In today forex faq, we have a question from one of our fellow readers.
Below is the question:
Do you trade at a specific time of the day or a specific market time (e.g., London, NY) or do you only trade when the technical indicators show you to enter a trade.
I do not trade on any specific time, if you are a user of my trade copier service, you will know that you will have trade on your account at anytime of the day.
That is becos I am trading purely based on the technical analysis only. As long as the setup is according to my strategy, I will go for it no matter what time of the day. So far, my strategies have never failed me and therefore I will continue to trade in this manner.
I must advice those of you who are new to forex not to be obsessed with selecting time frame and what time to trade.
In fact, the best time to trade is when you are free and available as this is the time where you are most relaxed and your judgement is at the best. If you force yourself to trade on certain time of the day where you are busy, you will be more stressful and therefore your judgement will be not so sharp.
Personally I am a pure technical trader and I do not look at the news at all. That is becos news trading is very sentimental driven. It really depends on the traders reaction to the news and therefore you will see the price spiking up and then spike down as these traders are not sure where to go.
The movement of the market is more of which direction has more traders and that is it. It is not supported by any techincal or fundamental aspect of the market and therefore the movement will not last most of the time.
I hope that I have answered your question and do feel free to email me if you have any question