hours behind a computer a day.

But I’m not everyone… It’s also really cool to know that you can sit down any time you’re free and grab some pips from the Forex.

Tailoring Forex Trading Timeframes to Your Schedule

You can trade the forex ALL DAY LONG, or you can check it a couple times a week. The beauty of trading forex is that you don’t need to be tied to a computer. The fibonacci trading method used in Forex Sailing, Forex Surfing & Forex Swimming allows you to place your order and walk away from the trade.

Let’s look at approximately how long a fibonacci wave takes to form in different timeframes.

4-hour charts: 5-7 days

1-hour charts: 24-36 hours

30-min charts: 12-18 hours

15-min charts: 6-10 hours

10-min charts: 4-6 hours

5-min charts: 1.5 to 2.5 hours

1-min charts: 15-25 minutes

These are approximate average times to help you know how long a trend will last, so you know how often to check your forex trading charts.

In my previous post “forex trading opportunities in all timeframes,” I gave a guideline for how often you should check your charts for changes. This was based on taking half of the shorter range of the average above. If you check your charts at these intervals, only 1/3 to 1/2 of a wave would have formed, so you probably won’t miss anything on those charts.

Have it Your Way Forex Trading

All you need to determine is how often you want to look at forex charts. If you want to look at them every 2 days, you’ll want to use 4-hour charts. If you want to check every 2 hours, use 10-min charts. Once the trade is placed, you can simply set your stop & limit & walk away. I’ll also be teaching you some optional trade adjustment strategies later, but for now you can just “set it & forget it.”

Here’s the timeframes & their maintenance requirements:

4-hour charts: check every 2 days.

1-hour charts: check every 12 hours.

30-min charts: check every 6 hours.

15-min charts: check every 3 hours.

10-min charts: check every 2 hours.

5-min charts: check every 45 minutes.

1-min charts: check every 5 minutes.

The only thing you need to be careful about is not to trade any currency pair lower than 4-hour charts on a day where there’s a HIGH impact fundamental announcement (you can get this info free at fx360.com).

Trade in Under 10 Minutes a Day

Portfolio Hedging allows you to trade in under 10 minutes a day. Sometimes I’m in the mood to catch a Forex Sail, but my mandatory daily trading routine only takes me about 10 minutes. All I do is login to the Hedge Report, make a few adjustments to my portfolio, and then hit the beach.

Tags: 90 Day Forex Trading Bootcamp, forex sailing, forex surfing, forex swimming, forex trading sessions Posted in 90 Day Forex Trading Bootcamp

17 Responses to “Forex Trading for Your Schedule”

Amador Says:
June 21st, 2010 at 12:12 pm
Hi Brian,

Thru Western Union, I sent my deposit for 500 USD June 11
and after some back and fort emails, they are still INVESTIGATING. In that regard, where do I fit in; live or archive? Also, any way you can do in your end with these
issue?

My best regards,

Amador

[Reply]
Rapid Forex Reply:
June 23rd, 2010 at 11:28 am
Amador – you’re in the Archive since I didn’t get your eToro registration by June 15th. Registration details have changed, please read the new ones here: http://rapidforex.com/go/forex-trading-bootcamp/

[Reply]
John Lester Says:
June 21st, 2010 at 1:20 pm
Brian,
Are you still going to make a video showing us how the free chart platform works? I have messed around with it but there are some things I am having problems with.

[Reply]
Rapid Forex Reply:
June 23rd, 2010 at 11:26 am
@John – yes, thanks for reminding me. I have used it in some other videos, but I’ll make one just for that. Look for it in the next few days.

[Reply]
Adyur (AD) Says:
June 21st, 2010 at 5:28 pm
Hi Brian! Is it possible to trade on DAILY charts? Still not so clear (or it depends on personal preferences???) tnks

[Reply]
Rapid Forex Reply:
June 23rd, 2010 at 11:24 am
@AD – yes it’s completely possible. Just use the weekly as your higher trend reference point!

[Reply]
Luis Orbe Says:
June 21st, 2010 at 7:27 pm
Will we be trading 10 cents/pip as mentioned in an earlier post?

[Reply]
Rapid Forex Reply:
June 23rd, 2010 at 11:22 am
Yes.

[Reply]
Jeanny Says:
June 29th, 2010 at 1:26 am
Brian, I have registered for the LIVE bootcamp but how do I open a live eToro account in order to trade live during this bootcamp? I am in Canada, by the way… what is the fastest way to get started?

[Reply]
Rapid Forex Reply:
July 19th, 2010 at 11:38 am
@Jeanny – you can use any broker. FXCM is a good one for people living in Canada…

[Reply]
Maria Saldanha Says:
June 30th, 2010 at 5:42 am
Hi Brian,
Today I spotted a trade on the USD/CAD 4hr chart(30thJune)Since the Daily was on an Uptrend there was no need to check the other Timeframes. The USD/CAD bounced off the 38.2% Fib retraceement and made a NEW HIGH. Am I right that a Trade could be carried out as there was an opportunity to make over a 100 pips PROFIT. Looking forward to your views on this.

[Reply]
Rapid Forex Reply:
July 19th, 2010 at 11:38 am
@Maria – yes, that would have been a way to do it.

[Reply]
Maria Saldanha Says:
July 20th, 2010 at 3:32 am
Hi Brian,
Have been observing the last 3 days (16th,19th,20th)Daily Charts on the EUR/USD and have seen Triple Tops. Could this suggest a Trend Reversal and if so where do you see the Euro heading?

[Reply]
Rapid Forex Reply:
July 20th, 2010 at 9:53 am
@Maria – a triple top is definitely a trend reversal signal. The Euros had a nice uptrend for awhile…I’m not a magician, we’ll have to wait & see. If more sailing opportunities emerge, I’ll still take them. I’ve been missing most EUR/USD due to my schedule, but I’m changing that. Read this post: “Ideal Forex Trading Schedule Experiment” for details.

[Reply]
Maria Saldanha Says:
July 20th, 2010 at 8:19 pm
Hi Brian,
Noticed a clear Morning Star formation on the AUD/USD Daily Chart. Should be a BUY Trade and the Target should be 0.9. Your thoughts on this trade. Thanks once again for your quick response to all my queries.

[Reply]
Rapid Forex Reply:
July 20th, 2010 at 9:08 pm
@Maria – It could also be a double top. I’d look for at least a 5-min candy cane to form above the recent high to confirm. If that’s the case, I’d say it’s a good opportunity.

[Reply]
Maria Saldanha Says:
July 20th, 2010 at 9:58 pm
Thanks for your suggestion. I completely forgot to switch to the smaller Time frame to enter the trade. Also since it is the formation of a 2nd Wave, strength may not be enough to push it farther. I have taken the smaller of the Wave formation (1-2) and projected 6 at .89

[Reply]

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