How to chose a session to trade ?

Raja Banks www.youtube.com

Brief Summary

This video explains the importance of understanding market sessions and aligning trading activity with personal schedules. It highlights key points such as identifying high-volume periods, selecting suitable trading times based on individual availability, and avoiding the pressure to trade during every session. The video also touches on managing FOMO (Fear Of Missing Out) and adapting to varying market conditions.

  • Focus on trading during high-volume market sessions.
  • Align trading times with your personal schedule and availability.
  • Avoid FOMO by accepting missed opportunities and focusing on future setups.
  • Adapt to varying market conditions and be prepared for sessions with low volume.
  • Less is more: focus on specific sessions for easier management and journaling.

Introduction to Market Sessions

The video starts by emphasising the importance of understanding which market session to focus on. The speaker mentions the New York, London, and Asian sessions, noting that while all are viable, traders should choose based on their personal circumstances. He shares his experience of starting with the Asian session due to its convenient timing in Canada.

Asian Session Times

The speaker provides specific times for the pre-Asian and Asian open sessions in Eastern Standard Time (EST). Pre-Asian runs from 6:00 p.m. to 8:00 p.m. EST, while the Asian open is from 8:00 p.m. to 10:00 p.m. EST. These times are crucial for understanding when there is likely to be significant volume in the market.

London Session Times

Moving on to the London session, the speaker shares that his favourite time to trade is pre-London, which occurs from 1:00 a.m. to 3:00 a.m. EST. The London open follows from 3:00 a.m. to 5:00 a.m. EST. He advises against trading during work hours, highlighting the importance of aligning trading with available free time.

Aligning Trading with Personal Schedule

The speaker stresses the need to align trading sessions with one's daily schedule. He advises viewers to identify their free time and determine which market sessions fall within those hours. For example, he mentions that pre-London and London sessions fit well into his midday free time, while the evening is suitable for other sessions. He cautions against letting the market dictate trading times, criticising the approach of trading solely based on events like FOMC (Federal Open Market Committee) announcements without considering personal availability.

Understanding Market Volume

The speaker clarifies that the provided session times indicate periods when volume should be present, but it's not guaranteed. He explains that sometimes the London session might consolidate, with volume appearing later during the New York session. This can lead to FOMO, but it's important to recognise that not every session will have high volume.

Adapting to Market Conditions

Drawing a parallel to sales, the speaker notes that some days yield no trading opportunities, similar to encountering days with no sales. He advises that it's acceptable to miss setups and return the next day, rather than forcing trades. Understanding market sessions helps traders decide when to execute trades, but flexibility and acceptance of missed opportunities are key.

Less is More

The speaker concludes by discouraging trading all sessions, advocating for a focused approach. He emphasises that "less is more," making it easier to manage and journal trades effectively.

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Transcript

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0:00 the first thing we need to focus on is what Market session you should be focusing on you know who trades the New York session over here New York session good London session oh nice yeah my friends what about Asian session Asian session it's still okay you know Asian session still okay I started off we're trading the Asian session because in Canada Asian session would be in the evening time so I was like yeah perfect you know got time to a Asian session so we did that so Asian London New York so Asian session these times are in Eastern Standard Time because Caesar is from E Eastern Standard Time so we made them like this so pre Asian whenever you have

0:45 pre-market we all can see this at the back okay whenever we have you know the time before Market open is called pre-market right so this is pre- Asian 2 hours six to 8:00 p.m. Eastern I think in Dubai it's the 4 a. 4 a.m. yeah 4 a. 4 a.m 4 to six yeah pretty much like that okay Asian s Asian session so so so we're going to stick to these times there for the Eastern Standard Time so we got pre- Asian next you have the Asian open Asian open 8 to 10 so the um the reason to have these times here is for you to understand when there's volume in the market you know because obviously there's like like volume in

1:32 the market is not all day long because Market's going to have a surge of volume and then we're going to start to consolidate and then there's going to be volume again right there's not volume all the time so these times are just to show that there's volume between this time then there's volume at this time right over here you know so next we go to let's say the London session pre- London my favorite way to trade my favorite time pre- London 1:00 a.m. to 3:00 a.m. eastern time I think in Dubai is like in the morning from 9:00 a.m. till 9:00 a.m. till 11: right great time to trade don't trade at your job I'm telling you it's not going to work I know some of you guys do this but pre- London then you have London open 3:00

