Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

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#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

In this video:

00:28 – Less is More 

00:53 – FOMO – Fear Of Missing Out

02:05 – Trade for enjoyment 

03:03 – Trade examples from this week

04:38 – Our NEW on-demand Masterclass

05:20 – Blueberry Markets

I'm going to explain why trading and looking at your charts for 30 minutes a day is so much better than trading and looking at your charts for 8 hours a day. Let's get into that more right now.

Hey there, Forex Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 498.

Less is More 

I want to talk about something that might seem so obvious, but unfortunately most people don't do it.

And that is why trading 30 minutes at a maximum is so much better than staring at your charts and being glued to the screen for 8 hours or more day. Well, as I mentioned, it seems so obvious, doesn't it? What are the benefits? Well, they're endless. But why is it that so few people do that?

FOMO – Fear Of Missing Out

So it probably comes down to when you start trading, you think that you need to do more and more and you need to be glued to the charts all day and all night.

You just can't get away from it. You're watching every pip movement up and down your flicking between different charts, different timeframes, different currency pairs, different markets, and you then think that you need to get into trading different sessions and you need to be there at the beginning of the European session. You need to trade during the US session.

We need to trade all the news announcements, the Red high impact news announcements. So that you see on Forex Factory. You think you need to trade those as well. You've been told that the main price action happens when Europe's open and America is open. So you have to trade then. And I know exactly what it's like because years ago when I started trading, I knew exactly the same.

I was trading those sessions, which is night time. My time I was trading news announcements and setting my clock on my watch all the time to be there 5 minutes before those major news announcements in then. All through the night. And trying to do that with five young kids as well is a bit of a nightmare to be honest. And I'm glad it didn't last for too long before I finally figured out that it wasn't a good idea.

Trade for enjoyment 

So to trade properly, to trade with enjoyment and I've been doing this for 18 years now and teaching for 14 years, so I can tell you with some knowledge, some experience of what works and what does not work. And I can tell you that if you can trade properly with looking at a chance a few times a day, 15 to 30 minutes a day, it's enjoyable because it's real, it provides longevity and it provides enjoyment in what you're doing.

It doesn't burn you, it doesn't stress you out. You can carry on doing what you're doing. You can carry on with family life, other jobs, whatever it is that you're doing, you can trade on prop firms. You don't need to be spending all day and night doing it and you can copy across from a main account to prop firm account.

So just because you think I'm doing this for not much time in the day doesn't mean to say that it's wrong or it's lazy or anything like that is absolute complete opposite. It's what makes trading real and enjoyable and profitable.

Trade examples from this week

To give you some examples from three trades that I took this week, we started off trading this week after the Easter break on Wednesday and on Wednesday I posted three trades off the daily charts based off the daily charts for our clients.

It was a sell trade on the USD/CAD, buy trade on the EUR/USD and a buy trade on the EUR/HK...