Do you spend too much time at the charts?

The purpose of this article is to show you how flexible trading can be and how you don’t necessarily need to be glued to your computer monitor 24/7 to be effective. Even if you have a full-time job, trading can be fitted around your current commitments. It doesn’t have to be all or nothing because trading allows us to pick and choose when to trade, so you can adjust your trading hours accordingly to suit your own needs.

You can’t get around the fact that trading does require a vast amount of time spent learning how to trade the Forex markets consistently but once you have accumulated the required skills and the trust in your own ability, the time required to actually trade reduces considerably.

Trading could even be described as being slightly boring once experienced enough but this comes about because you just understand and have come to terms with what the markets are really about, realising it’s not a game or something personal but just business.

The main attraction that draws people into trading is the promise of freedom, both financially and lifestyle wise but trading can have a nasty habit of producing the opposite effect and can sometimes become more of an obsession, consuming a trader up completely. You need to know when to work and when to play.

Setting in place a set routine/trading hours to your daily routine introduces a structure every trader requires to keep a healthy and productive workload. Time is a very precious commodity and with our modern day lives full to the brim with lots of other commitments, spending and managing it wisely is key.

So if you find yourself spending too much time at the charts, there are things you can do to reduce your trading workload and give you the freedom to step away from your screens, which include;

1. Using price alerts, which is probably the biggest time saver

2. Basing your trading from the higher time frames i.e. the daily period, whilst still utilising the lower time frames properly

3. Having a set routine/working hours you abide by

4. Using trading Apps to stay connected when away from your computer.

By introducing these options into your trading, means you are still kept in touch with what the markets are doing but the requirement to be physically sat in front of the charts day in day out is reduced. What’s the point in watching the markets, if there are no Forex pairs in good hunting zones? Why waste time watching price move through No Man’s Land?

Instead let price do its own thing and if it does enter a good hunting zone, this is the time that you need to switch on the charts and hunt for the price action signals.

Remember, you are the boss not the markets, keep a consistent and rigid trading routine and be patient.

Jeremy Poor