Perfectly said Nial and JUST IN TIME!!! DUDE, you have gone way and above beyond what I was expecting inside the members area - You've definitely over delivered here They leave people feeling more confused after they finished than when they stared. There's no more struggle You probably do not want Forex to become another full time job. I have tradinng trading eight hour and daily for almost two years now.
You probably do not want Forex to become another full time job. Sitting at your computer ten hours a day, five days a week trading. And thats why my style of trading is built around the concept of making consistent profit while investing as little time as possible. Trading Forex would be a lot easier if you only had to check your charts two or three times a day right? With eight hour charts you only need to fx trading tactics your charts two or three times each day.
When a new candle opens, you look for a setup. If you see no setups you can check back in eight hours later. Daily charts require even less time. You fx trading tactics need to check daily charts once per day for trade setups. Compare this to a five minute chart which you must constantly scan for trade setups. If you leave your computer for a few hours you could miss three or four setups on a five minute chart.
The other benefit of large time frames is that you do not need to act quickly. You can see setups coming hours before they actually trigger. You could check your charts at am, see a setup, come back three hours later and take the trade. I recommend the eight hour time frame and the daily. If you cannot get eight hour charts, check out tradingview. Most new traders are trading a complex indicator based strategies.
These strategies usually have several different types of setups. With Price Action you trade clean, indicator free charts and use only price to enter profitable trades. I could go fx trading tactics for a long time about how Price Action simplifies your trading. And I could go on about how low maintenance Price Action is… Well I got you covered. I did three free webinars recently in which I revealed my Day fact forex real trading war Action trading technique.
Check out the Forex Price Action webinars here. You should also checkout my free Price Action strategy. If you have any questions about trading Price Action, use the comment section at the end of this post to ask. Usually, I recommend people to trade one to three pairs. However, if you have a busy schedule, you need to trade a lot of pairs. The problem with low maintenance time frames is that they do not provide a lot of trades.
To counter this you need to trade a lot of pairs. If you are trading eight hour fx trading tactics you should trade at least five pairs. If you are trading daily charts you should trade at least ten pairs. You will be trading Price Action on large time frames. Your charts will be simple and clean. You will only need to look at your chart for ten or twenty seconds to check for setups.
Even if you have twenty charts to look at, it would take less than five minutes to check them all. So trading ten pairs is a lot easier than it sounds. Thing 1: Reread the three tactics above and start using them in your trading for fx trading tactics next month. Especially if what you are doing now is not working. Switch to eight hour and daily charts. Check out my free Price Action videos and start trading a lot of pairs. Thing 3: If you have any friends who is struggling in Forex?
Send them a link to this post. Thing 4: If you liked this post, signup for the forex4noobs. Email will not be published required. You can use these tags:. Thanks for teaching ordinary folks like me how to be self reliant. Just because you are trading a lot of pairs it does not mean you need to take multiple trades.
You can just pick the best setup and go with that one. Me and most people in the advanced course only take one or two trades at a time. I have combined price action into my trades with very good results. I choose pairs using currency strength, check if the pair fits the price action criteria and if so enter the trade. That is a pretty good way to do things. Currency strength is a good indication of what price will do. Combining currency strength with Price Action should provide a lot of great trade.
This is gem quality Nick. My problem has always been mixing Forex Trading with a very busy daily schedule. You are offering solutions which fit my time-tabling. Much food for thought and thank you Nick. Hi Nick, thanks for the article. How to calculate the Daily Moving Average and how to determine proper target and stoploss from the ADR.
Should R be at least 1. I got the ADR for 4 pairs but not for the other 5. Want to trade 9 pairs. Also, havent you mentioned at a place that newbies should only trade one pair? Also, achieving pips a week can be done with as little as 3 pairs, isnt it? This article is for people who are too busy to trade four hour charts.
I am offering a low maintenance alternative to trading four hour charts and trading only one pair. When I tell people to trade a lot of pairs I make a point of saying…. However, if you only have one hour per day to trade, it gets harder. When you limit yourself to free pairs you cannot afford to miss a trade.
If you do not have a lot of time, it is easy to miss trades. This is why busy people should trade more pairs. As for me trading four hour exclusively. I have been trading eight hour and daily for almost two years now. That eBook is old and outdated. It fx trading tactics released four years ago in The Forex market was very different in Notice how much price moved inand Compare that to current ranges. Thanks for this article Nick, as usual you are showing how to look at the problems busy work schedule vs.
Do you make your trading decisions from fx trading tactics Newyork close charts only? Since there are only 5 trading days in a week which begins each morning in asia pacific and then close in the afternoon in the US to complete a 24 hour day cycle. There are hours of trading each week which is exactly 5 days. GFT and alpari are not newyork close charts, I guess.
The daily and 4 hour candles will be different depending upon the server time like GMT open and Newyork open, but anything other than newyork close chart is simply wrong when you are using daily and 4 hour candles. Nick, one question about news: when trading the 8h or daily chart, do you avoid news or still trade because there is fewer impact on big timeframes? Sorry about the late reply to this question. I tend to ignore most news as it does not significantly impact large time frames.
However, I do avoid trading during the NFP NFEC and I am wary of some other reports such as the ISM numbers. I guess I will be more frequently visit your site! Actually I am new to Forex market. Your article is simple and easy to understand. I will practically implement this and see the result. Thanks a lot for the tips. I tend to ignore most news. Hope to learn more from your insights. As money, frequent trading is addictive.
Even if you only have a few hours each week to trade. I use three tactics to minimise my trading time, and I am going to reveal each of them below. Tactic 1: Trade low Maintenance time frames. Low maintenance time frames are a key tactic in trading around a busy schedule. Tactic 2: Simplify Fx trading tactics Trading. Why trade something complex when something simple works so much better? So how do you simplify your trading?
And I could go on about how low maintenance Price Action is…. Well I got you covered. Tactic 3: Trade a Lot of Pairs. Fx trading tactics may seem counter intuitive, how do you simplify your trading by trading a lot of pairs? I know this sounds a like a lot, but stick with me here. I trade a mix of eight hour and daily charts and I trade eight pairs.
Even with all these pairs I only spend a few hours per week looking for setups and trading. Now that you know my three tactics…. Thing 2: If you found this post helpful, leave a comment below! September 12, at pm. September 13, at pm. September 14, at am. September 27, at pm. September 27, at pm. February 21, at pm. September 13, at am.
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Short Term Trading Tactics - Traders should know what steps to take to avoid false breakouts. Good information for swing trading and short term trading. 12 Top Trading Tactics. There is no doubt that trading plan development and Forex trading requires more than a list of the top 12 Forex trading tactics. Forex Trading Strategies. A good winning trader is defined by the portfolio of forex strategies known and applied in different situations, considering that a single.