The time needed to properly analyse the charts and trade the financial markets can quickly add up. At times, you might feel overwhelmed and limited by time constraints.
It is important that you benefit from your analysis and trading methods in an efficient way not to miss trading opportunities, but at the same time, avoid relentlessly long marathons behind your PC.
This article offers nine key tips on how traders can best manage their time to achieve those goals, including the use of EAs, higher time frames, and filters.
Tip 1: Alert Warnings
Setting up alerts is a great way of knowing when price action is hitting one of your triggers. Once an alert appears on your screen, email, or phone, you will know that it's time to review the charts and check out if there is a trade setup or not.
Let's say, you are looking for the price to break or bounce off of a moving average, but you don't have time to monitor every candle. Using an alert system can save you time (no scanning needed). It also could prevent you from missing a potential setup (if you failed to review the charts on your own). A useful tip is the alarm manager from the MetaTrader Supreme Edition (SE) plugin. But SE also offers other advantages.
Tip 2: MetaTrader Supreme Edition
Admiral Markets has developed a special plugin called MetaTrader Supreme Edition (SE) with 60+ extra features, indicators, and tools that helps traders make better decisions and also save time. This plugin makes it easier for traders to calculate lot sizes and apply coherent risk management via the Mini Terminal and Trade Terminal.
The session map, correlation matrix, correlation trader, sentiment trader, and a long list of other indicators provide in-depth analysis of the market. Last but not least, the trading simulator helps traders test out systems and strategies.
Tip 3: Scan Higher Time Frames
It is tempting to trade on lower time frame charts, but sometimes, you get confused by quick markets movements, and sometimes, corrective price action that looks like noise.
Scanning the charts on higher time frames allows traders to focus on the charts that have the clearest market structure with well-developed price and chart patterns, established trends or ranges, and sturdy Support & Resistance levels.
Tip 4: Analysis
You can scan the charts on your own, or you can use the analysis of other traders that you trust to save yourself time and effort. If you do use analysis from other traders, make sure to check their work and that it is aligned with your market vision.
For instance, Nenad Kerkez is focussed on technical analysis (TA), whereas I provide wave analysis (WA) for Admiral Markets. If you do appreciate TA more than WA, following Nenad rather than myself makes sense, and vice versa.
Tip 5: Market Heat Map
Admiral Markets offers useful tools on the website as well, besides the MetaTrader SE plugin. One of the key tools is the Market Heat Map, which provides an overview of the fastest-moving currency pairs and financial instruments.
Source: Market Heat Map from Admiral Markets
Tip 6: Filters
Filters are a great time savior. They also help reduce the choices traders need to make. For instance, if you are looking at a chart for the twentieth time, you might eventually break your own rules and enter a setup due to decision fatigue alone.
By limiting the number of decisions you make on each time frame, situation, and chart, you, in fact, save yourself time and avoid making bad decisions.
Tip 7: Fixed Trading Times
Trading can be very tempting. You might see trading opportunities by accident when you open the charts just to check what is going on. The problem is that you might be as mentally prepared as you normally would.
When you start your trading day, you should be fully ready for making trading decisions that comply with your trading plan. You are mentally focussed and energised.
But there is a high chance that you will be making subpar decisions if you start reviewing the charts off hours. You will be less focussed and less prepared. You will make trading decisions that are not aligned with your long-term vision and trading plan.
The best is to always set up clear trading times when you analyse, when you enter setups, when you exit, and when you manage. This way, you ensure that you do not make any hasty decisions.
Tip 8: Trade Management EA
Although analysis and entry can take a bit of time, in many cases trade management can eat up a decent chunk as well. Luckily, there are trade management expert advisors (EA) that help manage or automate the exit.
Another option could be to trade a Set-and-Forget system (set a stop-loss/take-profit and change nothing along the way). Personally, I prefer active trade management, and a trade management EA helps manage this process.
Tip 9: Trading Groups
Trading with other traders can help reduce your workload. Traders can split financial instruments and time frames so that they do not need to monitor every single thing.
The key point to making this happen, however, is that traders use similar tools, concepts, ideas, and methods. Otherwise, the synergy is lost, and traders start blocking each other rather than helping.
Wishing you a happy week of trading,
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.