The Forex environment suits ambitious people perfectly. Indeed, they can manifest their expertise in tandem with market vision under highly competitive conditions. A successful trader should always have one’s finger on the pulse of a market. To earn decent money in financial markets, a trader should not miss a good market entry point and should close positions in due time to avoid losses. The thing is that monitoring all market moving news from all over the world takes a lot of time. This scares away would-be traders who are not ready to earn on Forex at the expense of their full-time job or private life.
Nevertheless, those who are interested in increasing their income should not give up the idea of making money in financial markets, including Forex. A good argument for is that successful trading in parallel to a full-time job is a real opportunity. One of the options is to trade in the night hours when market participants can speculate on some financial instruments whose trading volumes are the biggest in the Asia-Pacific session. You can trade, for example, AUD/JPY and NZD/JPY.
Here are some effective trading solutions for those who want to be a part-time trader.
Trading based on technical analysis
This strategy is the right solution for those who do not have enough time to enter a trading platform frequently. The principle of this strategy is that you make trading decisions based on technical analysis of technical charts and technical indicators. For instance, you sort out how the current candle is located relative to the previous one. If the highs and lows of the current candlestick are at a higher level than the highs and lows of the previous candle, this could signal that the uptrend is emerging and vice versa. In addition, it is essential to turn attention to values of technical indicators which are technical analysis tools based on mathematical formulas.
Stop loss
If you are not able to work on a trading platform full time, make sure you place stop losses. Stop loss orders are meant to limit a trader’s loss on a position, so a stop loss closes a trade automatically. With stop losses, you can manage your trades while you are away from a trading platform. A highly volatile market can reverse its direction anytime and trade with the opposite trend. In other words, you run the risk that your potentially winning trade could turn into a losing one anytime soon. In this case, a stop loss is intended to make your losses as low as possible.
Other tips
- It would be better for you to manage just a few trades. Try to avoid making intraday trades as medium-term trades are preferable for you. Before you open trades, make sure you carry out a thorough market analysis of particular trading instruments. Take into account all factors impacting on the chosen currency pairs and apply stop losses to cushion your account from losses.
- Try to enter the market following a long-term trend which can be recognized through a daily or weekly chart. In this case, you will follow a quiet trading routine and will spare time for your full-time job. A 1-hour and 4-hour charts do not suit long-term strategies.
- Place pending orders, take profits, and stop losses so that you will be able to make the most of your trading opportunities. Opt for such trading platforms which allow traders to set such orders and do not charge extra fees for this feature.
- Exploit modern technologies to the largest extent as they were developed to save your time. Install appropriate trading apps and customize them to your needs. If you set notifications, you will not miss the right moment to open or close a successful trade.
If you have a tight schedule for trading, the matter of major importance is to choose the right broker. Read carefully the websites of brokerage firms, reviews, feedback from clients, and ratings. A brokerage company should be reliable, i.e. it should work efficiently and fulfil its financial commitments. Notably, a trading platform suggested by a broker should operate smoothly and without technical faults. Besides, it makes sense to consider those companies which give their clients an opportunity to practice strategies on a demo account without risks of losing money.
Part-time trading will bring you success provided that you solve this question with gravity. Modern trading software suggests apps and programs designed for managing trades when a user is away. Take advantage of them and save your time!
