Anyone can Become a Successful Forex Trader
Having the access to trade the financial markets have never been easier. Having the access to trade the financial markets have never been easier. Anyone can trade forex with full-time job and become successful trader. Many years ago not many people could trade the markets, and the process was much different, as they had to make a phone calls to their Forex brokers. Today you can make a few clicks and you can own the currency from the other side of world or buy a commodity from South Africa.
As you probably know, there are many different trading styles, but not everyone has the time to be for an example a Forex scalper or Forex day-trader, even he wants to. For those two styles you will need at least few hours per day and a lot of experiences first. I doubt someone with a full-time job, family and other hobbies, can be a day-trader. Because of the lack of the time, trading would not be enjoyable anymore, and very stressful. Most importantly you must also like particular trading style – having more free-time does not also mean your trading must be busy and start trading the lower timeframes all day.
I am full-time trader for many years, but I stick to trading on the high timeframes, just because I like to trade the high timeframes (1), in the direction of the major trends (2) and I prefer to trade less than over-trade trading the low-probability setups (3).
Having a job (or other sources of income) outside of your trading is recommended, because this way you have much less pressure on your trading outcomes and you can perform much better. It would not be smart to put everything in one basket right away. I know many part-time traders who trade the Forex market successfully with their day job. Not to mention a lot of billion dollar traders trade and check their charts only at the end of the day. I believe traders who do not rely on their trading results right away, feel much less pressure to make the money of the market consistently. This way they learn the most important skill in trading – focusing on the trading process, rather than on trading results.
Being Busy is NOT Bad
Positive side of having the busy schedule is also that you are busy, and there is a less chance you will end up sitting in front of your Forex charts, screens for hours, and make emotional mistakes as overthinking about opened positions, or trying to find something to trade. Successful traders understand good trades will always come to them. They do not hunt for them and try to find them when it is obvious there are none.
If you are in the position where you have a busy daily schedule, no more than 30-minutes per day, but yet you still want to trade the Forex market successfully and follow your passion and goals in trading, I would like to help you today with two simple steps you can take to simplify and boost your trading.
How to Trade Forex with Full-Time Job
1. Focus on Swing Trading
When you have less than 30-60 minutes per day, I would advise you to start focusing on trading the higher timeframes such as the Weekly, Daily, 4- hourly charts. We use those three timeframes also in our own trading. Weekly and Daily for Major trend directions and Support and Resistance zones, and 4-hourly for entries and management.
Swing trading focus on trading with the major trend directions, and it minimise the probabilities of trading with the negative emotions, because there is much less noise and action in comparison with lower timeframes. Swing trader believes in trading less, and put quality of the traders before quantity of trades. When you trade as a swing trader you trade the market with set and forget approach. When you trade the market as a Forex swing trader you do not need to spend more than 20-minutes per day, once you master your trading process. Swing trading allows you more time for analysis and execution.
2. Schedule Your Trading
Being a part time trader does not mean you can check charts and trade only when you feel like it. You must still apply disciplined and organised approach to your trading. You must create yourself forex trading plan and journal, organise your schedule and plan your forex trades.
By schedule I mean, how and when you will devote your time to trading. Assuming you will trade weekly, daily and 4-hourly charts, and you take per average no more than a few trades per month…
Keep it simple and ask yourself those questions:
“At what day and time during the weekend I will take a time off to prepare my Forex watch list for the following week?”
“What about during the week? Will I glance over my charts at the morning or the night before?”
“What about when I will be waiting for a possible confirmation on the 4-hourly charts? Will I jump in front of the computer, or I will check and execute my trade from the phone, laptop?”
Hope this simple tips will help you in your Forex trading.