Forex part-time traders are a way to go if you are a beginner. Anyone can start as a part-time trader because FX can never win from the beginning. How should such a part-time trader use his time to win?
What is a Forex Professional Trader?
A Forex trader is a trader whose main source of income is Forex. Since you have plenty of time left over, you can use all of your time for FX. There are many traders whose life rhythm is broken because of that, and many people are unhealthy. However, trading hours are often from European time to the New York market, and since this time is the most volatile, most people trade intensively during this time.
What is an FX part-time trader?
FX part-time traders refer to those who aim to become FX specialist traders, starting with beginners. The problem is that most of them don’t have much time because they are office workers or people who trade while doing other jobs. Therefore, these traders do not have much time to look at charts, so there are many cases where they trade with pre-orders. Some occupations don’t have time to look at charts, so you have to devise ways to do it.
Time is a problem for FX part-time traders
The biggest problem for a part-time trader is that there is no trading time. Forex can be traded almost 24 hours a day on weekdays, but part-time traders can only do it for a few hours. Many people are confused about how to proceed when this happens. Which method is better, you should choose the one that is easy for you to do.
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 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.
In the case of scalping, trade while staring at the chart in real time. Payments often take a few seconds to a few minutes. In this case, as with day trading, it is recommended to limit the trade to the London market to the New York market. The reason is that this time is the most moving.
correct answer is to combine
As explained above, there are several trading methods, but they all have disadvantages. Therefore, we recommend that you trade in a combination of day trading and scalping during your free time, and swing trading positions separately. In this way, you can have multiple positions and maintain a reasonably high trading frequency.
Narrow down currency pairs
You can’t afford to look at too many currency pairs when trading. If so, it is better to narrow down the currency pair. In particular, dollar-yen, euro-dollar, and pound-dollar have large trading volumes and tend to be stable, so you won’t lose a lot. It is recommended to focus on one to three currency pairs and concentrate on trading.
Narrow down economic indicators
Narrowing down the currency pairs to trade can also narrow down the economic indicators to watch, so it will be very easy because the burden will be reduced. Therefore, the number of economic indicators to be wary of is also reduced, so it should be very easy to trade.
Exness is for scalping
Exness is for scalping. This is because the spread is extremely narrow. Therefore, if you like scalping, please register with Exness and start trading. Since opening an account is free, please refer to the following article to open an account.