How To Trade Forex With A Full-Time Job?
Hi Traders,
Do you believe that forex trading is not for the full-time employees, entrepreneurs, and self-employed because it requires too much time and dedication?
This article explains why trading the financial markets is actually possible for both intra-day and long-term traders.
In fact, trading is open to everyone who is willing to try it and offers exciting benefits and opportunities when compared to investing or buying and holding.
Isn’t it such a relief to know that it is possible to succeed at forex even when you have a full time job. To think most successful traders started trading while they had a full time job and later became full time forex traders.
Today we will discuss some of the strategies and ideas for manual trading that can help you balance work, trading and family life at the same time.
Remember to continue on steadily and with much research and diligence. Find a trading mentor that can guide you in your journey to becoming a profitable trader and learn a trading strategy which is profitable . Very soon you will likely be looking at your own consistent account gains. These are some of my top tips for people that have full time jobs and want to learn how to become a profitable trader while still working.
Favourable Market Conditions: Liquidity And Opportunity
Forex access is technically available on a 24/5 basis, but there are specific times and pairs that are conducive to profitable trading. Typically, traders prefer to enter and exit the market during periods of robust participation and market liquidity. Increased liquidity provides the pricing volatility and market efficiency necessary for the creation of profitable trading opportunities.
In forex, periods of time where the regional trading sessions overlap one another produce heightened liquidity on a consistent basis. Listed below are the daily time frames where the regional sessions coincide
In addition to the time of day, the product being traded is a crucial part of market liquidity.
The most frequently traded currency pairs on the forex are known as the "majors." Listed below are the major pairings, although periodic updates representing current trading volumes are possible:
EUR/USD
USD/JPY
GBP/USD
USD/CHF
While working a day job greatly reduces the ability for one to actively trade the premium time slots, knowing what and when to trade is a great place to begin. Developing a practical approach to the market, including concessions to one's schedule, is a big part of creating a sustainable trading plan.
Smart Trading
Active trading can be an all-consuming endeavour. However, given the current technology and resources available to aspiring forex participants, one is able to engage the market on his or her own terms. The following options make forex trading possible for people with a jam-packed work schedule:
Broker-Assisted Executions: Many individuals who cannot fully dedicate themselves to forex trading utilise orders such as BUY LIMITS and SELL LIMITS . These orders are executed by the broker on behalf of the client on a pre specified price. This will the ensure that full time workers do not miss out on trading opportunities that they have planned to trade on a specific day.
Trading Methodology: The disciplines of swing trading, intermediate and long-term investing require very little time in regards to the management of an open position. Due to the longer durations involved, decisions may be made at one's leisure. Swing and Day Trading are great trading methodologies which allow you to run trading opportunities while you go on with your life.
Investing In Trading Signals: Trading signals can also offer great rewards for individuals that are not actively in the market. It is however recommended that you learn how to trade on your own without the need for a signals provider.
Focus On One Trading Strategy
One of the main challenges that traders face is that they have a lot of ideas when it comes to picking trading strategies. There are a lot of different trading strategies, so picking one that works for you is the most important aspect of trading. You should be ruthless when picking a strategy and only work with the best ones, which could be a currency pair giving you the best edge. You can also start by only trading with a couple of currencies in the beginning. Keeping things simple will help you find success. This will allow you to save a lot of time and manage your trading.
Setting Up Alerts
Most trading platforms have notification alerts that inform traders about important events like:
A price level being breached
If orders are triggered
Chart patterns occurring
Indicators meeting certain conditions.
You can also choose to set these alerts to notify you by email or on your desktop. There are a lot of tools that can make trading easier for you, and these alerts ensure you can easily manage forex trading with a full-time job, until you achieve financial freedom.
It's important to realise that there are options for individuals who want to trade, but have limited time resources. Through the use of a broker assisted executions, the selection of a more hands-off trading style, a full-time employee may engage and succeed in the forex.
Happy Trading
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Risk disclaimer: The information presented on our blog are for educational and entertainment purposes only. Nothing on this website serves as investment advice or recommendations. Trading is risky and you can lose more than your initial investment. MyFxMentor cannot be held responsible for any decisions visitors make. Please consult a financial advisor before making any investment decisions. Risk disclaimer.
