Best Strategies for Forex Traders With Day Jobs
Is generating a second source of income from Forex trading possible? Can you have a full-time job and still be a Forex trader?
The answer to these questions is yes, although it could be difficult because forex trading can also be classified as a full-time job on its own. The forex market is open 24 hours a day, five days a week, and unless you are a full-time trader, you simply do not have the time to keep your eyes on the market at all times.
Correct time-management understanding
Fortunately, several strategies allow part-time traders such as yourself to stay active and protect their position when they are at work. As a trader with a day job, you will be working with a limited amount of time and will need a trading style that goes along with that.
Since you are working with a time that is either in the morning before work or in the evening after work, or during lunch breaks, you can set a specific timetable that you will follow. It is advisable to set a time you know that market volatility will offer plenty of trading opportunities based on the currency you are trading and on which market hours i.e. London or US market to mention a few.
However, there are going to be times when there are no good trading opportunities at the time of day you scheduled for your trade. You can use these periods to increase your knowledge, review your past trades, and look for new strategies to test. There are plenty of other things you can do that will help your trading other than trading.
A solid understanding of the Forex market
As a forex trader with a day job, remember that you have limited trading time, and this limiting factor affects everything you do as a trader. Having picked one or two trading times based on your schedule, the next strategy is to know your forex market at this particular time.
Knowing your forex market is knowing the kind of market you are in, and the first step is understanding the best currency pairs that fit your schedule. You need to analyze the currency pairs and the fundamentals of each currency.
Major pairs like EUR/USD, GBP/USD, and USD/JPY are all excellent choices for a trader because of their high liquidity. However, before you can choose your pairs as a part-time trader working with time constraints and a schedule, you will have to understand and know trading strategies.
Moreso, because of your limited trading time, you should not trade currencies that require an extensive amount of babysitting. You should make use of your time by trading currencies that are immediately accessible during their trading window. Even though there might be currency pairs that offer more profit, they usually require more of your time and attention to trade successfully. Hence, you must understand your market and trade the currency pairs that fit into your trading plan.
Having the proper frame of mind
Another strategy is to always keep the right mindset. You need to understand that because you are not always in front of your charts and trading software and you work with limited time, you might miss a potentially profitable trade. This should not frustrate you because there will always be trading opportunities in the forex market.
With this mindset, you can focus on creating a trading strategy that fits perfectly with your trading schedule rather than dwelling on how profitable the market could be when you are at work.
Aside from having the right mindset, one important skill to have is discipline. This is particularly important for part-time Forex traders. Discipline is required for success in every endeavor, and it is no different in forex trading. Discipline makes you follow your trading plan and stick to your trading schedule.
You don’t have to worry that you are “missing out” while you are at work because you have a day job. You can have a full-time job and still be a successful trader.
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