The 7-Hour Forex Trader: A Guide On Managing Your Time
“Time is more valuable than money. You can get more money, but you cannot get more time.” – Jim Rohn
Time is the most valuable resource we've got. What we do with our time determines our lives. That's why the7-Hour Forex trader is important.
More than ever, I believe that the biggest part of our time should be spent doing things we love and that will truly make our life worthwhile. This is the main reason why I've been looking for a way to do what I love (trading) while still being able to enjoy life.
The cool thing about being a Forex trader is you can set your own schedule. If you want to go to the gym at 5am, you can. If you want to have a 2-hrs chat with your buddy, you can.
That's how amazing it is…
Unfortunately, a lot of newer traders fall into the trap of thinking that they must trade all day to be successful. That is not the case. Forget the 9-to-5 mentality!
Want the life of a Forex trader?
Based on that concept, I've developed a framework any Forex trader can apply to trade. This framework will occupy 7 hours and allow living a life with a true meaning. I call it the 7-Hour Forex Trader.
When you start to understand how important it is to live life on your terms, you can then get on the path of the 7-Hour Forex Trader, a way to reduce your time trading while still being highly profitable.
Now don't get me wrong. Becoming a 7-Hour Forex Trader isn't easy. It took me more than 3 years but I believe that, by working smart, you can cut down that learning curve by a lot (more about that at the end). It's not about trading as much as you can. It's about getting the right education, knowledge, and skills at the beginning and applying that properly when starting out.
How can someone spend only 7hrs trading?
It's simple. It is a combination of doing the right things at the right time. The key here is that you reduce unnecessary activities (i.e. searching for trading strategies, thinking you've already figured it out, etc.) and concentrate on trading a plan you know will work. It isn't enough to learn about trading. You must apply everything properly.
Of course, the main part of a 7-hour Forex trader's work time is spent trading. Toward the beginning, practice replaces real trading.
Based on a swing trading strategy, the 7-Hour Forex Trader spends a maximum of 1 hour per weekday directly trading. The time can be spent through various moments along the day. For instance, one might look at the new 4hrs chart candle at every 4 hour period 4 times in a day (this is what I do).
Every time I get in the front of the computer to check the charts and/or trade, I'm done within 15 minutes. I repeat that around 4 times a day.
No complicated analysis is required for the trader who has mastered the art of reading a price chart. All that needs to be done is to interpret the story and trade in consequence.
Once a week, the 7-Hour Forex Trader takes between 30 minute and 1 hour to track his trades and review charts.
This allows an evaluation of the trading week that just ended in order to make sure mistakes get fixed for the future.
The 7-Hour Forex Trader MUST get better continually. By choosing to skip this part, many traders set themselves for complacency. On the opposite, the 7-Hour Forex Trader takes a minimum of 1 hour weekly to practice or learn something that will be useful to improve his future trading performance.
For instance, one could decide to backtest a trading strategy to get exposure to the market. Or, one could read a Forex trading blog such as this one.
The reason why only 1 hour is spent learning is to reduce the risk of information overload. A lot of traders keep looking for trading strategies and spend hours trying to get the best one. I've been in that situation. If you absolutely want to make your trading strategy better, you'll have a maximum of 1 hour per week.
I'd recommend books at this point. Audiobooks specifically can be listened to about anywhere and they're pretty easy to carry. You can get a free audiobook here!
Some Key Habits To Eliminate
- Checking the state of your trades: this is a terrible way of spending our free time. By checking your trades constantly (like I used to do), you'll be in a constant state of worry and self-sabotage. What you want to do is to stay away from the outcome of your trades.
- Trying new stuff: if you are going to trade less than 7 hours per week, the last thing you want is wasting your valuable time doing stuff that you aren't sure will work. You must maximize your time trading what works and has been tested.
- Trading from emotions: if you start to let your emotions play a role in your trading, you'll soon be unable to trade. Develop a solid trading plan and come up with ways to stick to it (i.e. be disciplined).
You probably understand the implications of being a 7-Hour Forex Trader by now, right?
You can trade while…..still being at your day job.
You can trade while…..traveling around the world (my dream!).
You can trade while…..being on vacation with your family.
You can trade while…..playing with your kids.
How To Get There
Above everything, I recommend that you don't get into trading without a proper understanding of the market. If you have enough will to make it happen, you will seek out the right people to guide you through your trading journey.
And if you are ready to invest in your future self, book a free strategy call with me!
Are you a 7-Hour Forex Trader? What's preventing you from taking control of your time? Let us know!