#183: Are you limited on available time to trade?

Podcast: Are you limited on available time to trade? In this video: 00:29 – I don’t have enough time to trade 00:55 - The solution is to trade the longer time frame charts 01:20 – The stop loss size does not matter 01:39 – How to trade a Monthly chart 02:05 – Don’t worry about the number of pips you need as a stop loss 02:30 – Trades hit profit with a 12.2% account gain with just a 1% account risk per trade 04:08 – The 3 trades took just a few minutes to place 05:14 – Huge benefits to trading the longer time frame charts 05:40 – More reliability in the longer time frame charts I have got a great way for you to be able to trade Forex, if you are really short on time. That sounds like you, listen up. I've got some great tips for you. Hi Forex Traders! Andrew Mitchem here and today is the Friday, the 17th of June. I want to talk about an issue that so many people have. I don’t have enough time to trade People come to me all the time and they say, "Hey Andrew, look. I really want to get into trading, but I'm just too busy. I'm just short on time. I don't have time to commit to trading. I don't have time to watch the charts all day, to read and understand the news. It's just too much going on in my life. I'd like to trade, but I'm just to busy, whether it's a work or family commitment. Whatever it might be. Just don't have the time." The solution is to trade the longer time frame charts There's a really really simple solution. It's just that most people don't know that that solution is there. The solution is this: the best way for you to trade with Forex market if you're short on time, is to trade the longer time frame charts. It's quite a simple solution, but most people just don't understand or think they can do that. The problem is that most people see the longer time frame charts as something they cannot trade because the stop-loss needs to be too big. The stop loss size does not matter That's completely incorrect. It's actually irrelevant how big the stop-loss is, because it's all relative to the size of the profit target, and the size of the chart that you're trading. How to trade a Monthly chart I'll give you some examples. People have said to me, "I can't trade out a monthly chart trade because the stop-loss needs to be 200 pips, or 300 pips. Wherever it needs to be." What you need to do, is you need to treat that monthly chart trade, exactly the same as you would if you were trading a daily chart or a 4 hours chart. It's just that it has bigger stop-losses and bigger profit targets, but your risk on that trade, if that trade were to get stopped out, is still the same. Don’t worry about the number of pips you need as a stop loss Rather than worrying about how many pips the stop-loss is, what you need to do is calculate your position size, your lot size that you take on that trade. Then if that trade were to hit the stop-loss, then you'd lose 'x' percent of your account. Whether it's half a percent, or 1%, whatever it is that you risk on a trade. I'll give you some examples. Just this morning, I've woken up and I've had 3 trades. Trades hit profit with a 12.2% account gain with just a 1% account risk per trade 2 on monthly charts, and 1 on a weekly chart that have all hit the proper target this morning, and made a tremendous amount of money and profit for myself, my account, and also for my clients. Those trades were ... 1 was taken in March, and we're now June. Was taken on March on the monthly chart. It's just that the full-profit target this morning for 943 pips, and a 3.8:1 reward to risk. The second trade was taken in May, and again on the monthly chart it's only a month ago.