24 Hr Trading, Anyone?

One of the reason why I switched to FOREX (I was trading US stocks before this) is due to the time flexibility that the FOREX market offers.

Ot to put it in another way, I could trade ANYTIME I want, because the FOREX market runs 24 hours a day, 5 1/2 days a week.

Cool, no?

Well, not quite.

While it's true that you can pretty much trade at anytime of the day (or night), I quickly learnt that in order to have a fair success win rates, you cannot simply trade whenever you feel like it....

....especially if you're an intraday trader!

Whenever I take intraday trades, there are a lot more things that I need to consider, before pulling the trigger.

Firstly, I avoid trading during the Asian session. I like trading 'em during the Euro session.

Secondly, I need to know when the key news announcements are going to take place, as these can (and do) rock the market like a tsunami.

Also, intraday trades are more prone to fail, so I need to be picky about trade selection, as well as all the other potential roadblocks that may derail the price movement.

Sounds like a lot of work?

Yep. Frankly, the easiest ones to trade are the Daily setups.

On the Dailies, I don't care about the news, and I pretty much don't care the time of the day when the trade is to be taken.