Direct from the desk of Dane Williams.
Alongside whether you need money for forex, another common question revolves around how much time it actually takes to be successful.
Both time and money are extremely valuable, hot commodities so today, I’m going to hit upon a common misconception that often swirls around forex trading discussion circles.
That being the idea that forex demands your every waking moment be glued to that computer screen or phone.
Well, of course I'm here to debunk that myth!
While some traders might opt for the 24/7 approach, there are alternative methods that allow for a more balanced lifestyle.
Enter the swing and position trading styles.
These are two similar, longer term trading strategies that don't require you to be tethered to your desk or screen all day.
Have you still got a full-time 9-to-5 job?
Fret not because swing trading allows you to still make money in the markets by diving into forex after your workday is done.
It can actually be done pretty easily when you take a second to break down what your normally Netflix filled evenings look like.
Think about it this way.
You get inside at 6 pm, grab some dinner over the next hour or two and then from 8 pm to 10 pm, you have 2 quiet hours to analyse the markets and come up with your plan of attack for the next day.
Focus on those longer-term timeframes: The daily, weekly and monthly charts.
Either set limit orders strategically or if you’re able to, use TradingView to send alerts to your phone before manually entering after a second confirmation.
And just like that, you, the time poor individual with a full time job slaving away for the man, has set up your trading strategy to swing trade for the next day.
Now, I’m not going to tell you it’s easy because it’s not.
But it's entirely doable if you have the most important ingredient.
Discipline.
Yep, you heard me correctly, The key to successfully navigating the forex market while juggling a full time job isn’t your strategy or some magic formula.
It’s simple discipline.
I’m talking things like having the ability to stick to your trading plan, manage your risk correctly and resisting the urge to impulsively check the markets every five minutes.
Something that might not be a problem if you really are as time poor as you say.
Sure, swing trading strategies like my simple forex support and resistance method might not be the glamorous image of a trader surrounded by multiple screens, frantically making split second decisions.
But, and it's a big but, it's a practical, sustainable approach that aligns with a more balanced lifestyle.
Remember, forex trading is a marathon, not a sprint.
So, to answer the burning question – do you need time for forex?
Absolutely you need time.
But not a lot of time.
Even for those of you working full time, you have enough time in the evenings to make it work if you truly have the drive.
It's not about sacrificing your entire life to the charts.
It's about smart time management, picking the right strategies and, above all, embracing the power of self discipline.
Best of probabilities to you.