So I have a “normal” 9 - 5 job. I am looking at trying to create a more static schedule to do Forex trading. I am curious for those of you that live on the east coast, as I do, what kind of schedule to do you run?
Right now this what I am looking at:
Sunday - 6pm to 9pm
Monday - 7pm to 10pm
Tuesday - OFF
Wednesday - 7pm to 10pm
Thursday - 7pm to 11pm
Friday - OFF
Saturday - OFF
I am looking at this schedule to obvious trade, but simply get more experience with FX. I don’t look to make it a full-time job, and I don’t look at this to send me to the Bahamas every month, but something to just be able to make any profit and be successful.
The amount of time, and timing of it, can vary depending on how you trade. I hold trades for, in general, several days unless they hit tp or sl early, so I rarely spend more than an hour a day on screen and that it mainly just “popping in” for a short time to see how my trades are going 2 or 3 times a day.
If you’re scalping or trading news, you would likely spend more time and need to be online around the time news announcements are made.
Trying to “box in the market” like this (i.e. saying you’ll only trade @ a specific time range on a specific day) can be challenging in the long run. You may be online during dead hours, and, growing impatient that you are missing moves. This will lead to over-trading.
I’ve said this before, and I’ll say it again…there is no such thing as part-time trading. There are exceptions (as there are with anything in life), but the probability of being successful long time is simply not logically in your favor. Is it possible- yes. Is it 100% probable- no.
Being a retail trader is hard enough as it is- add in the fact that you can’t watch the markets all day every day- like professionals do - and you’re at an even further disadvantage. That’s the simple honest truth.
Best thing to do is try and develop a way to interact w/ the markets, based on your schedule, and have the discipline of a spartan.
Part-time trading is difficult, but not necessarily impossible. Apart from looking for time to trade you should also look for a suitable strategy that allows you to trade in the free time you have left.
Keeping your full time job is the best thing you can do. Unless you are scalping, you are not going to need more then 1 hour a night, trading off the daily chart is a very good way to trade in the evening ( Asian session) best also to limit the number of pairs you watch. 3 pairs is a good number, you can always add more later. Trading off of daily charts will take patients as you may go a week or two waiting for that ideal trade setup
When you say East coast, i take it as you mean East coast of united States.
Sunday - 6pm to 9pm (no recommendation)
Monday - 7pm to 10pm (Yen or Aussie pairs)
Tuesday - OFF
Wednesday - 7pm to 10pm (Euro pair)
Thursday - 7pm to 11pm (sterling pair)
Friday - OFF
Saturday - OFF
If you have shortage of time, then you can trade on higher time frames, like daily or weekly. Daily time frame is an ideal time frame for those who have day jobs and can’t afford to stay at chart for too many hours.
I m doing a regular job now , Forex is a part time work for me . As a starter I gave full time to forex when I had a lot of time to watch market and doing practice . Now I am enjoying forex earning as extra way of earning. Forex is good opportunity to do part time any time according to your schedule.
if you got a full time job, the only choice you have is to trade positions. If u trade intraday sometime you will tend to put on position even though it s not a good position bcs you only free on that hours, ie after work and such. สอน forex เเละเทรด forex อย่างมืออาชีพ
Still enjoy to treat forex as part time job only, because in my experience forex trading is remain risky although we already have few years experience, but yes still posible making better result if we can learn well from our mistake because often as trader repeated same mistake over and over again
There is no problem for you to do part time trading, lot of people do that. However, as a newbie you need much more time to educate your self. What you want to achieve is something everybody wants: to be a successful. Having said that, I want to point it out for you that you can be successful or not, there is no other option like little successful. That is why there are traders who are successful and making lot of profits and there are traders who are not making any profits.
I know part time traders not make high profits because they can miss any good chance while they are not trading in market on specific hours. They do trading for few hours and get limited results. I do not want to leave my regular job so I have to do trading as a part time business.
You can use Tab device for your trading! It’s really tough, to make professional market analysis through mobile phone, but I see tablet is very useful on this issue! Personally when I am unable to use my desktop, then I use my Tab! Honestly, you have to spend here long-long sessions if you wanna professional monthly return!
I am also on the east coast and for most of my trading career (6 Years) I have traded at the same time as you. Now my schedule has changed so I am available to trade 8am just before New York open but not for to long. My advise is watch the pairs you trade. No point trading USD/CAD at 10pm if both markets are closed. Instead look at Aussie and Yen pairs. They may not move as much generally as cable and fiber at london open but they are surely tradeable. Also trading the daily and 8 hour carts and good even 4 hour. I like the 8 hour chart as if follows closely to the main trading session hours (Asian, London, US) and can give to insight to how each session traded on the day.
I will always be biased with the Aussie as most of my trading days were spent on only the AUD/USD and only going short. May sound crazy but it worked really well seeing as how the pair dropped 4000 pips during that time. Unfortunately that ship has sailed for now and I am having to look into other ideas but trading active sessions during off-hours still presents good opportunities for both short and long term entries.
I’m in the same position as you are (fulltime job) and keeping trades opened for several days feels scaring to me.
As I see it, keeping trades opened for several days requires more experience and knowledge than scalping. Am I right? What I mean is to be able to keep one trade open longer, you need more insight on the economic variables and not just the technical part.
I’m a full-time trader with years of experience, and holding positions open overnight feels scary to me, too. (So I don’t do it at all.)
But that’s because I don’t like economics and “fundamentals”, so shorter, intraday trades (not actually scalping) have always suited me much better, and still do.
I’m not sure whether holding longer positons necessarily requires “[I]more[/I] experience and knowledge”, but it certainly requires “[I]different[/I] experience and knowledge” (although some aspects of trading remain more or less the same, regardless of trade-duration, and there’s also some common experience and knowledge needed for each).