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If you have one hour a day...

Discussion in 'Beginners Bootcamp' started by Jock of the Bushveld, Dec 31, 2016.

  1. Jock of the Bushveld

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    Good day everyone.

    I found that in forex, events happen at random times during the day. Opportunities and dangers come and go anytime throughout the day. However, I won't be able to look at the charts the whole day, and be there the moment they arise. I've got one hour a day to spend on forex. It should be possible to still successfully trade forex by spending only one hour a day.

    So, how does one spend the one hour?

    What kind of trading styles should be looked at?
    What range of timeframes is recommended for one hour a day?
    In what range of timeframes can you learn something new everyday?
    What range of timeframes are the least risky?
     
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  2. MYFXPT

    MYFXPT Private

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    I can only speak for myself, but if I only had one hour a day I would favour the H4 and/or daily timeframe. You can accomplish much in just one hour a day if you are specific with the information used in your analysis. Remember, each day builds on the previous day, so you are not starting from scratch each day. For example, trade entry set-ups can take several days to materialise. All timeframes are equally risky! Good luck!
     
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  3. FxMaster

    FxMaster Lt. Colonel

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    I`ll suggest everyone spend that 1 hour at FPA Forex Military School at least 3 months and I`m sure those time will change your Trading Skill :)
     
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  4. downtrend

    downtrend Sergeant

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    If you have one hour or even less, you can trade successfully on daily charts using price action strategy.
     
  5. carnelian

    carnelian Private

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    Trading can be done in minutes. Actually your vision to see market trend and daily charts should be good . You can guess right entry in this way a lot of things can be done in just one hour.
     
  6. dianajs

    dianajs Private, 1st Class

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    Events on the market aren't really all that random - at the beginning of every trading session (the London one, the NY one, etc.) there is increased volatility, not to mention the volatility that occurs during high impact news events the schedule of which you can find in any Forex calendar.
    As for what I would do if I could trade only for one hour - I suppose I would only be using the large time frames and keep long-term positions open. But that's just me.
     
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  7. outofphase

    outofphase Private

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    You need to decide first whether you want to be out of all your trades after the hour is up. If yes, then you gotta use everything from daily on down to 1 minute or M1. I mean daily will give you today's context relative to yesterday's OHLC. Then, depending on the ccy, M1 up to M15 would be the timeframes I'd use to monitor the pulse of the market and manage the trade as you wait for price to reach the target identified by the S/R levels you identified from the higher TFs: monthly, weekly, daily, H4, even H1--in other words, daily gives you the context of where price currently is relative to yesterday; within that context, you could use S/R levels derived from H4 and H1 and therefore just trade very narrow ranges.

    But then again, 'narrow' here depends on the ccy: narrow on EURGBP or AUDUSD, but on GBPJPY the H1 range could extend all the way to be 200 pips!
     
  8. holycow

    holycow Master Sergeant

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    I believe that forex trading is the best thing that can even be done in our free time anywhere from the globe. Better if we consider trading during London session as the market is much volatile at that time.
     
  9. carnelian

    carnelian Private

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    If I had one hour a day for trading I will spend some time certainly in making analysis , Then I will do trading with short term strategy . My goal will be to get some profit pips not wait for a long time to gain higher pips. I can also use take profit to gain my target
     
  10. ItsToday

    ItsToday Recruit

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    I would look at the 1 hourly or 4 hourly chart and focus on medium term trades e.g. 50-80 pips take profit
     

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