Part-timers and full-time traders alike need knowledge of how proper money management works. Originally Posted by bogelfx. In particular, we make no claim that these are typical results that can be achieved by our users on a regular basis. Other than the proper New York close trading platform , you need to have a trading plan which is something you build after having mastered a trading strategy. Hasan July 31, at 3: The most active Forex trading period is when the US markets are opening and the European market is shutting down. For more information on global currencies, read " Top 8 Most Tradable Currencies.
Part-time traders with little or no experience are advised to start trading small amounts of currency. By opening a mini forex account, which requires a smaller-than-standard cash deposit, traders can control 10, currency units (the standard currency lot controls , units of currency).
The Bottom Line
Another thing that most successful part-time and full-time traders have in common is discipline in keeping meticulous records of their trading efforts — good or bad. Trading is a performance based business, and trade tracking is one of the most important tools a trader can use to improve his or her performance. Typically, a simple trading journal is enough to start with. Reviewing and analysing your trades should become a weekly routine, if you plan to improve your trading performance over time.
As you realize the importance of trade tracking and demand deeper analysis of your trading performance, you may eventually want to purchase a more robust journaling solution, such as Trading Journal Spreadsheet. Much of the knowledge and techniques needed to trade successfully can be found for free on the Internet — on blogs like this one and on trading forums.
There are some real gems freely available online like the price action course on this site , however good information is few and far between. Consequently, many new traders opt to purchase a trading system from a more experienced trader. This is the main reason I recommend purchasing a trading system that offer money-back guarantees. I personally use the Top Dog Trading system for most of my trade setups.
This system has a day money back guarantee, and even offers a free day trial. See my full review for details. Most good trading teachers recommend demo trading until you can prove to yourself that your trading system is profitable in the long term.
Most brokers offer demo accounts for Metatrader 4 or their own proprietary platform. While demo trading, you should also practice keeping your trading journal. Trading real money is psychologically different than trading a demo account, so you should start trading the smallest position size available at first. If you follow the steps mentioned above, you have a good chance of becoming a successful Forex trader, whether you are a part-time trader or want to eventually trade full-time.
Consider these final points. Volume and volatility are what drives the Forex markets around the world. While high volume means that lots of currency pairs are being bought and sold, high volatility means that currency pair prices are moving fast and furious. Most trading techniques work best when the market is active and moving, and this one reason that many traders are drawn to the Forex market. Earlier I explaining that Forex is a hour market, and because of that fact, you can take trades around your work schedule.
You should also know that not every trading session is created equal. Although the market is open 24 hours a day, the market is not always active and moving. There are trading periods in the Forex markets around the globe which are fast and furious. IT professionals are going to make money when they write a line of code or fix an IT bug.
In this regard, FOREX trading is more unpredictable, since there is no fixed model of how to make money. Clearly, this is opposite to the environment of other professions like in IT, marketing management, social work, or engineering. These are clearly structured jobs, and the same goes with investment banking jobs. Company portfolios, spreadsheets, financial data, etc. It can be counter-intuitive at times. In fact, being able to think outside the box could be your biggest edge in trading!
While the other five job types aforementioned proceed on a regular pathway, FOREX trading is more of a gamble. Career-wise, you really would not know what to expect even in the near future when trading. For the unprepared trader, this career path might not be the best option.
You could consider trading only as a hobby. It is not necessary to jump into this field even if you feel well-prepared. I do try to warn newbies and experienced traders alike against the dangers of trading. This can help you choose a more consistent career as an IT consultant or another full-time professional.
In the meantime, if you choose to be a full-time trader, you will need to equip yourself with a lot of patience. Being an IT Professional requires a high level of technical knowledge. It may take a long time to learn, but at least there is a lot of available data out there to study from.
The same goes with engineering, and you have board exams to tackle first. FOREX trading, on the other hand, does not have a fixed model where a trader can study clear fundamentals. Unlike in other professions where you can learn from case studies, FOREX trading is highly dependent on practical experience and even then does not mean one could be successful.
What makes it even tougher is that there is a strong influence of politics, economics and black swan events in all markets. All these factors could change anytime. Profitable trading is probably one of the toughest jobs in the world. Perhaps the toughest part of being a FOREX trader as compared to other jobs like in marketing management, social work, IT or engineering is that the income does not come on a regular basis.
Our Trading Courses & Mentorship
Final Word on Being a Part-Time Day Trader You can easily day-trade on a part-time basis with stocks, futures or forex. Learn the times of day that offer the best trading opportunities for your trading strategy. Can someone with a full time job learn to trade forex? This is a question we get quite often. As part of our forex trading course and on going education, we provide daily market reviews in the members area. May 11, · Can we do forex as a full time job? If this is your first visit, be sure to check out the FAQ by clicking traders so forex trading main daily 4 hours time spent karta ho iss say meri trading kafi best hai so hum full time or part time main be trading kar kai earning karsakte hain lakin hum ko daily time spent zaroore karna chaiya.