Unlimited access to the Internet has made a huge impact on the fact that the number of part-time traders has increased. The list is long: from students to retirees.
Basically, anyone can become a trader if he wants to earn some extra money.
Therefore, we have collected the main tips that will help you become a successful part-time trader.
1. Find a Forex trading time which suits your schedule
It doesn’t matter you work or study, the fact is your time for trading is limited. Thereafter, it limits your options in a sort. If you do trading when it takes into your head, you have a chance to get the low volatility and your opportunity to make money using short-term trends may not be successful enough. Therefore, you must have a clear time period for this occupation.
2. Get the most out of your trading time
Based on the fact that your time for trading is limited, you need to fully use it.
Since it is not always possible to engage in trade because of the low volatility, it is important to use every minute allotted for this business.
You need to train skills which will help you during a trading process, that is why your routine also should include other core tasks like back testing, chart reviews, journaling, etc.
While you’re still a newbie, we recommend starting with a Demo account opening. A practice account is absolutely free and it simulates real trading with absolutely the same charts in real time. This is a good way to puzzle out what Forex trading is, understand strategies and how the whole process of currency exchange performs.
3. Find the right currency pairs
Forex trading occurs around the clock 5 days a week, but it’s better to trade during the peak volume hours when there is higher liquidity (an opportunity to sell the position). If you work, study or are busy with something else during a day, then you can trade either in the evening or early in the morning. It is better to start trading with USD against other foreign currencies. This choice will provide you with better liquidity and prevent trading of high risky pairs.
Here is the list of top 6 most tradable forex currencies:
4. Reliable Broker – Key to Success in Forex Trading
The key aspect of a successful forex trading is a reliability of a brokerage company you’re working with. It should operate on the market for several years, have a license and be able to protect your data and funds from intruders.
5. Start developing a right mindset
Often, part-time traders are disappointed when they miss an opportunity to get a good profit during big moves. Since you can’t watch charts 24/7, you need to focus on creating a profitable setup. Of course, you will not be able to cover the entire market, but finding out one pattern that will work for you is enough to make a good profit.
Making money in the forex market, being a part-trader is quite realistic if you follow the above rules. There is enough time in a day for you to be able to embrace trading even if you have a full-time job.