Forex trading is a great, proven way to earn passively, which is why many want to do it. However, some of us have 9-to-5 jobs that take up the majority of our time and schedules. Trading requires full commitment and attention, which is why some lose hope of getting into it.
But you – or anyone – can actually trade even if you already have a full-time job. You just have to be determined, hardworking, consistent, and wise enough to make it work.
Before getting into trading, you have to learn a lot of things. The learning stage can get stressful, so you must be strong-willed and mentally ready for it. You have to watch trading webinars, read countless books, look through market commentaries, and even enroll in an online class to really get the hang of it. Sounds like a lot of work, right? Well, you have to persevere through it all to make sure that you properly forge your way through success.
Also, keep in mind that you should not quit your job if you don’t have a large sum of money in tow when you start trading. You have to work hard to have enough reserve income that you can use.
In this blog, let’s discuss five more points that you should remember if you want to start trading while working full-time:
Point #1: Move during the best market hours
When you thoroughly study the Forex market, figure out the best time to start trading. The ideal time to trade is when the sessions have extremely high liquidity, which often happens during the London and New York sessions. The highest liquidity you can expect in the market is during the London session, so watch out for that. When you trade during these times, you can profit from the high volume movements of the market.
Another best time to trade is when your currency pair is highly active. Pay attention to when the US stock market opens because this spurs most movements in currency pairs.
Point #2: Utilize the most schedule-friendly trading strategy
Trading strategies are not one-size-fits-all. What might work for others might not work for you. You have to study different trading strategies to find the one that suits your schedule because they have different time frames.
Intra-day or swing trading strategies are practical for people who can only set thirty minutes to an hour aside from their work schedule. If you are into fast-paced trading, you can also utilize scalping strategy so you will not spend the majority of your free time staring at the charts.
Day traders typically spend an hour or three trading. You can also follow this, of course, but if you have the best strategy for your schedule, then you will not need such a long time to spend.
Point #3: Plan your charts ahead of time
If it is not obvious yet, you have to achieve a strict balance between your trading and job. You should base the time you do all your analysis on your shift. If you work during the day, do your analyses at night and vice versa.
Research in trading is extremely valuable, so make sure that you have enough time for research. You can do market research before or after you work, whichever you are comfortable with. When doing your analyses, remember to set a time limit and stick to it. It is also advisable that you work on your analyses when you are not stressed. Lastly, it is less of a hassle if you study the charts based on a particular trading strategy.
Point #4: Maintain consistency
Practice makes perfect. This old saying is unfailingly true, especially in trading. You need to be consistent in growing your account and becoming a master trader. You can achieve this by persevering and practicing your skills. You most likely cannot go full-time, so you should do part-time trading regularly and stick to the same schedule. Don’t lose hope and keep trading with the same setup and strategy even if you do not always secure a win. Be strict with the rules and guidelines that you set for yourself.
Point #5: Don’t stop improving
Monitor your performance regularly and analyze each of your transactions. Through this, you can identify the mistakes you committed and improve them. Reading trading books will expand your market understanding and let you discover more strategies. You have to keep up with the constantly changing Forex market, so you and your knowledge should not be stagnant.
Those are some things you have to remember if you want to trade by yourself. However, there’s another route you can take when trading: utilizing trading tools. This is a good choice if mastering trading seems like a hassle to you.
CXM Direct offers Social Trading and PAMM platforms to help you trade easier. Social trading allows you to watch more experienced traders and adopt their ways in trading. Its main goal is to utilize copy trading or mirror trading to understand their investment ideas. PAMM investing, on the other hand, enables you to select a managing trader who can do the trading work for you.
These trading tools will let you profit passively because you don’t have to do things entirely by yourself. You can use social trading as a trading guide or totally let professionals work for you through PAMM investing.
Forex trading can guarantee you passive income, especially if you know your way around it. There are ways you can join the world’s largest financial market even if you’re chained to your full-time job.
Ready to grow your wealth in the Forex market? No better place to start than right here with CXM Direct! Open Live Account
