THE MAIN WORK AND TRADING IN THE FOREIGN EXCHANGE MARKET
Is it possible to successfully combine ordinary work with trading in the foreign exchange market? We say yes! To do this, you only need more patience, less risk and an attentive approach to the trading strategy.
In the morning, putting on a Henry Poole & Co suit, you sit in a luxurious Bentley and go to your office, where, after conducting several transactions in the foreign exchange market, you are wondering if you should build another pool in your suburban residence. The wake-up call returns you to reality, and you diligently set off on the subway for your usual work from 9 to 18.
Yes, yes, that is what most traders ’day looks like – combining trading and main work. Is it possible to successfully trade in the foreign exchange market without devoting all day to the terminal? The correct answer – of course, you can! And here it is.
SET REAL GOALS FOR YOURSELF
First of all, you need to be honest with yourself. You have the main job, and you cannot devote much time to analyzing charts and planning for trading. And the vigil at the terminal for many hours is not the key to success.
Determine how much free time you are willing to constantly devote to trading and how much money, really, you are ready to invest and earn.
USE AVAILABLE TECHNICAL FEATURES
As you know, the term Margin Call owes its name to those times when, in case of problems with a pledge (margin), a broker in the stock market had to call his client (English Call – call, call).
These times have safely sunk into oblivion, the era of digital technologies has come, greatly simplifying trading in the foreign exchange market. In fact, there are no restrictions. To analyze the market situation and trading, you can use mobile trading terminals that are installed on smartphones and tablets. Naturally, not to the detriment of the main work. During the lunch break, you can easily find out the latest financial news, for example, from the Fortrader channel, build trend lines or support and resistance levels, or even open or close a deal.
DON’T DROP YOUR STUDIES
We have already said many times that the path of the trader is continuous learning.
However, devoting most of his time to his main work, you will not have time to engage in the thoughtful reading of analytics or deep self-education. But this does not mean that trading training needs to be abandoned. Learn on the go using any available time.
The path of the trader is certainly complicated and risky. Therefore, you should not train on a large trading deposit. Start with small amounts – there will be no painful loss, but you will receive truly invaluable practical knowledge.
Regrettably, human capabilities are limited. You can simply physically not have time to do everything in the world. Therefore, it is imperative to determine the correct priorities. Remember that for you the main source of income is work, and you came to the foreign exchange market for additional income.
You are busy at work all day – about any scalping, pipsing or intraday trading is out of the question.
Decide on suitable assets. There are currency pairs, the main activity of which falls on the day, there are pairs that are better traded in the evening and at night. Choose an asset that suits you on time and focus on the news and the factors that influence it.
And do not drive yourself – the foreign exchange market has existed for a long time and will exist for a long time, there is enough money in it for everyone. It is not worth trading through strength, it is better to take a break and just relax, returning to the market with renewed strength later.