Trading part time, while having a full time job – is it possible?
The Foreign exchange market is a very attractive new market for all sorts of ambitious people, which would like to try their skills out under the circumstance of high competition and large potential profits. Becoming a professional player on the Forex market isn’t easy, and you will need to spend a lot of time to study and learn how trading works before you can achieve any sort of positive results. This fact often scares potential traders so much, that they don’t even allow the thought of trying to trade Forex. This is something that typically happens due to time and lifestyle issues. In this article, we would like to look at whether trading part time is after all possible for an average Forex trader?
Possibly, one of the most enticing features of the Forex market is its unlimited level of flexibility. The fractal nature of Forex charts suggests that both short and long term trading can be a profitable business. At the same time, on the other hand this ensures the possibility of applying a wide variety of trading methods individual to every trader.
What this means for you, is that trading part time should be possible, as long as you select the right tools and approaches to suit your trading model. An individual that is trading part time has to rely on technical analysis, and follow his money management rules with care, discipline, and especially strictly. While the specific time period of market entry is not that important in this case, we do recommend to avoid trading during periods of high volatility – you may not always have the required time to process and monitor the endless flow of economic news. Therefore, trading part time will mostly work well during periods when the market is calm, trading volume is low, and technical factors are the most influential. This is something that we can mostly observe during the hours before markets close.
Long term swing traders that practice trading part time should also watch out, and select the time for entering trades carefully. Holding a swing trade over a long period of time requires confidence and thorough analysis, and it is very important that both of the latter should precede any actions. While promising high long term results, such trading requires all sorts of precautions against risk factors. Make sure to use low leverage as long as you intend to hold positions overnight and longer, this will help you survive any volatility, while even a moderately high leverage has to be avoided. In conjunction with strict exit rules, this should work rather well.
Deciding, which broker will be most suitable for trading part time is almost impossible though simply reading reviews and ratings. Make sure to test your broker of choice extensively before you decide to follow through with funding a live account. Trading part time require a high level of precision and reliability, as you cannot afford to cover up losses with volume, or interrupting your work day due to any issues with the trading platform or price feed. Make your decision thoughtfully; trading part time can be profitable with the proper amount of practice, and due attention!