Once upon a time, being a trader was a full-time job. It was a career. It was a lifestyle and a life, all-encompassing and totally overwhelming. Just to get access to the markets, you had to be on the floor full-time or have the words ‘forex trader’ emblazoned across part of your business card.
But in today’s world, anyone and everyone can become acquainted with the world of trading; one of the best investments you can make. It’s a massive by-product of the internet. But it’s not just broken down the barriers of accessibility, it’s melted away the time-based shackles too because you don’t even have to commit to it in a 9-5 kind of way. You can do it part-time and still be mega successful. Yeah. That means you can enjoy having a stable income while topping this up with a nice dollop of extra cash. Woohoo.
The trick is knowing how to get off on the right foot, which is why we have pulled together a list of top tips and industry tricks.
- A Style To Match Your Schedule
Full-time traders get to commit a large chunk of their every day to the cause. But being a part-timer doesn’t come with this luxury. You only have a limited time and that means making the most of it. It might be that you only have an hour to spare and that hour is at a pretty antisocial time (read: when the markets are closed). That’s why you need to know your schedule before you pick a trading style. If the whole hour thing struck a chord, don’t worry. Swing, forex, position, and even scalping can all work for you.
- Get More Out Of Your Minutes
The time-thing is obviously the biggest hurdle you are faced with, which is why you need to do everything you can to make the most out of every minute you plan to spend trading. That could mean using a platform that allows automated execution, like the one developed by CMC Markets, or it could mean honing your skills when volatility is low knowing that practice makes perfect. We’re talking about charting, trade journaling, backtesting, and understanding which are the best strategies for you. Anything that will stop you faffing and keep your earning.
- Practice Patience, Okay
No one has ever made money trading by thinking and acting impulsively; it’s all come from sitting tight and waiting. It’s about knowing what to look for in a chart and a good trade and then waiting for the price to come for you. This is tough when you only have a small amount of time to play with each day; you naturally want to chase the price. Don’t. The best way to do this is to enable price alerts. Not only is this an overlooked tool, it is also a big time saver (and that’s what you need – a time-saver).
- It’s Your Mindset That Matters
The advantage full-time traders have is charting everything over a longer period of time, which is why you might start to feel super-frustrated when you miss out on that big move because you were doing your day job. But don’t despair. Instead, take a deep breath and focus on how you can create the most profitable setup for your circumstance. Sure, catching all the big market moves isn’t possible; but getting one set up right can see you get a very tidy gain indeed.