How Much Time Can You Dedicate To Forex Trading?

When you are ready to learn and trade forex, then actually it needs you to dedicate your time for you to succeed. But does it mean you should use all your time learning and trading forex？ NO!. You need to seriously examine how much trading will affect your current lifestyle.

You should be able to plan How much time each day/week/month (whichever is most appropriate) can you dedicate to the various demands of forex trading and managing a trading system？ Your time availability should determine your trading style.

Based on our previous knowledge of Time Frame, The shorter the timeframe you are trading, the more time you need in front of the charts.

When you‘re a day trader, because you’re entering and exiting trades throughout the day, you need to be glued to the screen the whole time. The longer the timeframe you trade, the less you have to watch the market. You can simply check your trade from time to time.

Always remember about distractions!. When you say you can trade currencies for 8 hours a day, does that mean 8 hours of your undivided attention staring at charts and analyzing economic data releases？ OR does that mean 8 hours of staring at charts, analyzing economic data release while cooking and preparing some breakfast, juggling knives, playing with your kids, watching BTS on YouTube, following Taylor Swift on Twitter, stalking someone on Facebook, and saving the world from the forces of evil？

Because if you were a scalper, you would probably missed a lot of entries and exits, and end up instead scalping your own head due to your many losses or missed winning opportunities. Therefore You also need to dedicate your time in developing and tweaking your trading system. Trading your system will needs you to stare at charts looking for possible entries. The moment youre in a trade, you then need to manage and notice it seriously.

After you exit, you need time to review your trade and look for ways to improve. Because possibly you may have encountered some losses or other challenges. So then you need time to write everything you felt and did in your trading journal.

By the way, How much time youll need to achieve all of this will depend on your trading system. And normally, your forex trading system needs to factor in how much time you can dedicate. This is all assuming you only have a single trading system. You should repeat this process for every trading system you wish to trade.

But what is important is Whatever “operating hours” you choose to give in for trading, just ensure youre able to commit to it continuously.