What’s the Best Trading Session?
#506: What’s the Best Trading Session?
In this video:
00:38 – Which is the best trading session?
01:37 – We look at the close of a candle
02:18 – We use Limit Orders
03:30 – Trading is about picking quality setups
04:20 – Trade through Blueberry
What’s the best trading session that you should be at your computer? It’s a question that a lot of people ask, and I’ve got a real simple answer for you. So let’s get into that and more. Right now.
Hey, there trader! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 506. Wanted to come outside a glorious afternoon. We are just a handful of days away from the shortest day of the year and we’re getting weather like this.
So you’ve got to take advantage of being outside and enjoying some good vitamin D from the sun.
Which is the best trading session?
So trading sessions, actually the Sun relates to this quite a lot because I’ve just been on a Zoom call with a guy over in Oregon, over in the US, on the West coast of Oregon, West Coast to the US.
And he said to me, Hey Andrew, I’m always concerned about when to trade the sessions because for him the US session, because he’s on the West Coast and like, you know, the morning session opens in New York time on the East Coast.
You know, it’s quite a considerable timezone difference there. And he said to me I can’t trade the US morning session even though he’s in the same country, because, you know, it means getting up at like 3:00-4:00 in the morning and it’s just not practical. Likewise, he cannot trade the European session because that’s like 11, 12, you know, midnight, 1:00 in the morning, depending on time of year for him.
So he said, well, what do I do? Because it’s always something that’s concerned him. And I said, Look, fantastic question, really good answer for you and you got to love it. The fact is, I won’t tell you his name, but I said,
We look at the close of a candle
Look, the fact is you don’t need to worry about sessions when you trade the way that we trade because we look at the close of a candle.
It doesn’t matter to me what the time of the day is. It doesn’t matter what the session we might be in or leading up to. It really does not matter. You look at the close of a candle and you see the trade. Take the trade from there. So, you know, first of all, when to go and look at a charts because it’s at the close of that candle.
But I like I said to him, the thing is, if you look at the 5 p.m. New York Close of Day charts and for him that might be like 2:00 in the afternoon and I’m at work and you know, I can’t trade then could have been an answer. You know, he could have said.
We use Limit Orders
And my reply was, well, it doesn’t matter again because we use limit orders to place our trades.
So if you don’t place, you trade two, five, six, 7:00 in the evening for him, which is, you know, like sort of three, four, five, 6 hours after the close of day 5 p.m. New York time. It doesn’t matter because at that time of the day, very little happens anyway. Would end of the US session time, you know, the start of New Zealand, Australia and into the Asian session.
Nothing happens on most days, so it really doesn’t matter if you’re not there at that exact time. So in other words, it doesn’t matter where you live in the world. Don’t worry about sessions. Trade the close of a candle, use limit orders and you’ll enjoy trading much, much more. You don’t need to be setting your alarm clock that I used to do it years ago.
When I started. I used to think I used to need to be up for the US session and it was like, you know, it’s 1:00 in the morning or something and it’s like crazy. You can do it for a week or two, but you’re not going to do it consistently. And ultimately it matters not one bit once you know what you’re doing.
So I completely changed my trading around, made it far more enjoyable for me. I can go out and do things like this, get outside in the sun, enjoy, you know, enjoy doing other things than sitting, watching charts all day.
Trading is about picking quality setups
And trading is about quality. It’s about getting the quality of your trades, your consistency of your trades, and the consistency of the trade setups.
Another example which I shared with the same guy today, I said, Look, we post our daily trades every single day, which we do and we’ve done since 2010, and today there were none. And it’s like, well, there were no specific daily chart trades for today. Therefore, don’t force trades, don’t take any. I’m sure they’ll be some other shorter timeframe chart setting up, you know, later today.
That probably will be. But simply because there were no trades on the daily charts. Don’t worry about it. It doesn’t none there don’t take any. Tomorrow they’re probably five or six. So you know you you make hay when the sun shines again, back to that sun. It’s good for you, the sun. So I hope that helps you.
Trade through Blueberry
Look, if you’re out there looking for a good broker, I can highly recommend blueberry markets over in Australia.
Great brokerage, MT4/MT5 platform. The MT5 platform has obviously more timeframe charts because MT5 does that. But also you’ve got the ability to trade other markets as well. You know the non-forex markets as well, which were findings from great set up so on. So it’s really important that you have a system and a strategy that allows you to trade all these different markets, not just the forex market.
If you want to trade those other, you know, those metals indices, cryptos, etc., then blueberry markets are a fantastic place to go. And if you want to trade those, make sure you have a strategy that works equally as well on both other markets. So I hope that helps. This is Andrew Mitchem here at the Forex trading coach, enjoying the sunshine, enjoying winter.
Can’t believe we’re just a few days away from the shortest day of the year. Absolutely beautiful. So hope you having a good time where you are and I’ll see you this time next week. Bye for now