Hi guys, Just curious if anyone has given any thought to ways to adjust to 24/7 markets generally (apart from staying up 24/7)? One of the advantages (for short-term traders) of markets with opens/closes is the urgency of participants to get orders done around those specific hours thus adding a good, sometimes trade-able catalyst. 24/7 markets change this, with large orders more likely to get worked across time-zones.
I think if traders want the best chance of trading 24hour markets they have to go for long dated charts, 240m is a mimimum, with the day/360m combo probably better. If you trade the 60m for example then it's no real life, unless you'e got a mega account (millions+) to be worrying about the market 24hrs a day. Basically there's nothning in the middle, so go short term during the day and flat overnight, or use 240m+ and not have to worry about what happens overnight.
You can get phone alerts to help with 24 hour market trading, and use stop losses if you're not going to be by your phone. I've gotten used to checking my phone whenever I roll over at night. 24 hour markets have their advantages though. Sometimes you wake up with a nice surprise or a freaking nightmare.
There's no holiday in cryptos 24/7/365, midnight somewhere is 3PM somewhere else, no Christmas or Chinese New Year observed.
It's better to just choose a 8-12 hour period and stick with it. Volume/Ranges are bigger in the Euro/USD session, so preferably be active during those hours. Or.....become an Options trader
Good reply. I agree that maybe it's best to just pick one timezone and stick with it in order to maintain a healthy schedule. A few other ideas: (1) Work around the clock only during particular high volume, high volatility periods. And become a bit more precise in identifying those periods. That may mean you're trading Monday-Wednesday then taking the rest of the week off. (2)Trade multiple products & markets (let's call them clients) across multiple time zones so you can have opportunities come up more frequently on your own schedule.