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Part Time Forex Trading with an 8-5 Job

Keeping Your Day Job

part time forex trading

Most people do not have the luxury of quitting their day job to concentrate on full time Forex trading as they have to support themselves and their families. Though trading offers great opportunities in terms of creating wealth or generating an income; it also requires learning and practice in order to start generating consistent returns. Fortunately, the Forex market is available 24 hours a day during the weekdays enabling both full time and part time traders to seize the available opportunities for profit.

Below are ways and habits part time traders can incorporate in their trading and lifestyles to enable them succeed in the Forex market;

Utilizing mobile trading applications;

Most Forex brokers now offer mobile applications for Android, iOS and windows devices enabling their users to make and monitor their trades on the go. This comes in handy for part time traders as they do not have to carry their PC/laptop to their work places. Most companies also have policies denying their employees from using work place PCs for personal interests other than those of the company.
Mobile trading platforms such as Metatrader for mobile and tradingview also have custom alerts that will give notifications on certain market and chart events. With the use of alerts; the part time trader is able to overcome the pain of staring at the chart all day and is able to concentrate on his/her job.

part time fx MetaTrader mobile apps

Automation;

In retail Forex trading; automated trading entails the use of Expert Advisors or trading robots to make trades on behalf of the trader. Prospective traders with a day job can choose free or purchase well tested commercial expert advisors to implement in their trading accounts. Metatrader 4 is one of the most popular platform with hundreds of free and commercial expert advisors available in the internet.

Part time traders who have already developed their own manual trading strategies can also choose to hire a programmer to automate the strategy into an expert advisor. To run automated systems in the market 24/5, a VPS (Virtual Private Server) is needed eliminating the need to keep an internet connection and the PC running throughout. Virtual Private Servers are available for as low as $10 per month from various providers.

Trading Style;

1. Position Trading;

This is low frequency trading with positions being held for a couple of days. This means analysis of potential trading setups can be made in morning, evening after the usual day job or even during weekends. This reduces the need to look at the market during day’s working hours. Being away from the market also builds patience and reduces reactive trading since trades are placed and only monitored occasionally. This set and forget approach to trading has been found to improve trading results as opposed to impulsive trading. One of the most successful traders in history; Jesse Livermore, followed this approach and forged the popular quote ‘Money is made by sitting, Not trading.’
Position traders will often follow the daily and weekly charts hence analyzing the markets at the end of the day on closed daily candlestick charts.

2. Scalping;

Scalp trades are entered and exited within seconds to a few minutes. Scalping can be done during day job breaks, in the morning and evening. Though this type of trading style is not encouraged for newbie traders as it requires strong emotional control, experienced part time traders can incorporate it as part of their lifestyle. A popular scalping strategy that can be applied by part time traders is night scalping during the thinly traded start of the Asian session (close of the New York session). During this time of the day; most currency pairs are stuck in a tight range providing opportunities to place quick sell trades at the top of the range and buys at the bottom of the range.

Using Limit and Stop Orders;

This can be incorporated in position as well as usual intra-day trading.This is a set and forget approach where the part time trader places stop orders (buy stop/sell stop) or limit orders (buy limit/sell limit) at potential market turning or continuation levels. Again, this eliminates the need for the part time trader to constantly watch the market or miss trade setups. A stop loss, trailing stop and take profit order should also be part of the part time trader’s plan to protect the account in case of unexpected volatility in the market.

Social/Copy Trading;

Part time traders who do not have a flexible schedule to analyze the market on their own can opt for copy trading. Here, they simply copy the trades or receive trading signals from other experienced traders. There are multiple copy trading and signal platforms to choose from including mql5.com, Zulutrade, Etoro, Copyop etc.

Trading sessions;

Based on their location, part time traders need to factor in trading sessions in order to choose which Forex pairs to trade appropriately. Currency pairs show different traits in terms of volatility depending on the open trading session. Depending on the available trading time; the trader will have to stick to currency pairs with enough volatility given the trading session. The four major Forex trading sessions are;

New York; 8am to 5pm EST
Tokyo; 7pm to 4am EST
Sydney; 5pm to 2am EST
London; 3am to 12noon EST

part time fxMarketHoursTable TimeZones

Conclusion;

Having a day job should not keep anyone from trading the Forex market. The above habits can be incorporated to enable successful part time Forex trading allowing one to reach consistent returns before contemplating quitting the day job.

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