This, in turn, has led to an increase in part-time traders. This group of people includes students, young professionals, and old retirees – basically anyone who has to allocate most of his or her time to other endeavors, but still want to dip their hands into the markets.
The problem with part-time trading is that trading itself is very difficult and that there are many obstacles that one needs to overcome before becoming consistently profitable. That said, here are some helpful forex trading tips for all you part-time traders to help you along your path:
1. Stick to a forex trading method or style that suits your schedule
The biggest problem for part-time traders is time. If you only have an hour to commit to trading every day, this can severely limit your options. What if that one hour comes during a trading session that has low volatility? Strategies like day-trading or catching short-term trends probably don’t make sense right?In that particular situation, you may want to take a look at scalping or maybe switching to longer-term swing and position plays. In any case, the lesson is that before settling on a trading style, figure out your schedule and move on from there.
2. Maximize your trading time
Again, in line with the idea that time is crucial to part-time traders, managing your time is a very important skill to master, especially during the early stages of your development. It is imperative that you make the most of every single minute you spend trading.When trading, we have to build our trading muscle by repetition of key drills. This doesn’t only mean actual trading, but also includes other core tasks like chart reviews, back testing, journaling, etc. On days when the market is slow, you can’t just sit there staring blankly at your charts and not get anything done. Take that down time as an opportunity for intense skill building by engaging in those core trading tasks.
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