How long do you have to sit at the computer working on Forex? It all depends on the trader himself and, of course, the trading strategy he has chosen for trading.
Indeed, one of the main advantages of working on the Forex currency market is complete freedom of action, but this should not be confused with the discipline of trading rules.
A trader can independently choose the days of the week for trading, participate in one or more trading sessions, spend on market analysis as much time as he needs.
However, this freedom must still be limited by some rules, which are usually called the trading system. It is the system that determines how much and when a trader will trade in the Forex market.
And yet, there is a choice. You can successfully trade on both minute and daily charts. According to this principle, all trading systems can be divided into three groups.
The first group - long term trading systems
Daily, two-day, weekly or even monthly charts are used. The transaction can remain open from several days to several months.
To control the process, it is enough to spend 30-60 minutes a day on market analysis. Will it be in the morning, afternoon or evening - the business of trading strategies. Such trading can be easily combined with the main work.
If you choose a long-term strategy, then try to analyze the market in detail.
Even though you will rarely make deals, you will still need up-to-date information and a plan of action.
The second group - medium-term trading systems
Hourly, two and four-hour charts are used, less often others. Here, the trader has to access the trading terminal several times a day.
In total it will be 2-3 hours a day. If you have access to trading from your workplace or via your smartphone, you will be able to conclude transactions without any problems.
When choosing a medium-term trading system, you will need to make a habit of viewing charts at certain times of the day. Then you will not miss trading strategy signals.
Read also - What type of analysis is used in the Forex market?
The third group - short term trading systems
Trading is carried out on minute charts, sometimes hourly and even daily charts are used to determine the general trend.
Naturally, the situation at small intervals changes every minute, so the presence of a trader is required all the time. Combining trading and the main work, most likely, will not work. There is only one option - work in 2 shifts, but this is quite difficult.
However, it is not necessary to sit at the computer all day.
- First, the market is most active for only a few hours a day.
- Secondly, it is reasonable to put limits on the daily loss. On bad days, you will quickly end trading and save money.
- And thirdly - it is necessary to observe the regime of the day. Bargained - rested, and nothing else.
Some traders even manage to find time for naps.
Using these recommendations, you will be able to determine how much time per day you personally need in the Forex market. What's more, you can manage your own schedule.