It’s not uncommon for those new to Forex to be juggling multiple commitments at the same time. Whether it’s a full-time job, family commitments or one of the other million or so things that we seem to all have on our plate these days, it can be difficult to find the time, not just to learn the ins and outs, but also how to make some useful money doing it.
It often feels like there are just not enough hours in the day to complete everything you want to do, so it’s important to maximise your time whenever you can. To begin with, let’s take a look at a few strategies that you should consider if you’re operating on a limited time schedule.
Usually considered the best strategy to use if you are short on time. Typically these kinds of trades last anything from a few days to a week, or maybe even two. As you may be able to guess from the name, the goal of this kind of trading is to benefit from swings in the market. These swings are essentially made up of two parts, the swing points (of which there is a high and low) and the body, which joins the two.
12 hour and daily time frames
If you are choosing swing trading as your strategy, your focus will naturally be on the higher time frames. With the 12 hour and daily charts, you trading on bigger moves over a longer period of time. This allows a certain degree of freedom if say you have to go to work for eight hours, with this kind of trading it’s not needed to micromanage – which gives you a much greater degree of flexibility
Set and Forget
Set and forget strategies seem to be one of those that divides opinion. Some may see it as a hit and hope option, but if time is a constraint, it may be one of the best options you have. The idea being that you open a position with a predefined stop loss, take profit and entry location. After the trade has been activated you simply let it go with little to no trade management from there. The trade runs until you reach your take profit or stop loss.
Those are three of the best strategies to use if you don’t have a huge amount of free time, but there are also a number of other ways that can help you make the most of your time.
Use technology to your advantage
Smartphones have come to dominate almost everything that we do. You can make payments in a shop using your phone, order items from distant countries while on the go, and just about everything else that a PC or laptop can do. So if you’re not using your smartphone to make your forex trades, you are likely wasting valuable time. Yes, it’s good to disconnect from these mechanical devices every now and again, but if you lead a hectic schedule, using a smartphone to make Forex trades in the moments you have free is a no brainer.
Another vital tool for those with limited time is the trusty chart alarm. Used in the right way they can save considerable time by directing you to the right charts at the right time. This can sometimes take a little time to set up, but the long term benefit is undeniable and saves you having to continuously check charts throughout the day. Need to know when a price is nearing entry level? Or perhaps when you are halfway to you profit loss? Then simply set an alarm, and get on with your life.
If you are really short on time, or not feeling too confident when entering the trading market, it might be best to get some professional help. Celestial Trading Tools is a great place to start. Whether you’re just looking for a bit of advice or are keen to take advantage of their Expert Advisors (otherwise known as Robots) who, with their cutting edge algorithms, are able to make intelligent trades on your behalf – which allows you that extra bit of freedom to do whatever it is you want to do instead.Tags: cryptocurrency, currency, forex, forex trading, fx, inevstments, lifestyle