Not all market traders get involve full time, and of course, thanks to the advancement of technology, clients do not have to be a full-time trader to have access to the markets.
There are various part-time traders, including professionals, old retirees, and even students at legal age. Basically anyone who has to allocate most of their time on full time jobs or other things but still want to be a part of the market.
However, it is somehow difficult to trade part-time, as there are many obstacles to overcome before profiting consistently. But worry not, here are some strategies to help you and make your part-time trading effective:
SET YOUR PRIORITIES
As indicated above, part-time traders can be the ones who give most of their time to their full-time jobs, which is merely the main source of their income. Hence, compromising the quality of forex trading is not advisable. Setting your priorities applies to all, and it does not matter how long you have been trading. It may be for months or years, but setting your priorities straight is helpful to all. However, there is a catch for part-time traders: you have to keep the game extra tight. Since you are not available all the time, it is best to keep yourself disciplined and prepared when trading.
FOREX TRADING METHOD SHOULD VARY ON YOUR SCHEDULE
You might only have an hour or 2 to give time in trading every day, and in this case, it could limit your options. But there is a solution for that since you can trade during sessions that have low volatility. There is a strategy like scalping or switching to longer-term swing and position plays. Check your schedule and figure out your trading style from there.
Read more about the difference between Scalping and Swing Trading.
MAXIMIZE YOUR TRADING TIME
Managing your time wisely is essential when you are a part time trader. You only get little time with your trading so make the most out of it. Setting a routine when trading is also important. It does not only mean actual trading where you buy and sell. It should also include core tasks like journal recording, chart reviews or back testing. Whenever the market is moving slow, you cannot just stare at your charts and slouch around. Take that extra time as an opportunity for skill building in core trading tasks.
WISE MINDSET IS ESSENTIAL
It is impossible for a person to watch the charts 24/7 without a blinking eye. Keep in mind that it is okay to miss the huge moves as long as you are patient for a setup to materialize. Do not worry; pips are just always around the corner.
There are hundreds of discussion boards you can join in and you ensuring you, you are not alone in any trading situations. There are thousands of full-time and part-time traders in online forums where you can also learn from their experience. Socializing with these people can help and advise you with your trading.
TAKE IT SERIOUSLY
Even if it is only for part-time, trading can be very risky. You are investing your money, and even if you have lots to spare, stick to the idea of making profit, but it can also be a rainy day sometimes. It’s not even only the money you’re investing, but also your time. Invest to grow, take time to learn and make the most out of it. Maybe you are not aiming to be a professional trader, but it takes perseverance to see results.
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*Note that this article has been contributed for another blog website, but was originally written by Trade12.