Tips for Trading Forex at Night

For many people, trading overnight is, “I’ll just not sleep.” This is the road to disaster though. You cannot function without sleep. You need sleep to be healthy and also to keep your mind sharp and fresh. Trading on a sleep deficit is like trading inebriated. It is just a really bad idea; it will destroy your health and your finances. So you have to sleep. How do you balance sleep with currency trading at night?

The trick is to set up alerts in such a manner that you can maximize your rest, minimize the complexity of your decision-making process, and maximize your returns. You want to only have your alerts wake you up at critical junctures, and you want those junctures to be clear cut. Making difficult, complex decisions in the dead of night will rob you of sleep and also harm your judgment, resulting in losses. The alerts should wake you up in order to make simple, straightforward decisions.

Put a pending order and set the alerst on them.Different techniques will be appropriate for different Forex systems, but if for example you exit trades partially based on SL and TP, then set alerts in those area.Choose a sound to signal when a trade is moving toward profit and another sound to signal when it is moving away. That way if you hear the “good” sound in your sleep, you can roll over and go back to sleep (or get up and trail your stop). If you hear the “bad” sound, you can get up and choose whether to exit. By letting the sound itself give you information, you can optimize your sleep. Also, make sure to have the alert beep at you more than once so you do not miss it in your sleep the first time.

Trading the foreign exchange market at night is one of the most challenging real life integrations you can do, but with some tweaking you should be able to make it work for you. You do not have to move to another country or quit your job to trade during the day if you can learn how to trade at night and get adequate sleep!

Trade with Pending Orders, Strong Support and Resistance Levels along with Levels

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