Some traders who are looking for 5 to 8 pips profit per trade will trade all day. Me, I don’t. I look for trade opportunities at only 2 times each day.
8AM GMT at the UK opening depending on news.
2PM GMT at the US opening through till 3:30PM depending on news.
These two times in my day (although there are others) are the most active for non-news based trades. News can have a massive effect ofcourse and I always try and go flat (close all my trades OR set the stop to $0) to protect my profits before the news unless I’m very sure what the news will be and how the market could react.
Sure this means I have less trades, but my trades are targeting at LEAST 55 pips if not 100 to 200 pips. So it’s far less stressful (and I pay far less to the broker) than for someone who trades 5 to 8 pips at a time, that is fear driven gambling in my opinion.
Also when my trade is 15 to 21 pips (depending on the real estate) I will flatten the trade to $0 so I cannot make a loss against it.
I do recommend you try out pro-act traders to see this in action and get a day pass to the live trading room.