Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
In this video:
00:28 – Less is More
00:53 – FOMO – Fear Of Missing Out
02:05 – Trade for enjoyment
03:03 – Trade examples from this week
04:38 – Our NEW on-demand Masterclass
05:20 – Blueberry Markets
I’m going to explain why trading and looking at your charts for 30 minutes a day is so much better than trading and looking at your charts for 8 hours a day. Let’s get into that more right now.
Hey there, Forex Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 498.
Less is More
I want to talk about something that might seem so obvious, but unfortunately most people don’t do it.
And that is why trading 30 minutes at a maximum is so much better than staring at your charts and being glued to the screen for 8 hours or more day. Well, as I mentioned, it seems so obvious, doesn’t it? What are the benefits? Well, they’re endless. But why is it that so few people do that?
FOMO – Fear Of Missing Out
So it probably comes down to when you start trading, you think that you need to do more and more and you need to be glued to the charts all day and all night.
You just can’t get away from it. You’re watching every pip movement up and down your flicking between different charts, different timeframes, different currency pairs, different markets, and you then think that you need to get into trading different sessions and you need to be there at the beginning of the European session. You need to trade during the US session.
We need to trade all the news announcements, the Red high impact news announcements. So that you see on Forex Factory. You think you need to trade those as well. You’ve been told that the main price action happens when Europe’s open and America is open. So you have to trade then. And I know exactly what it’s like because years ago when I started trading, I knew exactly the same.
I was trading those sessions, which is night time. My time I was trading news announcements and setting my clock on my watch all the time to be there 5 minutes before those major news announcements in then. All through the night. And trying to do that with five young kids as well is a bit of a nightmare to be honest. And I’m glad it didn’t last for too long before I finally figured out that it wasn’t a good idea.
Trade for enjoyment
So to trade properly, to trade with enjoyment and I’ve been doing this for 18 years now and teaching for 14 years, so I can tell you with some knowledge, some experience of what works and what does not work. And I can tell you that if you can trade properly with looking at a chance a few times a day, 15 to 30 minutes a day, it’s enjoyable because it’s real, it provides longevity and it provides enjoyment in what you’re doing.
It doesn’t burn you, it doesn’t stress you out. You can carry on doing what you’re doing. You can carry on with family life, other jobs, whatever it is that you’re doing, you can trade on prop firms. You don’t need to be spending all day and night doing it and you can copy across from a main account to prop firm account.
So just because you think I’m doing this for not much time in the day doesn’t mean to say that it’s wrong or it’s lazy or anything like that is absolute complete opposite. It’s what makes trading real and enjoyable and profitable.
Trade examples from this week
To give you some examples from three trades that I took this week, we started off trading this week after the Easter break on Wednesday and on Wednesday I posted three trades off the daily charts based off the daily charts for our clients.
It was a sell trade on the USD/CAD, buy trade on the EUR/USD and a buy trade on the EUR/HKD. All three were profitable and so the results of that were the USD/CAD made a 1.8 to 1 reward to risk. We also did have one position stopped out as well. So that was a 50/50 there one profitable one not. The EUR/USD made a 3.9 to 1 reward risk.
The EUR/HKD made a 3.6 to 1. Put those together I made from those three trades, including the one loss on the USD/CAD and one gain. I made just over a 2% gain on those three trades, which literally took my clients less than 5 minutes to identify and to place. So “Less is More”. 2% gain, real low risk per trade.
You don’t need to be sitting there watching every pip moving going up and down driving yourself mad because it’s just not real. It’s just not enjoyable. So make sure that you have a strategy that uses close of candles and probably also the longer timeframe charts. It’s going to make your trading much more profitable, much more real, much more enjoyable.
Our NEW on-demand Masterclass
So two other things to mention to you. Our new On-Demand webinar is now ready for you to view. If you haven’t been on my webinars in the past or even if you have, this is completely different. I’m going to put a link to it on this video podcast so you can click on at a time that suits you is completely on demand and it’s instant access to that webinar.
It’s just over an hour long, really worth your time to go and register for that and to find out more about what we do, how we trade, how we can help you and get lots of trading tips and information, talks about all sorts of things about trading risk shows, some of our trades that we’ve taken. Talk about prop firms and how you can trade properly. Go and click on the link.
And lastly, if you’re out there looking for a really good broker, have a look at blueberry markets again, I’ll put a link to them on here. Blueberry markets, they’re based in Australia, but it doesn’t matter where you live in the world, pretty much every country apart from the few plus the US, you cannot trade through blueberry.
But if you’re everywhere else or anywhere else, you can pretty much trade through blueberry markets and great bunch of people. Incredible customer service. Probably the best you’ll ever find out at any broker that I’ve ever experienced. Blueberry markets. There’s a link here as well.
Any questions that you have, send me an email. [email protected] any topics you like me to discuss over the next few weeks?
Please send them through and in 2 videos from right now we get to video post and podcast number 500. So looking forward to that.
Anything you want me to cover on that one, let me know. Bye for now!