Forex is best option for people who are doing job , forex can be a part time earning activity for them. Here one thing is important what is your profit target as well as your capital. If a trader manages between these two things he will be a profitable trader even spending some hours in trading. FIrst you should learn all about trading themn make your small achieveable targets to become successful inforexmarket with your trading skill.
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Hi all, I am very glad to see this interesting and informative discussion. thanks all.
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Brilliant…
I’ve been there done that. Never wanted to lose but at a time I blew up my account and I decided to Learn well…
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You can become a successful trader with your 9-7 job. You just need to be very dedicated to trade in the market. You also need a proper time management and a good trading strategy to make profit from this market.
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In Forex, anyone can be a trader. Some choose it as a full-time profession and some choose it as a part timer. Knowledge and experience are only matter in here. You can be a profitable a trader even if you trade for one or two hours.
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A similar thread has been created with some useful answers
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By devising a strategy and backtesting it. You can even make use of algo trading.
How will I start please?
I would recommend you trade higher time frames use the M-W-D time-frames to do your top down analysis. Take your entry on the daily. You can hold this trade for hours/days.
Some good advice on here, as you have full time job then you really don’t want to be in short time frames as you won’t be able to follow the action and as trading is spread across different time zones then you could find your management of trades becomes difficult.
I would devise an end of day strategy which means your trading after your work, this gives you time to analyse the markets and trade to your plan, if you get it right you can make 30/80 pips overnight or into the next day, you need to manage your stops but you can let trades run more freely, trade with the trend and only trade FX, forget commodities and indexes too as you may find these too volatile plus the stops can be quite large and can test your strength of character if the go against you.
Good luck and trade well.
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Just over 2 years ago I set out to do exactly what you want to do, part time. And I finally appear to be succeeding, so I can share with you my experience this far…
Start with demo! I can truly promise if you jump straight into a real account with no experience, you’ll lose your money, or at least a good chunk of it. I traded demo for 6 months, getting used to how currencies move, trying different things. Losing huge chunks of demo cash on 1 trade. You learn a lot here, I didn’t move to real until I had (what I thought at the time) was a successful system. Turns out I still managed to half my account size in the first 2 weeks. For me this was because I was not prepared for the psychological change of trading real money and seeing real losses. When a trade is going good or bad I found I was behaving more emotionally or erratically compared to demo, so be prepared for adjustments when you make the switch… and start small!
I would also say… for almost 2 YEARS I was losing, I would keep topping up my account every few months once it had drained to the point where I had too little money left to trade for effective profit. There were many many times I thought I couldn’t do it. I wanted to quit so many times. Sometimes a trade would be going well almost hitting profit and suddenly price would reverse and what I had in floating profits were suddenly realised losses. It gets to you. You go through the same mistakes every noob goes through, revenge trading, emotionally trading, over trading etc. What you have to have through all of this is a TRUE desire to want to make it work, the guts to keep pushing and keep learning, because you can only make the same mistakes so many times until it starts to sink in. Over the years I have put a few thousand £ into trading, and only in the last few months have I made all my losses back and profit on top, now things are running smoothly.
I would say don’t complicate your screen with all these fancy instruments or devices with your strategy. A lot of them are superfluous and you can develop great winning strategies without them. Instead learn the fundamentals. Learn how to read the charts and plot S&R and learn candlestick patterns and supply/demand zones. Learn what news to keep on top of to gain insight into market bias. Over time you will develop your own way of doing things and will know where to go and what to do to make it, it will just take time to figure it out.
What I found was a breakthrough for me was just picking 1 or 2 pairs and really learning them. Focus on them, you learn what makes them move, you become familiar with its history and develop a rapport with the pair, more importantly you develop INTUITION. It helps you make rational informed decisions on when you enter a trade.
Also learn simple things like trialing stops (or move them to breakeven) if price moves far into profit, and get used to taking partials. You need to learn to secure pips and not focus on what you could of had if you just went a little further. Greed will come back to bite. It has me many times and to be honest it’s something that is still a reason why some of my trades lose today. Don’t become too greedy and remember you don’t control the market and you must take what you can get. Any profit is better than loss.
