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04/25/2008 Entry: "Trading schedule."

Steve wrote:
> Hi, Neal,
>
> Great charts in yesterday's update, and in your sneak preview. I am now starting to catch on as to
> how best to make use of your posts.
>
> Question that I thought might be helpful to others as well as me. Especially as I miss trade set
> ups, as I am sure others do, although I realize we are not, and cannot, catch all trades. But no
> need to answer unless you have some key important suggestion you would like to present, as I
> understand this falls well into the realm of individuality among traders.
>
> Would you care to comment on a trading "schedule" that would preserve our minds from burn out and
> empower us to be more effective traders? I know that you are not in front of your computer all
> day, and you are highly successful. So, what would be "one" example of a productive schedule? For
> example, would you recommend checking the 240m charts every 4 hours, then the 60/30/5 every hour
> once we see a 240m nearing a cross of the TRSI beyond 60 and 40 levels?
>
> Just a thought. No rush ... in your "spare" time :-) ...
>
> Steve

Steve,

The Daily Forex Charts service provides the best trading zones on many currencies, and provides that information in advance (sometimes days in advance).

My schedule varies dramatically from day to day, so I do not have a highly repetitive schedule. Life seems more enjoyable that way!

Most traders can't trade 24 hours a day. So the objective is to find the best trades during the time that is available for trading.

Generally, you should focus on currencies that are active during your available time. So if you are trading during the Asian session, look for trades in the Asian pairs (JPY). This is most true for traders of lower time-frames, say 30 minutes and below. These traders would then concentrate on the updates from DailyForexCharts.com that are for their favorite pairs.

For higher time-frames, where trades will extend over several sessions around the globe, your trading options expand to many currency pairs. You can trade a wider variety of charts, but your daily trading hours may be limited. In this case, you can look at the videos from DailyForexCharts.com and then watch your charts for trades that are confirming. If a trade is initialized during your trading hours, you may have to place an exit in the market to take you out while you are away from your trading desk.

There are websites that will send email and phone text messages based on alerts that you can define. Also, some charting software has this facility too. That will enable you to spend time on other interests, then pay attention to your charts when you receive an alert.

Other than that, if you trading hours are not limited, you could set a schedule to check your charts every few hours. Then watch more closely if your trades are setting up. The schedule for this would depend on the trader.

-Neal.