When novices get into forex trading business, they likely to think that it is easy to make maximum profits by spending a minimum amount of time. However, these type of trader quickly become chart/market obsessed and spend a notably large amount of time watching for price fluctuations, thus—in some case—leaving their family and professional lives behind. We will see in this article how to manage your business while maintaining a normal life and free time. Please note this presumable advice, it is better to get off the market more than losing your beautiful life instead.
For those who are beginners of this foreign exchange (forex) market, it is advisable to always stick to far longer-term charts such as daily or even weekly. Even if this category of trading is not reserved for beginners, it suits them better because it allows continuing one’s personal activities and at the same time to keep their “me time” as well.
The advantages of daily chart trading compared to the shorter time frame is explained in follows:
- Less volatile and Easy to be Analysed. By keeping daily or weekly charts with your trading activities you will avoid sudden fluctuations in intra-day charts and be able to predict the market trend far more accurately.
- Keep Your Life Healthy Psychologically. A trader who based on daily and weekly charts allows themselves to keep their current lifestyle. Indeed, you only have to look at the charts once a day—especially at the end of the day (even you can switch it any time that suit your schedule) to place your entry order and to manage your investments. By this means, no necessities to keep your nose glued to the computer screen.
- Once in a while set up, and “everything” will be okay. By adopting the daily trading method, new-bee can still keep their jobs and thus maintain a normal life. Indeed, thanks to it that you place your orders once a day and then continue whatever activities you will do next. There is indeed no reason to monitor the market all day long—only checked it once in a while if you like—if you have correctly placed your “take profit” and “stop loss” orders.
- Once again, Simple and Easy. Last advantage of daily trading method is because of its simplicity and ease. Indeed, these kind of charts are much more reasonable than very fast intra-day charts especially when you have not mastered your trading system out of your head. Traders can, indeed, take a longer time to think before embarking on the entry of transaction or leaving the market.
In the nutshell, the daily or weekly trading method is ideal for a beginner since it allows you to practice trading activities without becoming a real “geek” who does not let go of his control screens. An ideal practice in short to maintain a personal and professional life.