when to trade

I live on the pacific coast so I have to be up at 5:00 AM to trade the NewYork edt 8.00am open ....
I don`t mind this but the European open is at 11:00pm (23:00 hr. the night before). I would like to catch this as well but I would have to have a lifestyle where I am up from 11:00 (2300 hrs) till after the NHewYork is underway at 8:00.
My question is this. Do many FX traders survive financially on just one 8hr. open or must we try to be awake for more sesions?.

Tick Tock

fxfree said:

I live on the pacific coast so I have to be up at 5:00 AM to trade the NewYork edt 8.00am open ....
I don`t mind this but the European open is at 11:00pm (23:00 hr. the night before). I would like to catch this as well but I would have to have a lifestyle where I am up from 11:00 (2300 hrs) till after the NHewYork is underway at 8:00.
My question is this. Do many FX traders survive financially on just one 8hr. open or must we try to be awake for more sesions?.

Click to expand...

Fxfree
The ideal is to be able to trade when the markets are open for both sides of the currency pair.

This doesn't mean you have to watch them throughout both trading sessions.

What about Japan, which I think starts at 16.00 your time ?

Charlton

fxfree said:

I live on the pacific coast so I have to be up at 5:00 AM to trade the NewYork edt 8.00am open ....
I don`t mind this but the European open is at 11:00pm (23:00 hr. the night before). I would like to catch this as well but I would have to have a lifestyle where I am up from 11:00 (2300 hrs) till after the NHewYork is underway at 8:00.
My question is this. Do many FX traders survive financially on just one 8hr. open or must we try to be awake for more sesions?.

Click to expand...

Hello, I think perhaps if you can spend as much screen time as possible observing for a good year or so then it may turn out to be worth the cost... relative to conventional thinking about time reward and effort etc...

I like the idea of trading to enrich ones life maybe but certainly know the aspect of how it can ,has to ? define ones life for a period . Theres no text book definition that will answer everyones query , how do you feel about working a few hundred 16 hour shifts in order to reach your goal... ?

reading your question you would like to but opportunity cost are you willing to pay it,risk it ,trade it , do we have to ?

why do you want to be available to trade multi sessions ? whats your exact thinking on it? can you achieve this by any other way ?

fxfree said:

I live on the pacific coast so I have to be up at 5:00 AM to trade the NewYork edt 8.00am open ....

My question is this. Do many FX traders survive financially on just one 8hr. open or must we try to be awake for more sesions?.

Click to expand...

If you only want to trade FX, what's wrong with those pairs involving the CAD$?. And as another member suggests, FXJPY is active for about 17 hours/day. Plenty of opps, and that's only in FX. Early evening (for you) action on the NAS open and you really are spoilt for choice.

There are very few places on the globe where you can't find at least a couple of active time periods during your 'useful' working day. One of the joys of trading is that you're only normally looking at the screens for a couple of hours at a stretch when 'business is brisk'. So even on a busy day, you're only doing 4 hours sentry duty. The rest of the time you can spend doing research, wasting your time on, erm, BBs and having fun.

edit: You live in Nanaimo??? - OK, scratch the having fun part....