Price alerts

Price alerts play a huge role in reducing the time required to be in front of the charts. The way it works is simple, once you have analyzed each Forex pair you follow, you can set a price alert at the level at which you consider is a good place to hunt for trades on each particular pair. When price hits the desired level, the price alert is triggered and you are notified via email or text, you can then check the pair for any price action signals.

Price alerts also play a role in managing trades, because you can set price alerts at the stop loss, entry, take profits, etc… which means that you can leave a trade alone and only make modifications to the trade once it hits your set targets.

Price alerts allow you to step away from the markets in confidence that you still have eyes on the markets and because they are doddle to set up the amount of time they save you is dramatic.

There are lots of price alert providers to choose from but my personal favorite and the only one I use, is offered by “trade interceptor” it offers every pair you could want and the service is free.

Trading on the go

Before smart phones and tablets existed, trading on the go was not an option available to us but with today’s technology and connectivity it makes trading on the go a very, very easy thing to do indeed. Being able to enter/exit a trade, or reduce a stop loss with no fuss at all means you are not required to be stuck in front of the computer screens to trade. Basically, it’s resulted in traders being able to trade from pretty much anywhere they like.

Staying informed and up-to-date with the current market movements by utilizing the advances in technology and connectivity to the internet has freed traders from their screens and introduced a degree of freedom which we all desire.

With every broker offering a trading App which you can download onto your phone or tablet, trading is now a very versatile and accessible business to be in.

Having a trading routine in place

If you treat trading as a real business you will understand the need for a set routine and proper working hours, knowing when to work and when to relax is important and healthy. It’s very easy to get sucked into the markets and feel like you need to be at the charts 24/7 in case you miss a trade. This is a dangerous habit to get into because it’s very easy to burn yourself out by becoming too involved in the markets.

If you find the markets start to dictate your way of life, a classic example of this is if you stay up through the night just to catch a trade, you are in too deep. You need to know when to switch off from trading and be able turn the charts off and get a good night’s sleep.

Be sensible, set your working hours up and stick to them, even if you have a full-time job, set aside a certain time window each day to come to the markets and try to keep it consistent.

Example of my trading day

To give you an idea of how I use my time to trade throughout the week, here’s my average working day:

6.00am – 9.00am – breakfast and family time before kids go to school

9.30am – 3.00pm – trading time, the 10.00am and 2.00pm closes are my favourite times to check on my pairs (takes 5 minutes if that). In between checking the charts for setups I work on the website, forum, writing articles, etc….

3.00pm – 9.00pm – family time, pick kids up from school, dinner, etc…

9.30pm – check the charts to see how the daily closes are looking, then bed.

Overall unless a particular Forex pair is in a selected hunting zone I will only actually be looking at the charts for around 10 -15 minutes per day, max.

Granted when a Forex pair does hit a good hunting zone I will check the lower time frames frequently, going down as low as the 1hr charts and so this eats a lot more of my time up.

Weekends are free and just involve family time, taking kids to football, etc…. except on Sunday evening when I check all of my pairs to see which are close to hunting zones for the upcoming week, making any adjustments to my key levels and then write and post the members only “Heads Up”.

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