Many people who look at forex trading, but feel they do not have the time required to do this correctly. While this is generally true there are a number of ways that you can trade the forex market with limited time. To do this you have to consider how much time you have to trade, if you have the time to trade and the forex trading strategies you can use.
Finding time for forex trading
When you first consider forex trading you should think about when you have time to trade. There are a lot of people who want to trade, but work a full-time job. These people often think that they cannot trade because of their job. However, they often have enough time to trade that they do not realise. If you are working a full day you will have some free time from 7 in the evening in most cases. This means that you have a number of hours available for trading.
If you do not want to spend your entire evening trading then you can consider some alternatives. There are trading strategies that require five minutes throughout the day. There are also other strategies where you only need 1 hour a day to trade. Finding this time is often easier than a large block of free time.
Forex trading on limited time
Once you have determined when you have the free time to trade you have to consider what the market is doing. As the forex market is open 24 hours during the week you have a lot of time available to trade in. Of course, you have to consider what market session you are trading in and the currency pairs that you can use. The currency pairs that you use when trading with limited time should be confined to the most commonly traded pairs. These pairs are good for new traders and do not require as much work to trade with.
There are four market sessions that you can trade in. You have to determine which session your trading hours fall into. This can affect which commonly traded currency pair you use. If your trading time is in the Sydney sessions then you should look at common currency pairs with the Australian dollar.
Limited time forex trading strategies
There are a number of strategies that you can use when you trade with limited time. There are two timeframes that you can trade in and they are short and long. With long-term trades you do not have to spend a lot of time each day on them. Once you have opened one or two long-term positions you simply have to check each day that they are still going well.
There are a few short-term strategies that you can try. Scalping throughout the day is one strategy that you can use. Of course, you will need to have access to the forex market during the day and know a couple of chart patterns to look for. You can also use short-term trends to trade with for an hour during the day if this is the time you have available.