Forex trading can be done part time if you wish. The features of almost all forex trading platforms have granted us the ability to log in and do a bit of trading at any given time of the day. This is thanks to the 24-hour accessibility of forex trading. You can even try to trade while you do other tasks such as work or even school, to some who want to learn and earn at the same time.
Trading part-time will require you to have more discipline and exert more effort. To help you, here are some strategies that you can follow:
Check Market Hours First
If you’re the type of person who has a busy schedule, you should first check out the market hours first. Not all of the markets are open altogether; time zones vary from country to country since they are using banking hours during a trade. You can adjust your trading schedule by checking a trusted market time source if you want to see which ones are in line with your time.
Since you’re dealing with time in FX trading, you need to map out a good schedule for your day. Learn how to time your trading right by changing your idle time to your trading time instead. This timing strategy is extremely effective if your schedule matches the time of a promising market.
As you do this action plan, practice analyzing charts of the currency pairs that you want to view, as well as the trading options that you can consider. It’s possible for traders to do this easily because they can just check if the bars on the charts go up or down as time passes by. Uptrends happen when the bars go up. Otherwise, downtrend happens. Choose the chart which meets your own needs as a trader.
Trade with Discretion
Discretionary trading is also a very important rule, especially if you’re not going to look at your computer all the time. One of the best forms of trading with discretion is through the means of doing breakouts. Breakout techniques do not require too much of your time since it provides entry order for you already. All you have to do is to log in, place an entry order, and simply wait for the prices to hit your order.
Other than that, you can just go and check the price bars on your chart and check if there is a trade that you can set while you’re online. This discretionary trading is perfect if you’re already out from work and you still have the time and energy to trade.
With these extremely important tips, you will be able to trade effectively just like a full-time trader even if you have many other commitments to do. The good news about trading is that most trading platforms like CMC Markets allow part-timers to join since they operate 24/7. It’s an opportunity that you should never miss. After all, there’s nothing bad about earning extra income.