Want to work a day job and trade currencies? You definitely can! Today Forex markets allow you to do the role of a part-time trader without posing any difficulties. Currency markets function for 24 hours technically, meaning traders have the freedom to trade at any time, from anywhere! There has not been a more perfect period to be a part-time trader. Common misconceptions might suggest that not trading full-time won't yield profits; with ample knowledge and practice, anyone can be a successful Forex trader!
Part-time Forex online trading might put you at a disadvantage of not having the whole day to trade, or not being able to constantly monitor charts. You can make up for these drawbacks with some stellar strategies:
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| Part time Forex Trading Tips |
1) Price Action: The only constant in Forex trading, is a trend. Each day sees an uptrend or a downtrend. To speculate on these trends requires a skilled player! Price action strategy involves monitoring charts for specific periods of the day. Upon observing these trends, the trader will decide to trade with a lower low bar or a higher high one. This can be done in long periods, meaning, part-time traders can utilize this to perfection.
2) Stop-loss Placement: The currency market's liquidity isn't something you should overlook! Irregular trade durations, summed up with Forex trading volatility can pose a huge problem. For an individual with his eyes glued to the charts, scenarios are different. However, as a part-timer, you will find this drastic environment to be severely harmful. To make up for the ups and downs, stop-losses are mandatory. With a stop-loss in place, you can let trades happen while you focus on your day job or other activities! These mechanisms automatically pull you out of a trade when a losing trend is noticed, or a certain amount of loss has been incurred.
3) Learn Market Timings: In part-time Forex trading, you will need to know when a market closes and the other opens! Not every market has the same opportunities as the other, and currencies behave better in some and worse in others. New York opens first, and the Tokyo market closes last (all in EST).
- New York - 8:00 am to 5:00 pm.
- London - 3:00 am to 12:00 pm.
- Sydney - 5:00 pm to 2:00 am.
- Tokyo - 7:00 pm to 4:00 am.
Make the most out of Forex! The opportunities are plenty, and profits plenty more. Irrespective of the timeframes you work on, success can be achieved. Governed by a good strategy and studying markets constantly will help you grow into a stellar trader. Get yourself professional assistance and boost your trading career - call WesternFX! Master Forex trading in Sri Lanka with our world-class brokerage!
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