The forex market is continuously in motion five days a week. However, not many people can afford to stay glued to the charts all through the week in a bid to turn profits from the market. This is where part-time forex trading comes in.
With part-time forex trading done correctly, you can be as successful (or better) than some full-time traders. Mastering part-time forex trading is especially important if you live in locations that do not adequately align with the busiest trading hours, which are the UK and US trading sessions. So how can you transition into part-time forex trading?
How to get started with part-time forex trading
If you already have the skillset and a proven trading strategy, the next step is to transition to end-of-day trading, using that system. End-of-day systems will require you to look at the forex charts once or twice in a day, usually at the end of the US session (10 pm GMT). If your strategy doesn’t work as an end-of-day strategy, consider developing a new one.
If you trade based on fundamental analysis, you can draw up a forex calendar and take trades on during high impact news releases.
With these two methods, you will have the rest of your days to yourself for other activities. So, whether you are a full-time employee, the CEO of a startup or a student, you can become still make money through part-time forex trading.
Benefits of trading part-time
With part-time forex trading, forex traders in parts of the world that do not align with the major trading sessions can enjoy the forex markets without having to stay awake at night or have divided attention while at work.
This type of forex trading provides you with a second stream of income. Depending on your trading skills and the trading capital you have, it is possible to make as much as your monthly salary from forex trading.
Trading forex in this manner also has some psychological advantages for traders. It removes the pressure of making money, faced by full-time traders. A part-time forex trader with a job doesn’t need to make money from trading to feed. As we mentioned in this post, the pressure to make money, especially when trading small accounts, leads many traders into avoidable losses.
As a part-time forex trader, you still need to avoid treating the trading account with kid gloves. It is a part-time source of income, but you must ensure that you still treat it as a business. This means you should always stick to your trading schedule, money management and the overall rules of your trading strategy.
If you cannot find the time to trade forex but still want to earn from the industry, consider setting up a social trading account. This would allow you to invest in the trading of other professional trader. They do the trading and you focus on collecting your profits! Darwinex is our preferred social trading platform. You can find some quality traders to invest in by looking at our Darwin Recommendations page.
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