Living and Trading in the Triangle
I happen to live in Durham which is part of the Triangle region of North Carolina. It is a wonderful area to work and live, and I feel most fortunate to be able to blend my love of trading along with my love of the Wellness field, specifically Traditional Chinese Arts.
The great part about Forex is that the 24 hour per day market allows people from around the world to participate. One of the keys to trading successfully is being honest with yourself about when you can dedicate your full attention to trading. If you are trying to trade during your regular job hours, you have many obstacles to overcome. There are several ways to overcome these obstacles when trading Forex.
One way is to only focus on position trades or long-term trades. With this method you do not need to spend many hours watching your charts, because you will trading based on the 4 hour or daily time frame. You won't have that many trades, but you also won't be stressing out because your boss wants you to actually do work and you are unable to watch you charts.
Another option is to trade when you are off work. For those in the U.S. working normal business hours, this may mean only trading the Asian session, which is the slowest session to trade. However, if you can dedicate your full attention to your trading, it is still a preferable option to trading while your mind is distracted.
The final option is to trade very short-term, basically scalping the Forex market. This method can work, as I often do it myself, but you need to stay true to your rules and control those pesky emotions. If your indicators start turning against you, get out as soon as possible. Don't hang around "hoping" the market will turn in your favor. Just cut the loss as soon as possible and wait for a better opportunity. When in a profitable trade hold as long as your indicators show are in a good trade. Scale out at obvious support/resistance levels. Of course if you are scalping from work, you may need to exit early, when it is necessary to divert your attention to your actual job. In this case, if your trade is in profit I recommond closing either the entire position or closing at least half, while setting the remaining half to break even.
Hope that helps for you Forex traders that must still work a 9-5!
The great part about Forex is that the 24 hour per day market allows people from around the world to participate. One of the keys to trading successfully is being honest with yourself about when you can dedicate your full attention to trading. If you are trying to trade during your regular job hours, you have many obstacles to overcome. There are several ways to overcome these obstacles when trading Forex.
One way is to only focus on position trades or long-term trades. With this method you do not need to spend many hours watching your charts, because you will trading based on the 4 hour or daily time frame. You won't have that many trades, but you also won't be stressing out because your boss wants you to actually do work and you are unable to watch you charts.
Another option is to trade when you are off work. For those in the U.S. working normal business hours, this may mean only trading the Asian session, which is the slowest session to trade. However, if you can dedicate your full attention to your trading, it is still a preferable option to trading while your mind is distracted.
The final option is to trade very short-term, basically scalping the Forex market. This method can work, as I often do it myself, but you need to stay true to your rules and control those pesky emotions. If your indicators start turning against you, get out as soon as possible. Don't hang around "hoping" the market will turn in your favor. Just cut the loss as soon as possible and wait for a better opportunity. When in a profitable trade hold as long as your indicators show are in a good trade. Scale out at obvious support/resistance levels. Of course if you are scalping from work, you may need to exit early, when it is necessary to divert your attention to your actual job. In this case, if your trade is in profit I recommond closing either the entire position or closing at least half, while setting the remaining half to break even.
Hope that helps for you Forex traders that must still work a 9-5!
Labels: forex chapel hill, forex durham, forex raleigh
posted by TopForexTrader at
8:02 AM
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