To tell you how to trade part-time in Forex, I want to introduce you to one of my students named Bill. Bill is a 32-year-old full-time administrative assistant who works in the city trying to make the most of his life. He is interested in Forex trading and one day hopes to turn this interest into a full time and lucrative business. She loves learning about financial markets, trading and investing. However, he feels that a major problem is preventing him from moving towards success. This is a problem of lack of time.
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Bill works 40 hours a week and feels like he’s missing out on a lot of trading opportunities because he’s always busy. If you’s living like Bill, do not worry, in this article we will try to guide you to the answer to this question: How to trade part-time in Forex?
You see, you do not have to sit in front of charts all day to be profitable. In fact, not having to face charts all day should be a big advantage, for reasons we will discuss later in this lesson.
In this lesson, I’m going to teach you a Forex trading method for people who are busy and can’t get to the bottom of the chart all the time. You will find that just because you are so far away from the charts, you do not have to worry, if you know a few key points and know what to look for, nothing is lost.
Why do we have to trade forex part time?
If you are still not convinced and ask why we should trade part time in Forex, you should know that the main reason you should consider part time trading and learn a part time trading routine is that it is very easy to do that. Put it in your busy schedule. You do not have to trade only during the day and you can easily deal with all other aspects of your life.
I have a lot of success in my personal career, following the exact principles I have taught in this lesson. Contrary to popular belief, part-time trading will yield much better results in the long run, so you will definitely be surprised by your brilliant results.
How to trade part time?
Part-time trading is actually setting aside time for financial markets in the midst of daily activities. So, if your job is on a normal workday from 9 am to 5 pm, you can go to the chart twice a day, in other words, check the morning and evening of the market. It should not take more than 10-20 minutes each time.
If you have followed the lessons presented on this site, you know that the closing time of the daily time frame with the New York clock is the most important time in the Forex market. The end of the New York market is the “end” of the trading day, and we are primarily concerned with the daily chart framework and, in particular, the analysis and trading at the end of the day.
New York Kendall closing times will vary by region depending on where you live. If the end of the trading day is when you are at home and waking up, you can check the markets on your laptop or other computer. As New York approaches, it is critical that if the end of the New York Kendall occurs while you are at work, you should have a laptop at work or a mobile trading platform to monitor the closing of the Kendall daily. Although I generally find trading with MetaTrader Mobile wrong, in this case, we need to make an exception, as it may be the only option you can use.
Basically, your goal is to analyze charts, potentially placing orders based on market conditions twice a day. Therefore, you should organize part of your business routine accordingly.
What do you need to earn part time from Forex?
Aside from the trading platform that works with Kendall New York, you need to have a trading strategy that is what you create after mastering a trading strategy. If you are at work. To make sure you know when the New York Daily Candle is near your local time, you can read it by checking this time zone converter.
An example of part-time trading
Let’s take a look at the life of our hypothetical trader Bill in the introduction. Bill has a full-time job and is a busy man, so he needs a part-time trader to include it in his daily schedule.
Bill wakes up on weekdays Monday through Friday from 8am. He lives in London and unfortunately for him is the New York candlelight around 3am. Therefore, when the best market moves occur, he is not working. However, since we are not a daily trader, this is not a problem, so please do not view this as a problem for Bill.
Before waking up on Monday morning and before the start of the working day, a forecast of the market situation should be prepared by analyzing its price charts last week. Basically, you should analyze your main charts at the end of each week, when the market is closed. You are finding key levels, analyzing market trends and taking notes for next week.
So, when Bill works from home during the week, it is usually around 6 pm, that is, 1 pm in New York, he is still a few hours before approaching New York. He can go to the gym or do anything. But, at 5 a.m. in New York or shortly thereafter, Bill wants to stand in front of the chart and analyze the daily chart frames.
At this point, he is exploring the trading opportunities that took place that day in his favorite markets. He examines the market against the key prices and key levels he has identified over the weekend, and trades immediately if he finds any trading stop that day.
Never get addicted to the monitor and look at the price chart. Remember, you have to set two times a day when you are looking at the markets. Make sure you stick to your predefined trading plan.
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