How to Combine a Job with Forex Trading?

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Tuesday, May 07, 2019 11:00AM / Sponsored Post / Content & Image by Justforex

 

Trading in financial markets and full working day, for example in the office, are not always mutually exclusive concepts. Not all traders who today get more or less stable profit on Forex were able to quit and switch entirely to trading. In this article, we will describe how to combine work and Forex trading.

 

Choosing a Trading Session

There is some misunderstanding of what a trader is doing at all. Typically, a novice thinks that this is a person who stares at the monitor for 8 hours and makes the maximum number of transactions per day to earn more money. There are, of course, such traders, but the main point even for them is selectability. The trader should open a position only at best possible moment and under the best conditions. 

The best conditions for a trader are maximum liquidity and volatility in the market, i.e. when there are many other traders, and when the price moves are big enough. As a consequence, first, we need to determine at what time such conditions arise. 

Some recommendations for traders: trade during the European and American trading sessions. If we want to combine trading with work, then you need to choose the session that does not coincide with your working time. Trading during the Asian session and the Pacific session, as a rule, brings nothing but the expectation - the movements are small, liquidity is low. Therefore, if you come from work and you want to sit a little longer behind the charts - most likely, you won't earn anything and just lose time after the end of the American session. 

It is also necessary to allocate your free time in such a way that it does not affect the productivity and performance of household duties. The fact is that trading takes a lot of time and efforts. After all, trading in financial markets is not only opening positions but analytcial work as well.

 

Trade during lunchtime

It is another fairly common way for those who are employed. Lunch break, in general, lasts about 1 hour, and it is often quite enough to make a competent decision. It should be specified that if you are a scalper, it is not recommended devoting the entire lunch break to closing numerous transactions cause trading is exhaustible. And if you dedicate each lunch break to active trade, you will sooner or later “burn out”, and neither trading, nor work, nor life will bring any joy.

 

Moving to medium-term and long-term strategies

This method suits everyone but requires patience from the trader. Most beginners prefer to work precisely in the short term, opening and closing positions for one or several days. It’s also important your forex broker has no restrictions to it. There are some good multi-purpose brokers, for instance, JustForex. 

You can consider various “calm” strategies with the ability to hold positions for several weeks or even months. In this case, the trader is not required to constantly monitor the market and monitor the situation every few minutes. Partial automation is also possible here by issuing Stop Loss and Take Profit. 

You will be able to analyse the market once a day, and this will be quite enough to be aware of the situation. Stop Loss and Take Profit are large here, and trading timeframes start from D1. 

This approach will be suitable for calm people who will not feel the desire to check “what’s going on the market” every 5 minutes, because otherwise, by trading in this way, you'll exhaust all your nerves. If you want to do a lot of transactions - trade in a specific session on lower timeframes within 1-2 hours. 

Summarizing the above noted, you should leave the main place of work is only when you “have your feet on the ground” in trading. And the options proposed in the article will help you to combine your daily activities with trading for the time until you achieve financial independence.

 

Proshare Nigeria Pvt. Ltd.

 

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