Hi, forex beginner here. I recently started learning forex and have practicing using the trading account, and I want to know whether forex is suitable for me as a part time trader.
Info : I am currently interning from 08:30 to 18:00 (GMT +8). So the only available time for me to trade is a short window of time during lunch breaks, and during the night. What I am worried is I won’t be able to catch important news during work. Based on this, I’m looking to trade on the 1hr/4hr candlestick.
People in the same boat as me, is it possible for me to make money?
Usually people who have this little time to focus on the charts actually use long-term positions - i.e. they keep them open for days, weeks, even months at a time, and look at the daily/weekly/monthly candles. That sort of trading requires a lot of knowledge and skill (well, all sorts of trading requires a lot of knowledge and skill, but in this case you also need a good bit of patience and understanding of overall market movements), so I recommend a lengthly period of demo trading before you try doing so on a live account.
Yeah, I fully understand that it needs lots of hard work. I am just wondering and finding people that trade forex with the little free time they have on hand.
I plan to spend three hours a day trading on the 5 minute charts, mostly in the Asian session. You can day trade with limited time - try both swing trades and day trades in a demo account and see what works best for you.
As a beginner trader it is more appropriate to make sure Forex as a part time job but to ensure real trading knowledge by learning you have to pass full time in here, because acquiring most powerful analyzing trading knowledge is a long time process and there is nobody who can gather real trading experience from here within very short time. so dont hurry.
That is a good point. Learning to trade is like learning math or another language for the first time - the more you do it, the better you’ll be. Consequently, the less you do it, the slower you’ll learn.
I think you all have a common point here, to not rush things and take my time to learn. Guess ill just do that, and then decide the question for myself. Thanks for the responses.
Also, i was shot down immediately by asking a specialized forex trader the same thing, straightforward answer of, " no, you will lose money"
Look at that as an opportunity to prove that trader wrong! Also, there are lots of ways to trade besides forex, so if forex isn’t your thing, then look at stock options, commodities, or other instruments to trade.
Not only Forex trading , at any sector we have to ensure first of all proper learning sources , otherwise the maximal result that we want will not come at all.