Preparing a stronghold on the forex market is significant to a part-time trader. Due to time limitations and having to follow up with the reports, part-time traders have to deal with many activities in the market.
There is something about the forex market that makes traders so attracted to it. I believe “that thing” is the opportunity to trade day or night. Forex Market Seasons change and so do currencies waver in power and movement. Coordinating time is important while choosing a currency pair.
The opening and closing times (in GMT) of forex market sessions are:
Frankfurt: Opens 06:00, Closes 14:00 London: Opens 07:00, Closes 15:00 New York: Opens 12:00, Closes 20:00 Sydney: Opens 22:00, Closes 06:00 Tokyo: Opens 23:00, Closes 07:00.
Part-time traders in the 17:00-00:00 GMT timeframe stare at dynamic pairs throughout the largest New York session and the start of the Sydney and Tokyo sessions. Main currency pairs, like the USD/JPY, are very active now.
The problem is that short-term trading is not the right standard for a part-timer. Don't worry! Long-term trading will help you choose and stick to a strategy that suits you better. The experience you gain while position trading, may make you feel more confident in the long run. Just spot a trend, and keep using it continuously. This way, you will not feel the need to look after your trades every day.
Learning to stay focused is a key element that helps part-time traders in forex. If you don’t remain vigilant, your trading results will be affected. Therefore you might suffer financial consequences.
Trading apps will keep a part-time trader updated, not just with positions but also education.
Do you have time to sit at home or in the office looking through market activities?
I highly doubt that and that is why trading apps are helpful.
I do part-time trading and I agree that emotions take over very often. I end up making snap decisions.
Because I don’t have time.
This is why stop loss was invented in the first place. My position will stop at a border on the chart, restraining my losses. Part-time traders handle special challenges so better consider this method before placing a trade.
You can’t foretell what is going to happen, but stop loss is your protector.
Forex markets have an unexpected price movement. For a moment, think as if you are an American trader who has a position in the EUR/USD pair relying on the Swiss National Bank to guard you. While you would wake up on January 15 2015, you would notice that your account is blank!
This can fall on everyone trading with no stop loss. In the market, it’s very simple, live to fight another day!