Very few people can do forex trading in full time, most people do it part time or even do it at work, lunch or night. The problem with trading systems like this is that with a market that is so liquid, trading sporadically for a fraction of a day makes many chances of losing the opportunity to buy or sell
However, there are strategies that can work on a part-time schedule. For example, those who trade at night may be limited to the type of currency they exchange based on volume over a 24-hour cycle. The trader tonight has to use a certain currency pair trading strategy that is most active in the evening hours. Examples are trading Australian dollar pair (AUD) / Japanese yen (JPY) or something a little less known like New Zealand pair (NZD) / JPY or AUD.
It is very useful to see the correlation between two currencies when choosing a pair, so having the time blocks during the day to learn the market and applying the trade can produce a successful strategy
Know Your Market
Assuming you work from 8 am to 4 pm, you can trade before or after work. The best strategy for trading in both time blocks is to choose the most active currency pair during that period. Knowing how many times the major currency markets open will help in choosing a great mate
New York open at 8:00 am to 5:00 pm EST
Tokyo opened at 7:00 am to 4:00 am EST
Sydney opens at 5:00 to 2:00 AM EST
London is open from 3:00 am to 12:00 pm EST
Stop-Loss Orders
Assuming you can only trade a minimal amount during the day, for example one hour, the best strategy may be to let your computer be your "best trading partner". Another common strategy is to enter a stop-loss order so that if the market moves unexpectedly opposite to your position, your losses are limited and your capital is protected.
Price Action
Assuming you are logged in and out while you are working (10 minutes), strategies that can be used during this brief but frequent trading period may use price action trades.
Other strategies
Assuming you can not even trade for a full hour or for a regular rise during the day, you can still trade in the forex market. Since you can not see the market during the day, the following strategies can be applied so you can become a successful part-time forex trader:
Take fewer positions and hold for days.
After studying the market and narrowing the selected currency pair of options, you can only take a few positions and hold this position for a longer period of time. Another wise strategy is to enter a stop-loss order with all your trades to minimize losses if the market moves against you.
Look at long term trends.
Instead of looking at hourly charts or even four hours, you may want to see trends a day or weeks. This will allow you to trade while viewing your computer only once a day.
Prepare trading orders.
Setting limits, stop-loss or other incoming / outgoing commands can ensure you do not miss an opportunity to enter or exit the position. Most trading platforms allow you to manage this order at no additional cost.
Use technology!
Set up automatic alerts to your phone or email to keep you informed when you are not actively trading.
The forex market is one of the most desirable markets for trading as it is a constantly changing 24-hour market, providing many opportunities to generate profits at any time of the day. Because of this feature, the forex market is suitable for part-time traders. However, despite these favorable characteristics, the forex market is highly unstable, which makes it risky for all traders, especially part-time traders, if the right strategy is not implemented.
Implementing a price action strategy and using technology are all strategies that will help you become a successful part-time forex trader.
Other things to consider are understanding your level of understanding and your tolerance for risk.
However, there are strategies that can work on a part-time schedule. For example, those who trade at night may be limited to the type of currency they exchange based on volume over a 24-hour cycle. The trader tonight has to use a certain currency pair trading strategy that is most active in the evening hours. Examples are trading Australian dollar pair (AUD) / Japanese yen (JPY) or something a little less known like New Zealand pair (NZD) / JPY or AUD.
It is very useful to see the correlation between two currencies when choosing a pair, so having the time blocks during the day to learn the market and applying the trade can produce a successful strategy
Know Your Market
Assuming you work from 8 am to 4 pm, you can trade before or after work. The best strategy for trading in both time blocks is to choose the most active currency pair during that period. Knowing how many times the major currency markets open will help in choosing a great mate
New York open at 8:00 am to 5:00 pm EST
Tokyo opened at 7:00 am to 4:00 am EST
Sydney opens at 5:00 to 2:00 AM EST
London is open from 3:00 am to 12:00 pm EST
Stop-Loss Orders
Assuming you can only trade a minimal amount during the day, for example one hour, the best strategy may be to let your computer be your "best trading partner". Another common strategy is to enter a stop-loss order so that if the market moves unexpectedly opposite to your position, your losses are limited and your capital is protected.
Price Action
Assuming you are logged in and out while you are working (10 minutes), strategies that can be used during this brief but frequent trading period may use price action trades.
Other strategies
Assuming you can not even trade for a full hour or for a regular rise during the day, you can still trade in the forex market. Since you can not see the market during the day, the following strategies can be applied so you can become a successful part-time forex trader:
Take fewer positions and hold for days.
After studying the market and narrowing the selected currency pair of options, you can only take a few positions and hold this position for a longer period of time. Another wise strategy is to enter a stop-loss order with all your trades to minimize losses if the market moves against you.
Look at long term trends.
Instead of looking at hourly charts or even four hours, you may want to see trends a day or weeks. This will allow you to trade while viewing your computer only once a day.
Prepare trading orders.
Setting limits, stop-loss or other incoming / outgoing commands can ensure you do not miss an opportunity to enter or exit the position. Most trading platforms allow you to manage this order at no additional cost.
Use technology!
Set up automatic alerts to your phone or email to keep you informed when you are not actively trading.
The forex market is one of the most desirable markets for trading as it is a constantly changing 24-hour market, providing many opportunities to generate profits at any time of the day. Because of this feature, the forex market is suitable for part-time traders. However, despite these favorable characteristics, the forex market is highly unstable, which makes it risky for all traders, especially part-time traders, if the right strategy is not implemented.
Implementing a price action strategy and using technology are all strategies that will help you become a successful part-time forex trader.
Other things to consider are understanding your level of understanding and your tolerance for risk.
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