Any advice for someone who can only afford to spend a couple hours per day on trading?
Play around as a hobby on a demo account. Taking FX trading seriously is equivalent to running a new business. There is no short cut to success and two hours a day would take you around one year to learn properly.
Which two hours will make a big difference. There is little action to justify the risk and time involved when only the Asian and Australasian markets are trading.
patience is the main key of a part time trader. create a strong rule based strategy. trust your strategy follow the rules with patience.
Risk management is crucial in trading. Set a stop-loss on every trade to limit your losses, and don’t risk more than you can afford to lose.
IMO, the best advice for a trader is to have a clear trading plan. Make sure you have a well-defined trading plan that outlines your entry and exit strategies and risk management approach.
Part time traders should run scalping or swing trading on the market because it’s the most suitable option for them.
I know part time traders invest minimal time in trading and majority of them are struggling to fetch out a better return from trading. Best of luck!
My advice would be to make sure you use those hours wisely and focus on your most important tasks. Do some research and plan out what you want to achieve in advance so you can make the most of your limited time.
Part time traders should use low trading leverage in their trading so they can survive in the market for a long time.
Try to expand your trading knowledge and explore your ideas into trading. Then try to trade through a good trading broker.
As part time traders don’t invest their full time in trading, I suggest them not to take high leverage in trading.
Use low leverage in your trading and trade in low spread-consuming trading pairs because it will carry moderate profit for you.
Hey, Shooky! Fellow (struggling) part-time day trader here! The biggest piece of advice I got is to make full use of pending orders (the buy/sell limit and buy/sell stop), It allows us to enter a trade at a specific price level without constantly staring at the monitor.