Monday, June 14, 2010

Forex and the Job

So you live in the western part of North America (I trade from Phoenix,
Arizona) and you have discovered the power of trading the Forex market. Your
passion runs so deep that almost instantly you are convinced that you want
to do this full time. You get your requisite training and are ready to trade
your live account. Just one problem . the job is keeps getting in the way!
Those of us who live in the Western part of the United States and Canada
have a unique challenge when it comes to currency trading. Our time zones
are not conducive to trading the European session and our window is small to
trade the New York session before we must pack it up and hit the road. The
Asian session is perfect timing, but not very active in the currencies
rookies tend to focus on first.

I absolutely love trading the European session, but I am wasted the entire
day from lack of sleep. I am very selective when I trade with London,
because you ALWAYS want to be focused and on top of your game when trading!

Here are some simple recommendations to help you through your transition

1. Do Your Homework! This is valid with any trader, but for those of us who
have a small window to trade peak hours need to be prepared to take
advantage of any pips the market is offering up. This is really not a
disadvantage. This can build and nurture a most profitable habit.

2. Go to Bed Earlier! It is very important to get your rest and trading in
the Pacific Time zone requires an early wake up call to trade the London-New
York overlap session. I awake 4:00 am pacific time to make sure I am awake
and prepared when New York opens.

3. Develop a Solid Exercise Plan! I find when I am in decent condition I can
get an additional 2 hours more of focused time out of my day. Those two
hours I dedicate to making myself a better trader.

4. Find Your Trading Style! Synergize your trading style with your trading
session. If you are like me and primarily trade from the 15-minute, 1-hour
and 4-hour charts the European and New York sessions are my bread and
butter. I use the Asian session to do my homework. If you are a position
trader a whole new set of synergies come into play.

5. Be confident in your analysis. When I first started seriously trading
currencies and juggling the job I found I had done my homework, planned an
entry only to miss it because it occurred while I was in the middle of my
mid-morning meeting. I learned very quickly to get comfortable with entry

As you can see from these simple examples that becoming successful in
currency trading requires two key elements.

Persistence will allow you to climb the learning curve and learn from your
Change of mindset to not allow life to dictate the level of your currency
trading success!

Happy Trading!!