Not everyone has the time to trade in forex full-time, so many people have taken up part-time forex trading. However, one has to plan out limited-time investments strategically.

Trading in the appropriate currencies and using your technology correctly is the best way forward. These are the two most important things to remember as someone trying to learn part-time forex trading.

The best strategies for trading are the ones found through proper research and experience. Through this article, we will cover the most effective strategies put together for you to profit from part-time forex trading.

Less is More

The first thing to remember is that the phrase ‘less is more’ perfectly fits when discussing trading markets. This is because even those pursuing forex trading full-time need a break from the chaotic world of stressful markets. These breaks are essential to avoid the hasty decisions one makes without thinking it through.

Hence, as most see it, low-frequency trading is more of a boon than a curse. It allows you to make strategic decisions without frustrations caused by rapidly moving markets.

So, you are not losing any major opportunities through part-time forex trading. Rather, it becomes easier for you to find and exploit new options. It is all about comprehending and implementing the right strategies.

Pick the Right Currency

Suppose you work a full-time nine-to-five job in a firm and the only viable times to trade are before or after work. In such a situation, the best strategy would be to find the most active currencies during those hours of the day.

For example, trading the Australian Dollar (AUD) to the Japanese Yen (JPY) could be profitable due to their activity during these time blocks. You could also trade the New Zealand Dollar (NZS) / Japanese Yen (JPY).

However, deciding which currency to trade in and at what time will require extensive research and market knowledge. So make sure that you know your market well!

Automated Trading System

There are multiple trading systems available in the market that hold a full spectrum of functions. How your system works depends on the kind of program you choose. Some can track currency prices in real-time, recognize profitable spreads, and automatically buy the trade on your behalf.

Although, it is important to note that in a fast-moving, unpredictable market, there is no assurance that the order will be filled on the trading floor at the anticipated price.

The ‘set and forget’ program is a good way to start for a newcomer to automated trading.

Take Fewer Positions

Part-time forex traders must understand the market and know what moves their currency pairs.

Take a few positions once you have chosen your market and the currencies you will be trading. You should also hold these positions for long periods. One should also prefer looking at long-term charts rather than hourly or four-hour charts.

Stop-loss Orders

You should always consider implementing stop-loss orders. These help you protect your money in case of unforeseen market situations. So, if you are not prepared, this method can at least reduce your chance of incurring losses.

Tips

• Never forget the importance of money management. You should know your profit targets, stop-loss levels, and the risk/reward ratio.
• Use both fundamental and technical analysis. These help you target entries and exists and also know the big picture.
• Have your own personal trading plan and stick to it. Discipline while trading is crucial, as you cannot afford to take any irresponsible chances. This also eliminates any chances of you being involved in emotional trading that involves fear or greed.
• As someone doing part-time forex trading, you will not be available in the market at all times. There will be times when there might be no good trading opportunities during the day you had scheduled for this. Use your time wisely and try to research more during this time.

Where to Trade?

Choosing where to trade is not easy. Your choice of broker can drastically change your trading experience.

FXGiants is the best trading platform because it strives to provide you with the best industry services. At FXGiants, you will receive the most transparent legal documents. Our main goal is the customer’s security so that you can trade through them worry-free!

FAQs

Is trading forex a good side hustle?

Part-time forex trading is a good option as an additional source of income in addition to your regular nine-to-five job. This way, you can strategically plan your market decisions rather than making hasty ones.

How much time does part-time forex trading need?

If you decide to pursue trading in the foreign exchange market along with your full-time regular pay job, it requires a lot of time management. You might have to put in a few extra hours after or before your job starts to be present in the market. Moreover, you might also have to invest some time into understanding the latest market trends and conditions.

Do I need 25k to trade in forex?

Only margin accounts and those who make four or more day trades within five days need a minimum of $25,000 equity. This requirement doesn’t have to be met by

People with non-margin accounts or those who make less than four-day trades don’t have to meet this requirement.

How much is needed to trade forex?

You can start trading with an amount of as little as $10 and can go on increasing as much as you wish. A greater amount will fetch you greater profits.

Conclusion

If you are new to trading, you cannot depend completely on the forex market for income. The best way forward is to go slow and do this along with your job.

Considering you won’t be available on the market 24/7 or even for 12 hours a day, your key focus should be strategizing your purchases. Pick the right currency pair at the right time block and use the best technologies possible.

DISCLAIMER: This information is not considered investment advice or an investment recommendation, but is instead a marketing communication