Forex Trading Dedication
by Trader Rich
Is my forex trading dedication waning, are my priorities shifting, or have I come to
a realistic conclusion? I'm talking about the time I actually spend sitting at
my computer trading. There was a time
when I was getting up way before the crack of dawn trying to trade the European
session at 4 a.m. EST. I also used to
watch the charts closely during the Japanese session. Those times are over though. The time I actually sitting in front of
charts has lessened by the month at this point and I'm not sure that's such a
good thing for someone at my stage of learning.
I get a lot of emails like, "why don't you do this or why don't you
do that" but the reality is that I just can't do most of those things. Some of these "things" are trading
the news and trading shorter-term charts.
I certainly appreciate the feedback but can someone with a limited
amount of time actually be a trader? I'm not sure but maybe I'm taking the
wrong approach to all of this. Maybe
someone short on time shouldn't be trading short-term charts or trade news
releases. Maybe I shouldn't even think
about day trading.
I've been trading a daytrading system for a while now mainly because it was a set and forget system. I could set my orders, stop losses, and
profit targets and wake up most of the time to find the trade already complete but this certainly doesn't give you any flexibility. Particularly, I'd find it very difficult to implement a breakeven requirement to my trading plan unless I automate this via a Metatrader broker. So do I have to give up trading 30-minute and 60-minute charts and move toward 4-hour, daily, or weekly? Perhaps I will have to do that.
How are all of you managing to day trade and work full-time for a living?