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Wednesday, September 18, 2013

Three Tactics for Trading Forex Around a Busy Schedule

How can you trade Forex… even if you don’t have much time to dedicate to trading?
(Even if you only have a few hours each week to trade)
I’ve been doing it for years now.
You probably do not want Forex to become another full time job. Sitting at your computer ten hours a day, five days a week trading.
I know I don’t!                                                                                                                              
And thats why my style of trading is built around the concept of making consistent profit while investing as little time as possible.
I use three tactics to minimise my trading time, and I am going to reveal each of them below.
Tactic 1: Trade low Maintenance time frames
Trading Forex would be a lot easier if you only had to check your charts two or three times a day right?
With eight hour charts you only need to check your charts two or three times each day. When a new candle opens, you look for a setup. If you see no setups you can check back in eight hours later.
Daily charts require even less time. You only need to check daily charts once per day for trade setups.
Compare this to a five minute chart which you must constantly scan for trade setups. If you leave your computer for a few hours you could miss three or four setups on a five minute chart.
The other benefit of large time frames is that you do not need to act quickly. You can see setups coming hours before they actually trigger. You could check your charts at 8:00 am, see a setup, come back three hours later and take the trade.
Low maintenance time frames are a key tactic in trading around a busy schedule.
I recommend the eight hour time frame and the daily.
Tactic 2: Simplify Your Trading
In Forex, simple is better.
Most new traders are trading a complex indicator based strategies. These strategies usually have several different types of setups.
Why trade something complex when something simple works so much better?
So how do you simplify your trading?
Price Action!
With Price Action you trade clean, indicator free charts and use only price to enter profitable trades.
I could go on for a long time about how Price Action simplifies your trading. And I could go on about how low maintenance Price Action is…
… but you would probably rather just find out how to trade Price Action.
Well I got you covered. I did three free webinars recently in which I revealed my Price Action trading technique.
If you have any questions about trading Price Action, use the comment section at the end of this post to ask.
Tactic 3: Trade a Lot of Pairs
This may seem counter intuitive, how do you simplify your trading by trading a lot of pairs?
Usually, I recommend people to trade one to three pairs. However, if you have a busy schedule, you need to trade a lot of pairs.
The problem with low maintenance time frames is that they do not provide a lot of trades. To counter this you need to trade a lot of pairs.
If you are trading eight hour charts you should trade at least five pairs. If you are trading daily charts you should trade at least ten pairs.
I know this sounds a like a lot, but stick with me here.
You will be trading Price Action on large time frames. Your charts will be simple and clean. You will only need to look at your chart for ten or twenty seconds to check for setups.
Even if you have twenty charts to look at, it would take less than five minutes to check them all. So trading ten pairs is a lot easier than it sounds.
I trade a mix of eight hour and daily charts and I trade eight pairs.
·         EUR/USD
·         GBP/USD
·         USD/CAD
·         USD/CHF
·         USD/JPY
·         GBP/JPY
·         EUR/JPY
·         EUR/GBP
Even with all these pairs I only spend a few hours per week looking for setups and trading.
Now that you know my three tactics…

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