If you aren’t trading forex full time you will find it very difficult to trade after work on the weekdays. The implementation of forex strategies might seem absolutely impossible with a full time job on your hands. Even with swing trading or long trading, forex trader has to wait for a signal. Soon you realize that you miss every signal that comes because you simply aren’t next to the monitor to take actions. Of course there is an option of working all day long and trading during the night, but the lack of sleep will influence your performance and decision making in both full-time job and forex trading. So, what is the solution?
It is possible to trade while holding a full time job, but you have to have a plan.
Part-time traders are more likely to go for longer term. If you trade with daily charts then you signals might come at the same time every day if you signals involve waiting for closing prices.
Some forex brokers allow you to set up a mobile alarm feature for your trades, meaning that the alert will be sent to your cell phone whenever the price levels reach the point you anticipate.
In case you are into scalping, you could spend couple of hours trading during the night. If you are lucky and your night is the European session then you most likely to catch a profitable price movements.
Other way includes defining longer term support and resistance levels and trade when those levels by setting entry orders in your trading platform above the breaking points. Most forex brokers provide all kind of features that might help you out. This way after you come back from the full-time job in the evenings, you will need only an hour or so to look at the charts whenever the forex market is mellow to identify the support and resistance price levels.
Forex trading is possible while you work, but it has to feel natural and not be an obstacle to your daily life. Receiving trading signals alerts on your cell phone might ware you out. Every time you receive the signals, you will have to find a way to get out of whatever situation you are at that moment. This can be very unpractical approach, especially when your daily job requires your full attention. Forex trading must be natural and not forced.
If your daily job allows you to trade at work, then voila! You are one lucky part-time forex trader! It is important to understand your aims and goals for your system to achieve the results. In case your agenda is about 10 pips a day, you won’t have problems reaching the goal even when the market is quiet. After all, the combination of 3pip, 5 pip and couple of 1 pip trades still give you 10 pips, right? Other alternative is to go daily/weekly/monthly and that can be achieved in your own time.
The first step you should take is to sort out your timeframe. Is it scalping? Day trading? Swing trading? Long-term position trading?
Swing trading might not be the best idea for someone holding a full-time job, because it is extremely difficult to manage the job when the signals might happen at any point and the trading positions require your constant attention.
Scalping, for example, will require quite hours, but not every trader feels comfortable enough with scalping, expecially when it comes to managing the reward vs risk.
Short-term trading is possible if you have couple of quite hours during the high price movement. If not, you have no other choice but longer-term trading, which offers quite a lot of profitable opportunities. If your work offers no flexibility to access charts and your trading platform during the day, you have to go long-term. However, make sure to be patient.
Decide on what kind of forex trader you want to be and make sure that it comes natural with your daily responsibilities. There are options for every kind of trader, whether full time or part time. The work and set of rules are required to find the right way to forex trading according to your personality and lifestyle. Once again, it has to be natural and not forced, otherwise you will get fed up with it very quickly.
Take your time and learn forex trading. At some point your gains will allow you to cut your daily job out of your life completely. After all, isn’t that the point of the whole thing - to get rid of your boss eventually and become self-employed?
No matter what your decision is, forex trading cannot be treated lightly. You have to do it properly or don’t do it at all, because trading forex here and there, and somewhere in between will most likely to just lead to money loss. You can definitely trade while working full time, however your plan have to include the limitations that your job places on your trading and find a way around them.