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Tips to combine trading and full time job

Dec 28, 2021 08:17


For most of the people, full time job is a non-negotiable part of life. To sustain an existence whether meager or lavish, often needs the dedication of most of our waking hours. There are Expenses such as rent, a mortgage, utilities, food and transportation which are obligations that must be satisfied. While there are exceptions, meeting these challenges typically requires securing full-time employment, Monday through Friday.

That said, Trading has never been simple, and only experts make money consistently. To become an expert in trading, one must learn trading first and then practice hard, beat their emotions and stick to some discipline. Time and finance is required for this. However, not all beginners have a substantial capital that will let them stay unemployed, as they need to pay for their expenses, and they cannot withstand initial losses for several years.

Hence combining job and trading is so vital for many. Some stable income allows paying one’s bills and accumulating skills gradually. Combining job and trading is a not easy task as one’s time which they can devote to trading is rather limited.

Below are some tips that can be followed that will help tolerating time shortage.

Prepare and Stick to the trading plan

Trading can be real challenge without a clear plan and system for trading. To trade every day , you need to find a trading plan that give good results. Preparing a trading plan (depending on your trading strategy) is the must. Since with a consistent plan, monitoring the market constantly is not required; traders only need to wait for trading signals to appear in the area as per the the plan.

Sticking to the trading plan is important to become a part-time forex trader.

Your main aim with trading while having a full-time job is to supplement your income. With a need to create a second income on the volatile trading arena, sticking to the stuff that works will bring you confidence, and the money.

Alerts while trading

A great help for traders are Alerts. Setting an alert while traders will help the traders to know about different market events. They may be  either sound alerts or text. Thus this will help the traders remain in course of market events even if they are busy doing some other job.

Setting an alert is possible in various popular trading terminals and mobile apps.

Other than standard alerts, traders can also make use of different expert advisors and indicators that have their own embedded alerts, which means they also notify the trader of a trading signal appearing by the specified algorithm hence they can decide on whether to open a position or not.

Make use of free time and the weekends wisely

Using time wisely even while working full time is the key in combining both the job with trading.

People who work from home soon understand that any time wasted is money wasted. Which means you can lose money if you aren’t organised with good time management.  Spending each hour wisely is an essential skill in day trading.

Most of the part-time traders find that the weekends are the perfect times to build out a trading plan. And after that they can follow the trading plan in the week so that they have the minimum amount of daily work to do.

Trading at the available session

Depending on their local time, the traders can use any of the sessions to trade: Asian, European, or American. It is better to avoid Pacific one as it is a hard trading option due to small movements. Traders can choose almost any instrument in the European and American sessions, both positional trading and scalping.

Active currencies like the yen, the Australian dollar, the New Zealand dollar are better in the Asian session to trade. Traders should always study the peculiarities of the currencies and influencing factors.

Aim at middle-term and long-term trading

Middle term and long term trading will work for everyone but trader’s patience is the must for it. However most of the newbie’s prefer only short-term trading, when they open and close positions within one or a few more days.

But following middle term and long term strategies (to hold the positions opened for a few weeks or even months) can be better for traders who work full time. Since Traders in this case don’t have to monitor the market all the time and watch the situation every few minutes. There, trading can also be partially automated with setting stop-loss and take-profit.

Just monitoring the market once a day will be enough to stay informed about the market. Elsewhere, Stop-losses and take-profits are big-sized there, the timeframes to trade start form D1.

A trading journal

By working from morning to dawn, it will be hard to keep track of important information on markets. Maintaining a journal by noting all aspects of the trades will help the traders as they can record the mistakes and learn from them, They can get an extra level of protection. Working a full-time job means a trader cannot afford to make mistakes unless the trader want to remain in the ranks of the less successful, casual traders.

However, mistakes will happen to some degree. To combat the problem, it is important to write as many notes possible about the trading experience. Thus the trader can keep their information handy. Trading journal makes sure that the trader is always learning.

Expert Advisors

Expert Advisors are the tool that will be helpful for the full time job holding traders. An expert advisors is an automated algorithm based on the trader’s strategy. If the trader succeeds in automatizing their strategy, this will be a great help that will work for them, giving them free time.

Example : MetaTrader 4/MetaTrader5  platforms are widely used in trading forex. To write a bot for this platform, the trader will need the MQL4/MQL5 programming language. Just writing a bot is not enough. The trader should assess the statistics of its trading, optimize parameters, and customize it according to constantly changing market conditions whenever time is available.

Final words :

To combine employment and trading is important for most of the traders. Due to the stable income from the job, the trader will not be in rush to earn from trading and he can develop trading skills gradually: one might need much more than a year to become a pro. Depending on the employment conditions, the trader should follow a trading way that will facilitate trading  in a lack of free time.

Give a second thought on this article, If you are working full time and finding way to trade. Open account and start trading.

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