2:18 a.m. to 5:00 a.m. Dubai is like 11:00 a.m. to 1: a.m 1 p.m. right y why London what why London why London I'm gonna get to that I'm gonna get to that right then you have London clothes you have pre- York New York clothes oh let's go back let's go back let's go to so the reason why we have these times here we all know about these times but the biggest reason why these times are important because this is for you to understand that these are the times when there is volume in the market right so now I want you guys to look at at your life right I want you guys to look at how your entire day is structured and

3:05 then I want you to ask yourself that in that whole day when do you have time free time when do you have time so pick that time bracket for me it's like midday for me from 11: a.m. till like you know 1: to 2: p.m. I got some free time so if I look at my time okay I have this free time in that free time what session Falls in that time so for me pre- London and London this Falls perfectly in that time right if I miss this then I ask myself okay what's the next time of my day do I have time it's the evening time evening time when I'm home kids in bed at like 700 p.m. 7:30

3:51 I'm like okay so for that I have this session right over here in Dubai evening time so I focus on this I'm not going to FOC F on this because I'm waking up drop kids to school go to the gym you know I can't trade this because my life the way my life is structured it does not allow me to trade Asian session you know or it does not allow me to trade pre- New York or New York clothes because I'm busy at that time right so you need to dictate when you should be trading like a lot of you guys let the market dictate when you should trade I know a lot of guys say oh you know what I didn't take a full I didn't take any trade today later on in the day we have fomc

4:37 so I'm going to trade fomc I'm like are you a dumbass man like why why are you going to do that to yourself you know if you missed your opportunity to trade that's fine now you can come back the next day that's totally okay because you know if I'm looking forward to trade pre- London or London you know and for some reason I am Miss trading this I'm going to say okay you know what that's totally fine because my life says or my trading rules are and by the way this is going to tie up really amazingly into the trading plan that we're going to create at the end of this uh day here today you're just going to tie into that really great so you need to figure out what time suits you best you need to

5:24 figure that out for yourself and don't get me wrong we don't we're not always going to have volume over here or we're not going to have volume over here all the time or these are just these are just what do you call it like like a brackets in the market where the should be volum hello salam alaikum Sean how are you good to see you Shan's a very busy guy right so so these are brackets in the market where there should be volume right sometimes you know you look at the London session and you find out that okay so you're sitting waiting for pre- London you're waiting for pre London you're looking at the charts and you're like man like Asian session moved a lot there was big candles and I'm looking at the London session now and there's no

6:09 volume over here why isn't there volume what's going on it happens you know there's not going to be always there's going to be volume over here it may consolidate if this consolidates maybe the volume is going to come at London open but sometimes both these sessions consolidate right like you're looking at the lendon session you're like oh man lar session is pretty choppy today there's nothing happening maybe there's no volume at this time there's no volume you close the charts you know you go about your day and later on when you look at the charts and it's maybe like you know pre- New York or New York open you see big candles forming right what happens foro who gets foro I get foro I still get foro you know you get for more but then you have

6:55 to understand that okay maybe today there was no volume in London session maybe it was just that day there's going to be no volume in London session and maybe the volume came after in New York session but most days of the week you're going to have volume in your session some days there's going to be no volume it's just like sales you know when we would go out knocking doors some days we would get like you know four sales in a day make easy like you know easy money but some days 2 three days in a row we would get no sales you know we say okay that's fine it's a numbers game no no sales no problem we'll come back the next day start knocking start knocking we'll get a sale same thing right over here you know sometimes I don't find my setup sometimes I'm looking at the charts and price just moves without any

7:42 confirmations without any like you know hint for me to enter the trade just moves I tell myself okay you know what that's fine no problem I'll come back the next day and I'm going to trade then I may find some setup so understanding Market sessions it's very important because it's going to tell you that okay what time should you execute a trade very important we good over here who trades all the sessions now still all the sessions no ah yeah I got you why Habibi why are you doing this stop it less less is more trust me less is more you know we've all heard this less

8:27 is more it's easy to manage easy to journal you know it's very easy less is more

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