A lot of people talk attract and tease new Forex traders by appealing to their senses such as greed, fear and desire for increased leisure. These are easy marketing techniques but are very misleading when it comes to Forex trading. Admittedly, buying and selling currencies in the Forex market is so simple it’s merely a matter of clicking a mouse button. However, that is where the easy part stops. Everything in Forex is timing and that is what one must understand.
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Forex robots appeal to new traders because of the ease of execution and overall lack of effort required. But, this is the lazy man’s game and it will far too frequently end in disaster. The appeal to traders’ dislike of spending hours in front of the computer is why so many new systems tout “Mega profits in just 30 minutes a day”. It has been said many times in the past, but if this were true then everyone would be involved in trading. The fact is, it is not true and if you are able to spend just 30 minutes a day trading Forex and succeed that is as much due to fortune (aka luck) as it is skill.
I am not saying that you cannot make money in 30 minutes. On the contrary, many times you can get a trade that gives you 20, 30 even 50 pips or more in just a few two minute candles! It is possible to make fast money in the Forex. What you need to understand is, that there is no correlation between the time you spend trading (looking at your screen) and your profitability. What is critical is not how much time you spend but what you can and are able to do with that time.
I have found through my own experimentation that, indeed, the more hours I spend trading does not at all necessarily equate into greater profits in the Forex market. On the contrary, when I have traded a full day (say from UK open to noon EST – 8 hours) I have found that more often than not, I tend to either give back much (if not all) of my profits I acquired early on or even go so far as end down on what would otherwise be a successful trading day had I stopped after just a couple hours. I feel that it is easy to become embroiled in longer trades with more and greater leverage when you trade long hours than if you confine yourself to a shorter trading period. When you give yourself a specific amount of time to trade knowing that you must complete the trade (win or lose) in say two hours time. Under these circumstances, one often makes more crisp and disciplined decisions.