Thursday, August 24, 2017

Does a Trader Need to be Connected 24/7 to be Successful?



Forex Trading
Photo by Alex Knight on Unsplash
Most traders, when they start out are glued to their computer screens 24/7, monitoring the currency markets and analyzing charts. With the Forex markets around the world operating 24/7, most newbies feel the need to place orders throughout the day. 

However, experienced traders are rarely stuck to their screens 24/7, which must mean that there is an alternative - a calmer and more productive way to trade. Here we will look at some alternatives which will allow you to be more productive and efficient with your time so you can spend less time in front of your screens, while still being a successful trader.

Currency Pairs and Charts


There are many different currency pairs available and the higher the number of currency pairs that you trade with, the higher the number of charts you will have to analyze. If you want to trade 20 currency pairs, you will need to have a complete system that allows you to control each currency pair effectively.


Price Alerts and Position Management


Setting price alerts is an important part of saving you time and making you a more effective trader. You will need to spend some time initially studying the charts and analyzing the currency pair you plan to trade. 





This allows you to set signal alerts on a price level that you deem to be good for an opening position for each currency pair. You will be sent a notification via email or text when the price reaches your preset level. 

This allows you to leave your positions and wait until you get a price alert that the price has reached your set level. This is important for position management.

Trading on the Go

Forex Trading
Photo by rawpixel.com on Unsplash

As trading has become more mobile, traders are able to trade on the go. This means you no longer need to be glued to your computer screen waiting for developments in the market. You can set your price alerts, and can open and close positions wherever you are. 

Increased accessibility to information in real time via mobile devices has freed traders to be out and about, trading via an app that can be downloaded to their phones. If you make a trading routine, you do not need to be in front of your monitor always, but can wait for alerts and make trades via mobile if necessary.

Experience


Of course, this only comes with time so you need to invest the time to begin with so that you can spend less time in the future. Experience will tell you where and when to look for trading signals as you develop experience and confidence over how to analyze the markets quickly. 

You will start to know where to look for trades so you can spend less time searching for price signals and opening positions. This will save you time so you can analyze the charts more effectively and will allow you to plan and choose positions in advance so that you will not need to constantly monitor the markets.


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