Trading in 10-15 minutes a day
#367: Trading in 10-15 minutes a day
In this video:
00:26 – How much time do you spend watching the charts each day?
01:30 – Waiting for every pip
01:53 – The way we trade
03:12 – Why we trade at 5pm EST, New York Time
03:58 – 4 weeks on holiday and I made +12.7%
04:48 – A normal day
05:37 – Get away from the short time frame charts
I’m going to show you how you can trade the Forex market very well in as little as 10 to 15 minutes per day. Let’s talk about that and more right now.
How much time do you spend watching the charts each day?
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 367.
And I want to talk about how much time you spend at your charts, at the computer as a Forex trader. And probably for most people watching this, you’re probably part-time traders doing this as an interest, a hobby, something to create a passive income. And what I tend to find is that most people seem to think they need to be set at their computer at their charts all day long or as long as they can. A lot of people say to me, “Andrew, I’m around working in the daytime, but I’ve got all evening to sit and watch the charts.”
And the problem with that is it doesn’t become sustainable, it’s not reality. Yes, you can do it for a short period of time. But think about this long-term, are you going to spend five days a week just sat there watching your chance every evening? Or if you are working night times, are you going to sit there every day time watching your charts? The reality is that you’re not going to be doing that or you’re not going to enjoy doing that for very long. And that becomes a problem.
Waiting for every pip
Most people though, they think they’ve got to be sitting there waiting for every pip per movement, waiting for this line to cross over that line. And just in case you miss something or you’re scared to leave a trade open because you might like lose a pip or two. And that’s the problem. People thinking in the wrong terms, you should never think in pips, forget the pips, they do not matter.
Think in percentages, but that’s another subject. So the reality is that the way that I teach and the way I trade is that most days I spend between 30 and 60 minutes total chart time. Now, when you start trading, when you learn a system, yes, you’ve got to put that time in the effort upfront. Absolutely you do. You’ve got to watch, you’ve got to see what’s happening. See how the market behaves, see the behaviours of different currency pairs, all those types of things. But the reality is though that once you know how to trade it’s quality, not quantity. And less is more, all those kinds of phrases that you hear, but they are so true when it comes to being a good Forex trader, because you do not need to sit watching your charts all day long in order to do well. And for me in the way that I trade, the way that I teach is that we only look for a trade at the close of a candle.
Now for me, the two main times that I try to be at my computer on New York time, 5:00 PM and 5:00 AM. Those are the two times. If I’m not there exactly at that time, especially the 5:00 AM. It doesn’t matter because the way that I trade is I’m taking retracement orders anyway so I don’t need to be there. The 5:00 PM. I’m always there because that’s when I post my trades for my clients and have done so for nearly 11 years now, without fail, we’ve never missed day.
Why we trade at 5pm EST, New York Time
So the reasons for those times, the 5:00 PM New York time, that’s Eastern standard time. That is at the close of the trading day. That is when I can look at the daily charts, the 12 hour charts, the eight hour charts, the six hour charts and the four hour shots. I can scan through those five timeframe charts in probably 10 minutes.
Look at all the currency pairs, scan through them, 10 minutes done. And then at 5:00 AM, New York time, I look at the 12, the six, the four. And because it’s then in the European time, I look at the one hour charts as well. If I think nothing else than looked at the charts at and around those two times, then you have ample trading opportunities.
4 weeks on holiday and I made +12.7%
Now to give you an example, last year, you’d have seen on my website, if you’re following me back then, I went over to Europe, the UK, and France for four weeks with my family. And in that time I traded 10 to 15 minutes once a day on the 5:00 PM, New York close and that was it. In the four weeks I was away, I made 12.7% on a live account. All the trade today, you can go and view them. They were all posted on our membership site.
They’re all taken in advance of the market moving, but 12.7% in four weeks trading, 10 to 15 minutes once a day in the evening in the UK and in Europe and that was it. No on-going management. No going back to the charts during the day time watching. Just logging back in again, European evening and taking trades for the next day. And that was it, really easy to do.
A normal day
So for me personally, when I’m not away, I tried to look at the four, six and eight hour chart changeovers during the daytime if I can. If I miss them, doesn’t matter, it’s not that important. And because not every time are you going to find a good setup. And if you miss some too bad. Trading is about longterm, it’s not about getting every single trade every single day, every single week, that’s not real.
So look at it as an enjoyable thing to do, look at it in a more relaxed way, look at it with retracement orders, looking at the close of a candle. If you can’t be there right on the close of that candle with retracements, it doesn’t matter because generally you’ve got a long time before the trade will actually get filled anyway. So I hope that helps.
Get away from the short time frame charts
So try to get away from thinking about looking at one minute charts and five minute charts and 15 minute charts, it’s not fun, it’s not real, you can’t sustain it. And the reality is you’ll end up probably paying your broker more in spread costs than you’ll actually make. So be really, really careful with those short timeframe charts and try and get onto the longer, more enjoyable, more reliable charts from four hours and above. So I hope that helps. This is Andrew Mitchem at the Forex Trading Coach. I’ll see this time next week with more trading tips and information bye for now.
Episode Title: #367: Trading in 10-15 minutes a day