Combining Trading Forex and Have a Job

Combining Trading Forex and Have a Job

Not all traders in for example or other trading markets can just quit their jobs and focus on trading. First hand, this is true for beginners: one might need years to study all aspects of trading and start making a stable profit in the market. To get the latest news about eToro Philippines Review visit wikifx.com official website.

What makes you think combining employment and Forex trading?

I would single out several main ways of combining employment and trading. One's choice will depend, naturally, on their type of employment.

  • The trader works from home and has constant Internet access, which allows checking charts several times a day;
  • The trader works part-time and can spend the rest of their free time on trading;
  • The trader only uses the mobile app at lunch.

Preparing a future trading plan

A trading plan contain's the trader's ideas prepared beforehand. They plan promising trades based on their trading strategy. With a consistent plan, one does not need to monitor quotations constantly; they only need to wait for trading signals to appear in the area as specified in the plan.

I recommend analyzing the market and charts of your instrument before your day starts. Single out appealing trading ideas and create a trading plan. You can open positions by pending orders or set up alerts that will notify you of the price reaching the values specified in the plan. To get the latest news about Chinabank Forex Philippines visit wikifx.com official website

Think about setting up alerts

Alerts are good helpers to traders. An alert warns the trader of different market events. They are either sound alerts or text. This function helps the trader remain in course of market events even if they are busy doing some other job. Alerts are available in various popular trading terminals and mobile apps.

Plan your trading session

Forex works 24h on a weekday. Hence, depending on their local time, the trader can fully use one out of three trading sessions: Asian, European, or American. We exclude the Pacific one because it is a hard trading option due to small movements. In the European and American sessions, almost any instrument will do, both positional trading and scalping.

Zooming Timeframes

If the time you can use for trading is seriously limited, use larger timeframes. Large day charts allow making trades once in a couple of days; one does not need checking quotations in their working hours.

As long as signals on larger TFs are rare, the trader can make up for it by using a range of instruments. On large TFs, it is enough to analyze charts once a day, find trading ideas, and plan trades. Positions can be opened by pending orders, always with risk control in the form of Stop Losses. The trader can transfer Stop Losses daily, protecting their profit. To get the latest news about SM Forex Philippines visit wikifx.com official website

Try to seek advice from expert advisors

If the trader succeeds in automatizing their strategy, they will get a perfect helper that will work for them, giving them free time. For example, in Forex, a MetaTrader 4 platform is extremely popular. To write a bot for this platform, the trader will need the MQL4 programming language, However, just writing a bot is not enough. Later in your free time, the trader should assess the statistics of its trading, optimize parameters, and customize it according to constantly changing market conditions. To get the latest news about xTrend Speed Philippines visit wikifx.com official website


Location: Philippines

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