How To Trade Forex In Less Than 1 Hour Per Day
In this weekly video:
00:29 – Trade full time by spending less than 1 hour at your charts per day
00:42 – I’m coming to America in June to teach Forex
00:57 – Most people spend too long watching charts
01:40 – The less time you watch your charts, the better you will trade
03:10 – Trading 12, 6 and 4 hour charts
05:07 – 1 hour per day cover all charts
05:44 – I’ll be in America in June – live trading events in North Carolina and Washington DC
06:22 – Live webinars for US traders in April – the link is below the video
Would you like to know how to become a full time forex trader by spending less than one hour trading per day? If you would, listen up. I've got some great news for you.
Hi, Forex trader. Andrew Mitchem here, The Forex Trading Coach, and this is video and podcast #219. I've got two great bits of information to share with you today.
Trade full time by spending less than 1 hour at your charts per day
Number one I'd like to share with you how you can trade as a full time forex trader by spending one hour or less looking at your charts per day. I'm sure you'd like to know that. Number two, I'd like to share with you some great news.
I’m coming to America in June to teach Forex
I am coming to America, so if you are in America or maybe in Canada I'd love to come and meet you. I will be in America in the first two weeks of June in North Carolina and Washington, DC so more about that at the end of this video and podcast.
Most people spend too long watching charts
Let's start with the trading itself. Would you like to know how to trade full time in one hour or less per day? The problem is that so many people think that to become a full time forex trader they need to give up their job, they need to just stare at charts all day, they need to have CNN going, they need to have screens all over the place, and you don't.
The problem is that most people also think that in order to become a full time forex trader you need to be looking at price movements throughout the day. You need to be scalping, looking for news events. You need to be there watching your charts all day long. It's a big misconception because I can promise you that is not what you need to do in order to become a full time trader.
The less time you watch your charts, the better you will trade
In fact, the less you look at your charts once you understand how to trade the more you will make, the more profitable you'll be, the more you'll enjoy your trading and the more realistic it will be because you can keep continuing to do what it is you enjoy to do while you are trading. So let me explain.
Because I only look at the close of a chart, close of a candle, before I make any decision on what I'm doing, it's really easy because you can plan your day around the charts. Now, if I‘m trading on the weekly charts, I look at my charts just once a week at the beginning of the week when the market opens. It takes me 10 minutes per week to go through the weekly charts. Each day I look at the daily charts at the close of the daily candle at 5pm Eastern Standard Time. That's New York time. You can go to your charts, have a look at the daily candle when it's closed, and you can then make an analysis of what you're looking at doing.
If you understand technical trading and the way that I trade it's very, very easy within under 10 minutes per day to go through 20 to 30 different currency pairs depending on how many you want to look at and make an analysis. Are there any trade setups here? Yes or no? If there are, take them. Very easy to understand where to put your entries, your stop losses, your profit target, et cetera, and you can do it in under 10 minutes per day. Let's say that you're into Tuesday through to Friday. That's 10 minutes is all it's taken you because on Monday you looked at the weekly charts as well. It may be up to 20 minutes by now on a Monday, but 10 minutes a day is all you‘re taking to do the daily charts.
Trading 12, 6 and 4 hour charts
Then I love looking at charts like 12 hour charts, 6 hour charts, 4 hour charts. I sometimes go down to 1 hour charts but not that often. If I'm trading the 12 hour charts I need to look at my charts twice per day, at the close of both 12 hour charts. The great thing is that the 12 hour charts also close at the same time as the dailies so when I'm looking at the dailies I can then go and spend another 10 minutes at the very most looking at the 12 hour charts. Twelve hours after that, which becomes 5am Eastern Standard Time, I can go look at the charts as well.
I don't have to be there at 5am Eastern Standard Time. If you're an American you go, “That's 5 o'clock in the morning Andrew. I don't want to be at my charts.” That's fine. If you can't take those then don't take them. The way I also take those longer time frame trades myself is I'm using retracement entries. I'm not taking market orders, so you don't even have to be there at that exact time. You can put a limit order in to get filled at a later time, a later price, but you don't have to be there when the candle closes if you cannot make it. And if you cannot make it you cannot take the trade. You're able to take it later on a retracement if you want to take market orders and you can't be there. You got other things on. You're sleeping. You got work. You got kids. Whatever it might be. Then there's more trades around the corner.
So that's daily charts, 12 hour charts. I'm up to 20 minutes per day by now, or 30 because I'm doing the 12 hour charts twice. Then the 6 hour charts I also do and look at when I'm taking the daily charts. I also look at them when I'm taking the 12 hour charts and then potentially once more in the daytime, so we may be up to 30 to 40 minutes now. Then if I want to look at 4 hour charts, they also close at the same time as the daily charts close. They also close at the same time the 12 hour charts close 12 hours later, and you can maybe look once or twice in the daytime.
1 hour per day cover all charts
So no more than one hour absolute tops looking at your charts, and you can cover daily charts, 12 hours, 6 hours, and 4 hours. On a Monday, the beginning of the week, you can even cover a weekly chart as well.
Easy. High reward-to-risk trades. You don't have to be there at exactly that time if you're not taking market orders. Very easy to know where to put your entry, your stop loss, your profit target. Very easy to see if there's a trade, yes or no. Job done. One hour or less per day. No sitting at charts watching every single pip move up and down. No watching 5 minute charts. No worrying about the news. Don't do that. That's a really important point.
I’ll be in America in June – live trading events in North Carolina and Washington DC
Point number two I wanted to let you know about is I am coming to America so if you are listening to this podcast or watching this video and you are in the United States or possibly Canada and you're willing to travel, I am coming to do four live, in person training sessions in the US in June. The first weekend in June in North Carolina and the second weekend in June in Washington, DC. The actual venues haven't been arranged quite yet but we'll have those sorted very shortly.
Live webinars for US traders in April – the link is below the video
To help you find out if that's what is the right thing for you, in the first week in April I'm holding two live webinars. So if you live in the US or Canada, get onto one of those webinars. I'm going to put a link to the page below this video and if you're watching on YouTube there'll be a link below this video also. If you‘re on the podcast just email me and I'll let you know what the link is. On the 3rd and the 5th of April I'm holding two live webinars. Going to be discussing all about trading, what it is, how you can benefit from it, and how I can help you if you'd like to come and see me in person in the United States in June. Great opportunity there.
I've not been to the United States to do live training before. I've been to many other countries but not to the US so great opportunity if you get a chance and you'd like to take the opportunity to be taught in person by myself and one of my very, very successful US coaching clients, a guy called Paul Tillman who's done extremely well since doing my course two years ago. Paul by the way is also holding my US live trading room webinars which are for my clients every two weeks as well.
Now for my clients, they have available to join in live two hour webinars every single week, so over 100 hours of live webinars per year to attend as a client now. We put on those extra 25 per year completely free of charge for clients. No additional fee at all. It just allows clients in the US time zone or maybe in Europe in their afternoon to jump onto the webinar. So every week, clients have the opportunity to either join myself or join Paul on a live two hour webinar.
That's another thing that I wasn't really planning on talking about on this video, but the two things are number one, how to trade in less than one hour per day. Number two, if you'd like to jump onto a webinar to find out about my visit to America in June, those webinars are the first week of April. I'm coming first and second weeks in June. Links are below.
Look forward to seeing you this time next week or on one of those webinars in April, or in person to say hi and shake your hand and help you with your training in America in June.
This is Andrew Mitchem, The Forex Trading Coach.