hey guys, I was keen to see if anyone on here trades part-time and manages to fit it around a full-time job.
I’m based in the UK and I work 9-5:30 each day. Is there anyone out there that is in a similar situation, if so:
What times do you trade?
What currency pairs do you trade?
What time frames do you use etc?
Any insights will be most helpful!
Thanks
very short time you are giving on trading , should increase
I would imagine that most of the members here are in exactly the same position and trade on an evening, you can also do some 'set and forget ’ set ups for during the day while you’re out at work… always fun to come home to.
As far as currency pairs and timeframes go it all depends on what you are doing.
Good luck in your trading.
When I wake up, I check on any positions I might have held overnight, and read up on any news that might have occurred overnight in UK session… During my train commute to work, I will check different pairs to see if any potential trades are still there from last night, or read from a forex book/video… while I’m at work I usually just check open positions till my lunch break, at lunch I will adjust stops, and enter and exit trades and read at least a few pages from a forex book/video if possible… Train commute home is just checking open positions and book reading, and when I’m home from work is when I do my heavy analysis as far as which pairs meet my trade requirements… I guess that sounds like a lot haha
Many traders are following this time duration so it is upto you that how you manage your profit.
I trade the daily. I trade the major pairs. I trade the Nee York close.
Maybe, your major is Price Action, am I right? Yes, for the PA based trader New Work close D1 is important calculation.
When I was working full-time I found that trend-following trades off the daily charts made most sense. Set-ups can readily be identified just after 10pm, entry, stop-loss and (optional) profit target orders can be set then. Or you can identify the levels you want and enter them first thing next morning but before the London open, to avoid unexpected volatility in Asia.
In trend-following, entry timing is not key so you won’t have the problem of missing entry prices due to being at work. Trades using this style are designed to run, as trends tend to, so you’re using a feature of the markets to help your trades rather than fighting against the market’s activity to force trades within a narrow evening time window.
trading major pairs is always safe than others. do you scalp ?
Safe is only for the good skilled Forex traders; actually trading in Forex is a challenging job, it’s not any simple job; since Forex is all about the probabilities here is no guarantee.
I trade the major pairs because they have the cheapest spreads with my broker.
I have been trying to place long-term trades, one or two at the most, in the direction of positive carry, identifying or even anticipating (very hard to do, this last one) strong trends.
This allows my ‘trading’ to be just a daily check of my position(s), and nothing else - except, maybe, reading some news specific to the currency that I am trading.
I have tried many times and always failed to be a day trader because my lifestyle has been and will continue to be incompatible with such a trading ethic.
Slowly I am veering more and more toward what one may call ‘(value) investing’, which generally would better suit stocks (because currencies have no instrinsic value whereas companies listed on the markets do).
Maybe this is the best way for someone like me, a dad and a worker, to win in trading, given that my time is often not my own and it would be pointless to pretend that I could be spending more time than I can (or want to) in front of charts.
I also see majority of forex traders doing it as an after-job work, as forex market provides trading 24/5.Any strategy can be applied during this period of time.It can be only tricky if you are playing on fundamentals, than it would be necessary to leave an open position, but not without SL and TP
Not to mention that there are trading approaches where you can place your order on a Sunday evening for the entire following week over a few pairs that meet the desired criteria. This is an approach that i’ve been leaning towards more and more as time moves on - it certainly frees up your week as the work is already done.
Following daily or weekly timeframes is usually a better option when time is limited.
And maybe just trading one or two setups you learn and know really well makes it much simpler.