time commitment
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Thread: time commitment

  1. #1
    I think that the main reason a individuals (myself included) become interested in the forex market is that the alure of fast or effortless money. Unfortunately, I really don't have any clue how much time investment is required to become a profitable trader. I am not talking about investment in eduion, and trial and error. I am also talking about how much time is requred on a daily basis for a prosperous trader to sit in the front of your computer and look at charts. Are there any skilled traders with this board which may shed some light?

    I ask, because, while I love reading about the forex, and enjoy attempting to edue myself about prosperous trading, I find that I bore fast when it comes to really looking a charts. So, if it requires any more than 15-30 minutes per day, then I should probably find something better to do with my period.

    Can it be possible to make long-term trades simply by performing 15 minutes of forex-related work/day?

  2. #2
    I'm no pro, but in my own experience, I really like the more timeframes. In addition, I love Forex, the Factory, and charts. (Note: I HATE fundamentals and news) I have always been good at math and pattern recognition, so I believe it is interesting and hard to check at charts and attempt to distinguish patterns.

    Now to your question. If you are starting or seeking to develop a system, IMO you won't ever become successful. But if you have a set of rules or a system in hand, it's very feasible to assess and execute your system for this day in that timeframe. I have never tried to limit my time looking at charts to 15-30 minutes a day. On the contrary, I devote as much time looking at charts, surfing the Factory, and growing systems and formulas each and every day.

    I'm uncertain what you mean by more term, but if you mean days or more, it's surely feasible to evaluate and execute in 15-30 minutes a day.

    Hope that helps a little,

  3. #3
    Im almost the opposite of you Anders, I use the fundamentals to direct me and attempt use the technicals to select the very best possible entry point!! Nothin bugs me the market moving and me not knowing why.

    IMHO a beginning trader should commit a significant quantity of time to learn the basics of trading. If you are either;

    a. Taking pot luck and expecting eventually the trade will go your way
    b. Following somebody else's advice blindly in which case you're better off with a restricted fund.

    Hope this helps.

  4. #4
    I understand I should probably use the fundamentals. I understand them, I come from a solid mathematics background, so I'm more tuned towards the technical side of things. 1 thing you do HAVE to do, even when you're not trading fundamentals and news, is aware of them. Among my worst trades was ideal technically, but I failed to realize Bernanke was increasing rates, and that I was on the wrong side! I was also in class when this happened, so that I couldn't do anything about it. This was certainly a learning experience!

  5. #5
    I don't think 15 to 30 minutes a day will cut it. I know that I am trying to dedie 20 hours a week to trading forex. Before the end of the year. This time is going to be spent on learning how to trade. I believe that you really can lower your chart time if you would like to. I understand I am trading onto a 4 hour system, so I could get away with very small chart time if I want to. Of course I need to learn about charts and patters as I can.

  6. #6
    If your limited on time, and can be found at the News times, then you can only trade news events, or the market directly afterwards that is where the very best move is, but it's fast and angry so that your going to need to exercise hard at those times.

    You'll be out and in between 10mins and 1hour depending on how you plan to trade the news.

  7. #7
    If your limited in time, learn the trade the news time, it is where the big moves are each day, but it's quite volatile, but like any other time will need some training.


    10mins to 1hour required per day if thats all you have got.


    Time to learn, so Long as it requires.

  8. #8
    For me it has taken all of my time, well maybe my entire time a few hours

  9. #9
    Quote Originally Posted by ;
    I feel that the principal reason a individuals (myself included) become interested in the Foreign Exchange market is that the alure of fast or easy money. I don't have any clue how much time investment is required to be a profitable trader. I'm not talking about investment in eduion, and trial and error. I'm also speaking about how much time is requred on a daily basis to get a trader to sit in the front of the computer and look in charts. Are there any skilled traders on this board which can shed some light on this particular topic?

    I ask, because, while I enjoy reading about the Foreign Exchange, and revel in trying to edue myself concerning prosperous trading, I discover that I bore fast in regards to actually looking a charts. So, if it takes just about 15-30 minutes per day, I should probably find something better to do with my time.

    Can it be possible to produce long-term trades simply by doing 15 minutes of forex-related work/day?
    When it only took 15 minutes a day, everyone would do it and be successful. It takes hours daily for many weeks, months, months or years to get a few. Part of it's plogical - seeing the charts frequently enough can help you overcome the pitfalls of trading.

    By way of example, I spent some time creating my system. Let's say I did not spend hours and hours creating it, however, I purchased it. I begin trading it. I shed a few of times in a row. What do you believe would happen for this system and me? Well the demons would spring up and I'd throw the system and look for another one. That's the 15 second method. Imagine if, rather than trading it away, I spent 6 months looking at historic setups, and demo trades. Then, I begin using the machine live and experience a few trades that are poor. Well, for this particular system, I have seen trades and setups by this time, I have the confidence to sift through the difficult times.

    That's why you can not begin doing Forex on 15 minutes a day. Experienced men can because they have already paid the price. They have seen countless scenarios and setups. I'm convinced that few can be successful without putting out this kind of work. Like most other things, however, I might be wrong!

  10. #10
    I would like you to consider something you mentioned on your article. You said that in case it takes more than 15 minutes per day that maybe you should find something rewarding to do with your time.

    Well, that is a fair statement. But, think about the opportunity cost - or rather, what you'd be giving up by finding something rewarding. If you are able to master the skills required to be a trader, then, everything you have done is ensured yourself and your family a virtually infinite source of income and time of operating for others, free. The question is not whether you should find something worthwhile or not. It's whether or not that prize is well worth a sacrifice of effort and time right now.

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