Time Management Tips From Singapore’s Travelling Traders

Many investors have started trading in forex because of the flexibility it provides. Unlike a conventional 9–5, where you spend more than half of your day at the office, the forex market allows you the freedom of trading anywhere in the world.

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You could be at a beautiful beach in Sentosa, having a good time with family and friends while keeping up with your trades and open positions. At least, that is the dream for many, but it isn’t always the reality.

Many background time management efforts go into being a disciplined trader and traveller, and we’ll be walking you through easy ways to combine both as a Singaporean trader.

How Does the Forex Market Enable the Travelling Trader?

The retail trading market and its exposure to online platforms have been a long-standing enabler of flexible market activities.

Today, traders can conduct their business from any location as long as they have access to an internet connection. Online trading platforms are easily accessible applications offered to investors by financial institutions. They help investors trade and manage market positions.

With these applications, it’s easy for anyone to monitor their transactions and make trading decisions on the go.

Also, the forex market is a 24-hour open market, and regardless of the time zone, traders can work, travel, explore forex trading in Singapore, or engage in any other activities simultaneously.

Time Management Tips for Singaporean Traders

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The 24-hour open market gives traders the misleading illusion that they can trade at any time, but in reality, activities can differ based on trading sessions and periods.

The forex market has four main trading sessions: Sydney, Tokyo, London, and New York.

However, both Sydney and Tokyo are customarily under the Asian session, which is why the forex market is considered a three-session scene: Asia, London, and New York. All of these have different characteristics, with volatility varying across the board.

Here are some tips to consider when managing your time as a trader who is likely to shuffle between Singapore and other locations or time zones.

Understand the Time Zones

Understanding the 24-hour cycle in the market and how it works for different locations is fundamental knowledge if you’re going to be a nomadic trader.

Each time zone offers distinct opportunities and characteristics that traders can strategically exploit. The London session, for example, is a high-liquidity market that allows traders to execute orders quickly and easily. The currency pairs in this session involve the EUR and GBP, such as the EUR/USD and GBP/USD. The Sydney session exhibits lower volatility and is tied to currency pairs like AUD/USD and NZD/USD. Here are key forex
session time zones to know.

Winter time:

  •  London Session: From 8:00 AM to 5:00 PM UTC.
  • New York Session: From 1:00 PM to 10:00 PM UTC.
  • Sydney Session: From 09:00 PM to 6:00 AM UTC.
  • Tokyo Session: From 11:00 PM to 8:00 AM UTC.

Summer time:

  • London Session: From 08:00 AM to 05:00 PM UTC.
  • New York Session: From 1:00 PM to 10:00 PM UTC.
  • Sydney Session: From 09:00 PM to 6:00 AM UTC.
  • Tokyo Session: From 11:00 PM to 8:00 AM UTC.

Create a Trading Schedule

  • Creating a schedule gives you clear direction and helps you manage your time better.
  • Consider the varying time zones in the market, how they operate, and how you intend to work with them. Whenever you’re based in Singapore, you may want to prioritise overlaps of the U.S. and European trading sessions from 9:00 PM SGT to 1:00 AM SGT midnight, when the U.S., New York, and London/European markets converge. A detailed and direct schedule helps you allocate specific time slots to activities like trading, researching, and conducting necessary analysis.

Automate Some Trading Processes

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Thanks to the advanced trading tools today, investors can automate some of their trading processes using bots and expert advisors (EAs). Consider using such tools to automate repetitive tasks and focus on more critical activities. These tools can do as much as carry out trades, perform market research, monitor, and make necessary adjustments.

Make Fast Decisions and Avoid Distractions

If you’re a trader living a nomadic lifestyle, you are likely to encounter many distractions.

It could happen when working in a general workspace, a cafe, or with light distractions from other travelers. Avoid such situations as much as possible, prioritise deep and concise analysis, and make fast decisions while the market is still favorable. Do your research and find quiet places to work without getting sidetracked by unnecessary distractions.

Implementing Time Management Principles for Successful Trading

Effective time management skills in any field greatly reflect productivity, and for forex, they could mean an opportunity to make more gains and boost profitability. Exploring assets in the forex market gives you the advantage of being able to trade with ease anywhere in the world. By implementing the strategies above, you can take control of the time you have while working smarter to maximize your advantages.