Not every trader can dedicate all his time to Forex. Even if he does, he has to plan the trading day. If a trader dedicates Forex a few hours in a week, he should do it. I can say from my own practice, that trading on Forex needs a trading schedule. The market moves chaotically, and I’d be lost in it without an order.
Moreover, setting a Forex trading schedule will help you to free some time for yourself. I bet you don’t want to spend all the time near the computer. And now, let’s get to the work!
How to set a Forex trading schedule
In fact, I know three ways of setting such a schedule for comfortable and less nervous trading Forex. Also, the time spent on trading will become less, while your earnings will grow.
Tactic 1: Trade on higher timeframes
Imagine that you need to check the charts just 2-3 times per day. Sounds good, right? Switch to a higher timeframe. Trading Forex eight-hour charts will take you minimum time, but the whole process is similar to working with any other ones. Look for the setup after a candle closes. Get back to trading in other 8 hours if there is no setup.
It won’t be a secret that daily charts will take even less time. And now imagine how hard is trading Forex on five-minute charts. You may miss several setups just in one hour!
So, if you want to keep calm, change your trading schedule a bit and start using higher timeframes. You’ll have an opportunity to see the setups long before they are triggered. For example, check the charts at 8 AM and come back to trading in a couple of hours later. That’s how you can combine trading on the Forex market with your busy schedule easily.
Tactic 2: Simplify the trading process
The ‘Simple = Better’ rule works on Forex well. Many novices who trade Forex tend to make the things more difficult with no need for it. Complex indicator based systems are not what they need (and what I need in particular). Why doing such complicated things if we can do the same with no so much efforts? Here are the ways to simplify the process in order to make the Forex trading schedule easier.
Tactic 3: Trade a Lot of Pairs
This may seem ambiguous and strange at first. You may think how does trading many pairs can help, but not confuse even more. But it’s not the main idea. Usually, I advise people trading 1-3 pairs (just like I do). Still, traders with a busy personal schedule who want to create an optimal trading schedule should work with more pairs.
It is so because trading high timeframes won’t give a chance to start many trades. So, the more pairs you work with, the more trading opportunities you have.
Let it be 10 pairs. Oh no, it’s not too much, please believe me! Optimal number is 5-10 pairs. But don’t be afraid, there will be just low maintenance timeframes and your charts will be clean and simple. You’ll need to look at one of them for 10-20 seconds in order to find a trading setup. People who trade on Forex for a long time master their Price Action systems in such a way that a couple of seconds is enough to understand if there may be some success. All in all, checking all these charts will take no more than 5 minutes from your Forex trading schedule. Everything is much easier than it sounds!
These are 7 pairs that I advise to start with: EUR/USD, GBP/USD, USD/CAD, USD/CHF, AUD/USD, NZD/USD, USD/JPY.
I’ve got a few things for you to do:
Read everything I’ve written above once more and try these tips when you are ready! You may do it just today! I am sure that you’ll notice that your Forex trading schedule will improve.
But this is not the end for now. Before you start, read the next list of tips I’ve prepared for you:
- Know the Forex market
- Forex overlaps
- News releases
In general, the trading week begins at 6 PM EST, Sunday and continues to 5 PM, Friday. However, not all trading sessions are the same volatile. The best time to write in your trading schedule is when the market is the most active. Moreover, different pairs are volatile in a certain time period. Yen pairs are active during the Asian session. But if you trade between these sessions, you’ll have a chance to catch the luck.
As I said before, try to catch the time between the trading sessions. U.S/London overlap happens from 8 AM to noon. Sydney/Tokyo – at 2 AM to 4 AM. London/Tokyo – at 3 AM to 4 AM.
And don’t forget to add to your trading schedule all important news releases as they affect the prices greatly. Use the economic calendar to trace the main events. I usually don’t trade during the news releases at all. Anyway, some traders consider such price jumps a nice opportunity to earn more money.
After you’ve done a full trading schedule with pairs, time, news, overlaps, etc, try working with it. Check out how it performs and make changes if you need to enhance the system. But the main thing – don’t worry! You will do everything in time, even if you have the busiest schedule in the world!
I wish you good profits!