Forex part-time traders and day traders have always had limitations on the number of hours, duration, methods, and number of trades per day. Since it is impossible to win at FX from the beginning, everyone starts as a part-time trader. How should such part-time traders use their time to win?
What is a Forex Professional Trader?
A full-time FX trader is a trader whose main source of income is FX. Since they have plenty of free time, they can spend all their time on FX. Because of this, many traders lose their rhythm in life and many become unhealthy. However, most traders trade between European time and the New York market, and since this is the time when prices fluctuate the most, most traders concentrate on this time period.
What is an FX part-time trader?
A part-time FX trader is someone who is a beginner or someone who is aiming to become a full-time FX trader. In most cases, they are company employees or people who trade while working other jobs, so the problem is that they don’t have much time. Therefore, these traders don’t have much time to look at charts, so they often trade by placing advance orders. Depending on your job, you may not have time to look at charts, so you have to be creative in how you do it. It is difficult to continue investing at the same time. However, it is possible to increase your assets. If you enter repeatedly using tools in a limited amount of time, you can make effective trades by making quick decisions and understanding.
Time is a problem for FX part-time traders
The biggest challenge for part-time traders is not having enough time to trade in a day. FX can be traded almost 24 hours a day on weekdays, but part-time traders can only trade for a few hours. In such cases, many people will be worried about what method to use. It is a good idea to collect information on which method is best, select and confirm the one that is easy for you. In day trading, you often miss the trend of the market, and depending on your style, your win rate will vary depending on your experience. In order to achieve results without incurring losses in the long term, be sure to look at the direction. It is important to decide whether to buy or sell when participating. Also, let’s take a look at the patterns, which are a must-see even for periods such as weeks. You can read clear trends and read the price trends very well.
day trade
Day trading is often referred to as short trading. For short trades, it takes a few minutes to a few hours to settle. I recommend day trading after work. It is highly recommended because you can see the chart in real time after work. If you do day trading, we recommend limiting it to the London market to the New York market. The reason is that this time is the most moving.
swing trade
Swing trading is probably the most compatible trading method for part-time traders. It is OK to set the entry point fairly appropriately. If you enter the limit price and stop price in the swing trade, it will be settled automatically, so there is almost no burden on your work. The problem is that it is not very profitable and the number of trades is very small.
scalping
In the case of scalping, you trade while staring at the chart in real time. Payments often take from a few seconds to a few minutes. In this case, as with day trading, we recommend that you limit your trading to the London market to the New York market. The reason is that this is the time when the influence is greatest and the movement is the most moving. The recommended environment is a smartphone. You can do it right away even if you are outside. Whether you lose or win, there are risks, but you can also learn. In order to avoid risks, we basically aim for big wins in a short period of time after analyzing them in advance.
correct answer is to combine
As explained above, there are several trading methods, but each has its own disadvantages. Therefore, we recommend that you focus on day trading and scalping during your free time, and also hold positions in swing trading. This way, you can hold multiple positions and maintain a fairly high frequency of trades. If you have the opportunity to think for a short time, think about your mindset. You need to think about the content over a long period of time. You can participate online at any time. Continue to compete in the fluctuating market to make a complete profit. There are also services such as indicators in the market, so it is easy to measure the timing.
Narrow down currency pairs
When trading, you probably won’t have time to look at too many currency pairs. If so, it’s better to narrow down the currency pairs. In particular, the dollar/yen, euro/dollar, and pound/dollar have a high trading volume and tend to have stable price movements, so you won’t suffer huge losses. I recommend narrowing down the currency pairs to about 1-3 and concentrating on trading. Before you start, think about your next stop loss. There are more pairs than you might think right now. The key to efficiently holding and continuing to hold on to foreign exchange is to actually narrow it down once. By doing it little by little, you will develop a method, and you will be able to make it your main job. There are also YouTube sites, so try combining these and move forward.
Narrow down economic indicators
By narrowing down the currency pairs you want to trade in the market, you can also narrow down the economic indicators you need to check, which makes trading much easier as it reduces your burden depending on your purpose. Therefore, there are fewer economic indicators to watch out for, which should make trading much easier. If you can’t win at the moment, you can predict the future by forecasting the fundamentals well, so collect enough information every day to avoid failure. Day traders must always consider profit and loss and aim for opportunities.
Exness is for scalping
Exness is for scalping. That’s because the spread is extremely narrow. Therefore, if you like scalping, please register with Exness and start trading. Opening an account is free, so please refer to the article below to open one. Basically, in order to increase your funds and win, it is important not to go against big movements. Professional investors look at 4-hour, daily, and weekly charts instead of 1-hour charts. Of course, we also decide on the details of risk and reward.
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