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Can forex be a part-time thing?
If you’re looking to generate a second source of income with Forex trading, you should think again because trading is a full-time job. Managing a part-time forex trading career with your regular job is difficult, mainly because of the time management crisis you will be faced with. However, you can easily go around this approach by combining the right amount of time you need so that you can trade easily in a busy schedule.
It is important that you’re motivated to invest time, money, and effort in forex trading. Most traders with full-time jobs only manage to fit in a couple of hours for forex trading, but it is up to the individual to maximize that time. Therefore, you must devote some time to learn about trading if you are serious about taking control over your financial future. Sacrificing a couple of hours a week may seem small in the big picture, but the work you put into learning will seem paltry after some time.
You should take charge of your financial future. It is you who should make the commitment and take charge of your life. Irrespective of how small, if you don’t apply yourself properly, you will struggle to make headway in forex trading.
Keeping that in mind, let’s start with our top 6 mandates for combining part-time forex trading with a full-time job:
Focus on one trading strategy
One of the main challenges that traders face is that they have a lot of ideas when it comes to picking trading strategies. There are a lot of different trading strategies, so picking one that works for you is the most important aspect of trading.
You should be ruthless when picking a strategy and only work with the best ones, which could be a currency pair giving you the best edge. You can also start by only trading with a couple of currencies in the beginning. Keeping things simple will help you find success. This will allow you to save a lot of time and manage your trading.
Program a robot to trade for you
Some traders with full-time jobs choose to go down the path of automating their trading, which has its own benefits. You can program a robot to make trades on your behalf, which will allow you to:
- Follow other trader’s verified strategies
- Improve your discipline with automatic entry
- Manage trading position when you’re not around
The best thing about automated trading is that you don’t need to program the trading strategy, as there are a lot of developers who will program your ideas. There are also multiple trading strategies you can adopt and follow. Traders have also started social trading, where they automatically follow other traders’ strategies from all over the world.
You don’t need to watch the markets 24/7
It can be hypnotizing to stare at the screen for hours on end, but there is no point in sitting around watching the screen. The prices won’t change, and most traders don’t require continuous attention.
You can easily build a forex trading strategy that is:
Trade at a specific time
You can set a specific timetable that you follow, and the best time is in the evening since market volatility during this time offers plenty of trading opportunities in the London and US markets.
Monitored once or twice a day
You can also set a long-term approach where you only need to check on your trades a couple of times a day, mainly to adjust orders and for new entries.
Don’t forget that you can also set and forget orders for opening or closing trades that will be triggered when you’re away from the screen. A lot of traders get addicted to constantly monitoring their trades throughout the day, but you don’t need to do that, as you can easily structure your trading strategy with your lifestyle.
You also avoid making emotionally driven mistakes by not watching the markets 24/7. You can easily enter and exit the market while you’re away, and that is a great advantage for part time forex traders that have a full-time job as well.
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Break the cycle
This is crucial for every trader with a full-time job because making excuses and refusing to make changes in your life is taking the easy way out. If you’re determined to succeed in forex trading, don’t let anything stand in your way, and always keep your eyes on the “prize.”
You should be focused on maximizing your trades, and that will require restructuring and reorganizing your life. The point here is you need to break the cycle and make an effort to achieve financial freedom.
The crucial role of the organization
You need to be organized if you plan on combining forex trading with a full-time job, which is one of the biggest challenges you will face.
To be organized, you must create a structured forex trading planwith a defined list of activities planned out for you. These can be:
- Mental preparation for your trading session
- Conducting market analysis
- Checking risk management parameters and placing trades
- Monitoring trades
- Recording trades
- Conducting a review and debrief
- Research and development
These activities shouldn’t take too long to complete, but you’ll need to divide your time amongst them. If you don’t have the time to conduct all these activities, it means you’re not organized and are either placing too many trades or not devoting enough time to your trades.
Free yourself with alerts
All trading platforms have notification alerts that inform traders about important events like:
- A price level being breached
- If orders are triggered
- Chart patterns occurring
- Indicators are meeting certain conditions.
You can also choose to set these alerts to notify you by email or on your desktop. There are a lot of tools that can make trading easier for you, and these alerts ensure you can easily manage forex trading with a full-time job until you achieve financial freedom.
Summary
I know a lot of traders who have struggled to achieve breakthroughs in forex trading. They struggle to juggle trading with a full-time job. Fortunately, for you and everyone that is looking to manage forex trading with a full-time job, I have cracked the code for you with the 6 mandates that helped me combine forex trading with a full-time job.. I am going to share the 6 mandates that helped me combine forex trading with a full-time job.
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