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Ok now we are
getting into the meat of this book. Trading forex with only
10
minutes a day is very easily achievable once you understand
how to implement
the systems I am about to introduce to you. There's a well
known quote from
Albert Einstein that sums up trading forex very well. He
said,
"Everything should be made as simple as possible, but not
simpler."
This is spot on when it comes to trading forex, there is no
need to complicate
anything. Forget all the complicated indicators that you
have collected cluttering
your charts. You do not need them…. all you need is price
action. |
Trading the forex market part time is one of the most over
looked, most
profitable part time incomes ever. In fact although you are
only monitoring your
trades for a few minutes a day, this part time business can
quite easily create far more money than any normal full time
9 till 5 job.
Believe it or not trading with a limited amount of time is
actually far easier than
sitting and watching the charts all day long, this is due to
several reasons.
First, you are usually not around to watch the trade
play out, this eliminates the
greed and fear factor which is a huge problem to many new
traders who exit too
early due to fear of loosing the profit they already have or
being too greedy and
holding on too long for more profit.
Second, it is a well know fact that the larger the
time frame is, the more reliable
the signals are to trade. Because you are trading the longer
term charts you
have cut out a lot of the noise in the market. This noise is
what many traders try
to day trade spending 8-12 hours a day in front of their pc
and even then they
are still losing money.Many people are simply not cut out
to trade full time, the stress this places on
you is immense. A friend of mine who trades part time plans
his trades in the
evening and places his orders before he goes to work. He is
one of the best
traders I have ever come across, in fact he was so good that
he quit his job to
trade full time not long after he started. Suddenly he
started losing money, his
trading went to pot…..Do you know why?
It was because he had all day to watch and manage his trades
but he didn’t
have the discipline to let them play out as he did while he
was away from his
computer at work.
I pointed this out to him and he altered the way he traded,
he never went back
to his old job but instead he allowed himself 30 minutes in
the morning and 30
minutes at night to plan and managed trades. The rest of the
time he spends
working on other business ventures funded by his trading or
spends time with
his family.
In the following sections of this book I am going to
introduce to you two trading
systems, both of these systems are very profitable and both
use price action
setups for entries. You do not need to learn both systems at
once, you can learn
to trade one and once you are familiar with it start using
the other. Both systems
require about 10 minutes at the close of the daily bar to
check for setups.
IMPORTANT: Both systems in this manual use end of day
data, this means for
the signal to form the daily bar/candle has to have
completely formed and
closed. No entry is valid until the daily bar/candle has
closed. The time the
candle closes depends on your broker and your location. My
broker uses
midnight GMT, all this means is I have to get up for 10
minutes to check my
charts at midnight GMT. |
