Taking a low-frequency, ‘hands-off’ approach will always be the fastest and best way to make money when forex trading. If you can make trading something you do on the side, in addition to your revenue streams, you will realize the benefits of trading from anywhere.
We recommend a minimalist trading approach for new traders because it helps you trade in small quantities with a very high conviction. Trading should complement your life and shouldn’t be the primary focus.
With this approach, you should be able to become a nomad trader and trade from anywhere. You don’t have to be stuck in the house staring at your screen; you should adopt a coffee shop trading attitude with the confidence to trade from anywhere. Here are some tips on how you can improve this approach:
Focus on higher time frame charts
To take the best ‘trading from anywhere, approaching the weekly, daily, and 4-hour time frames could be the best option. Sometimes, other time frames can be a waste of your time; however, by analyzing and trading on higher time frames.
This approach allows you to check the charts every day or at the end of every other day (end of day trading) and make your trading decisions bases on your daily chart at the end of the day. Hence, you will only make a forex trading decision when the current daily bar is closed out.
You will also better avoid meaningless price movement and intraday noise and focus on other essential activities in your life.
Focusing on higher time frame forex charts will help you trade a lot less than when you constantly watch intraday charts. You take a more laid-back approach to forex trading, allowing you to enjoy your life and not always staring at your computer every other minute.
Adopting a low-frequency trading approach is better for your overall forex trading performance as your chances of consistent long-term success in day trading is higher. You have a better chance at making money overall and not losing it.
Leave the ‘heavy lifting’ to the market.
Forex day traders can stay glued on their computers for hours analyzing, thinking, and analyzing some more, trying to make trading decisions every second. Considering that the rest of your life shouldn’t be affected by trading, this can become counterproductive.
Traders end up doing this not because day trading is cool but because they become trading addicts who are addicted to flashing colors, the moving prices, and the thrill of new trades. Hence, we recommend controlling yourself so that the forex market doesn’t control you instead.
To avoid wasting your time thinking and analyzing, let the market do the work. This will give you a safe trading mentality, one that’s conducive for skilled, patient trading. You can do this by setting and forgetting your trades. This means that once you place a trade, don’t keep checking on it constantly; forget; forget about it for a day or two. Watching the market constanttly doesn’t quite help anything.
Use simple trading signals
The price action signals that you trade should be simple in nature. Find signals that are not hard to learn. If you can trade without indicators, do it. Though trading sites on the internet insist on trading with indicators, sometimes they can be overly complicated, confusing, and waste your time unnecessarily. If you want to trade without staring at the charts all day, you need a simple trading approach.
Manage your money wisely.
To be able to trade from anywhere, you should manage your money wisely. When you jack your risk up to a level that will make you constantly preoccupied with your trades, you will never be able to set and forget trades.
This happens to traders who are too worried about losing their money. Hence, it would be best if you learned how to control your risk per trade.
Trading from anywhere takes some time to get used to, but it can be what your forex trading success relies on. You will be able to trade less, check your trades less, be on the computer less, and improve your trading performance.
This approach works because it distracts you from the forex market, allowing you to use simple strategies like price action strategies. We recommend that you travel, get a hobby, or pre-occupy your life with other important things other than trading.