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Like most people when I started trading I had very little time to monitor trades because of my job and other responsibilities.
However this does not mean you can not make plenty of money trading forex.
Intrigued? Please grab nice cup of tea or coffee and read on.
If you have already tried you hand at trading the forex market I am sure you are aware it is not as easy as you thought. Like most newbies you more than likely started trading the 5 minute or 15 minute charts. The thought of all that money right there in the market waiting to be taken was too tempting. I know I have been there!
Let me say one thing before we go any further, if you can not make consistent money on the daily charts then you wont be able to do it on the lower time frames!
Trading the lower time frames is where 95% of traders loose there money! You should focus your attention on the daily charts, check them every evening and plan your trades for the coming month.
Almost all the most successful traders plan and take their trades based on the daily charts, do you think they watch the 5 minute charts? No, they are not interested in them at all.
Here is what you need to do pick several of your favourite pairs to trade, limit yourself to 1 good trade a week, this means your trade needs to be planed and have good technical reasons for price to go in your favour. Keep your charts clean and simple, use support and resistance with price action for setups.
Never risk more than 3% of your account on any one trade no matter what the stop size is. With todays brokers offering micro lots (.10c) it is easy to get your position size correct no matter how small your account is.
If you have two really good setups in one week and you dont know which one to take just take them both but use half of your normal risk per trade on each.
If you do what I have outlined I guarantee you will see an improvement in you trading results it is not difficult to increase your trading account by 10-15% each month while only take 1 trade a week.
Trading the daily charts of many pairs can be easily done while having a fill time day job, I do it and you can too, you just have to be willing to put in a little extra hard work on planning your trades when you come home.
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Article added to SearchWarp.com on Saturday, September 29, 2007 View other articles written by Dean Saunders(218)
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