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.
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