I’m terms of how I managed my time… I work my usual 9-6 hours. It’s computer based work so I can trade through the day keeping certain information like news updates close by. My lunch hour is always dedicated to learning or monitoring trades and checking out trades. Yes my work has suffered a little in the beginning, however I’m willing to stay late to get my work done properly, you might want to expect the same. In the beginning all my weekends as well as most evenings would be spent learning forex, doing the babypips course. Doing tests, watching YouTube videos, there are plenty of decent educational sources out there. There’s plenty of lessons and general decent rules to learn, such as when doing a market analysis start with a top-down approach, weekly timeframe and analyse, move to daily then analyse again then the 4 hourly etc. Plotting major S&R along the way. Don’t start with the 5 minute window because it’s full of false alarms and trading “noise”. Candlestick and chart setups on these small windows don’t hold much weight. I mean I do less of this now but it is essential to learn the basics and best practices.
I’ll reiterate this point though: stay hungry to succeed. This mindset was the difference between me leaving it behind as “something I tried and give up on because I kept losing” and continuing to eventually become successful. I remember had a 2 week break after a big loss near the beginning and it was a time where I had to sit down with myself and decide what do I really want I with this whole forex business. Trade small, be prepared to lose, but as long as you keep going, your losses are just payment for lessons on how to be successful. Stay passionate and determined and you’ll make it!
Best of luck!
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OTC markets
What I saw from many comments is that people suggesting general advice but not a practical way to answer the problem. A lot of people say to learn first, start on demo, money management, psychology, and blablabla, Of course, I’m not saying all of that is useless, but it’s not relevant to this question. The main problem is his working hours, not just needing a motivational sentence to gain success in this industry. My solution to this problem would be to trade the Daily Chart, as you will only check the chart once a day and it won’t disturb your working hours. Or if you want to trade the lower timeframes, I suggest scalping a fixed session every day. For example, you trade only pre new york session until the NYSE-open every day. Again it depends on your working hours and your place where do you live, you can adjust it to maybe pre London session or whatever is suitable for you. And it doesn’t matter whether you use price action or indicator-heavy on this, as long as you’ve backtested it enough to understand your performance on demo and have a clear system to trade and then go live on it following all the rules.
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When I first started demo trading I was just like most newbies, gravitating toward the shorter time frames. My baby formula was the Cowabunga system, finding my trend in the 4 hour and picking my entries off the 15 minute chart. I’m sure it works for someone who can work it, but I work 8-5. I was one of those guys looking for buy signals on my phone in the bathroom at 9 AM. Finally figured out that until I have more free time I needed to slow down. Now I’m working a couple short term patterns on the daily chart at 5 PM after I’m off work. I’m still on my phone during the day browsing the charts to see what opportunities might be coming up, but all my trades are end of day. No fuss, no muss. I’m not making a killing with my monopoly money but I’m doing better with a lot less stress. And I’m learning. I know you said you work until 7 but my platform will allow me to set my daily candles to close at different times. You could maybe set your end of day to midnight or some other time that works for you. Then you could do this on your time. I know it seems like the excitement is in the faster moving charts, but if I want excitement I’ll take up base jumping. I’m here to make money.
Already many people had talked about Forex here, i only like to add that when you enter in market you should start trading with demo account, if do not have demo account you can get demo account with your broker.
Tradingview has a rewind and play function that allows you rewind at any given point in the market and replay. I find this best way to back test and practice trading.
Also I would get in some good telegram/discord groups. I don’t mean ones you have to pay for necessarily. There are groups that are free that are just like minded individuals discussing the market. Your network is your net worth. Stay consistent and dont give up.
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Trade markets that are active when you have free time.
Try the crypto markets too they are open 24/7
Has anyone ever done that? I am curious how one can maintain between both working 9-7 job and then trading forex after that. It is rather tiresome.
For me, I can try in some day where I am much more energetic to spend more time on screen, but on other time, it is hard for me to keep up.
When I used to work 5 days a week I found it was straightforward to trade off D1 charts using pre-set entry orders. Many entry patterns require confirmation by a further price move through a level indicated on the chart before you actually want to get in. It is simple therefore to set your order where the pattern will be confirmed - if price confirms the pattern you will be in the trade, if it doesn’t the order won’t be triggered and you have lost nothing.
A good thing about full-time employment is that it prevents day-trading.
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