Fixed Time Trading involves placing a trade which is bound to expire after a fixed set duration, hence the name.
For example, if a trade duration of 1 minute has been chosen, then you take an Up or a Down trade which will be declared won or lost after 1 minute into the trade.
Fixed Time Trading can be very tricky especially where you find it difficult predicting correctly hence a string of losses.
It is then when giving up clouds your mind and you can only term forex trading a scam. You do not need to go to that extreme.
Here are some beginner forex trading tips to apply in your Fixed Time Trading to earn consistently.
- Choose the Best Broker.
- Demo Account Practice.
- Choose the Right Time to Trade.
- Develop a Trading Strategy.
- Manage your Money Well.
1. Choosing the Best Broker.
You already know you need a broker to connect you to the Forex market. A broker links you to the markets so that you can observe the market prices and their changes as they occur and then place trades. A reliable and reputable broker for Fixed time trades is Olymp Trade.
Olymp Trade has a user-friendly platform – a platform that does not stop unexpectedly and that’s easier to navigate.
Don’t have an account? Register here.
2. Demo Account Practice.
Most of the brokers offer you a Demo account loaded with virtual funds which you can use to practice.
Olymp Trade, Expert Option, and IQ Option offers you a Demo account loaded with virtual $10,000 which you can replenish once depleted.
The best thing with Demo accounts is that they offer you an opportunity to practice trading under real market conditions without risking your real money.
The market conditions which are presented to traders trading on real accounts are the same conditions you will be exposed to as you practice trading on a Demo account.
This means you won’t find it difficult trading on a real account once you have mastered Fixed Time Trading.
You can use the Demo account to familiarize yourself fully with the broker platform. Use it also, to develop your own Forex Trading Strategies. Alternatively, use that Demo account to try Beginner Forex Trading Strategies from various sources, before you can use them on a real account.
3. Choosing the Right Time to Trade.
You need to have a trading schedule informed by your daily schedule.
When can you find the proper time to trade? Is it early in the morning, mid-morning, afternoon, evening, or late at night?
It all depends on how busy you are during the day or night.
If you are trading currencies, then you need to be well informed about the major forex sessions – when they open and close.
This is because each session has its own time of the day when it is open and specific currency pairs related to it.
It is when the session is open that the currency pairs related to it have the highest volatility and therefore the highest number of trading opportunities.
You can refer to the post on Choosing the Right Time to Trade in Olymp Trade to make an informed decision. You will get to know which time the major forex sessions are open and which currency pairs to trade at that specific time.
That way, you can never go wrong trading Currencies on Fixed Time Mode.
4. Developing a Trading Strategy.
If you trade forex without a strategy, you are just betting and relying on mere luck. Remember luck may be here today and gone tomorrow, but a trading strategy ensures that you earn consistent profits, even on a bad day.
How do you develop a trading strategy?
It is quite simple. This can be done by the use of the many technical indicators available on your broker platform.
A combination of various indicators that belong to different classes can form a robust and effective trading strategy that can steer your forex trading to one successful and profitable venture.
Technical indicators are of different categories including trend, volume, volatility, and momentum indicators.
Using different indicators of the same type results in the multiple counting of the same information which produces redundant results. Use technical indicators of different categories to develop a trading strategy.
You can refer to the post on How to use technical indicators to develop Olymp Trading Strategies.
You will get to know the various technical indicators in each category and how to combine them to develop a robust trading strategy.
5. Managing your Money Well.
Combine your trading strategy with an effective money management technique and you will have bought yourself a ticket into profitable Fixed Time Trading.
There are so many money management strategies including Fixed Trade Size, Martingale, Anti-Martingale, and Parley.
- Fixed trade size ensures you trade a fixed amount, say $10 in every trade, whether you lose or gain.
- Martingale strategy involves doubling your trade size every time you lose to recover your losses, then going back to the initial trade size after winning.
- Anti-Martingale involves halving your trade size when you lose to conserve capital, then going back to the initial trade size after winning.
- Parley involves investing your initial amount plus the profit earned after winning to maximize your capital. Refer to the post on 10 Best Ways to Manage your Money While Trading in Olymp Trade.