In order to become a successful forex trader, it takes a lot of time and effort, with many ups and downs no doubt cropping up along the way. There is a lot of risk involved, from making trades themselves to the entire process of placing a lot of your own money on the line, hoping certain currencies will increase in value. For this reason, a lot of people aren’t willing to drop everything and try to make it as a full-time forex trader straightaway. However, you can also lose out on a lot of income even when attempting to trade forex part-time. There are however, a few ways that you can begin trading forex around a full-time job with City Index.

Trade Within Your Means

You should always trade within your financial means, whether a part, full-time or hobby trader, as large losses can easily be made in the forex industry. However, when working a day job as well you need to only trade within your time limits and base your trading strategy around this. Start off small, only trading one or two major currency pairs that won’t take up too much of your time to research and plan. It’s not worth scrimping on your full-time job, such as skipping meetings or rushing work, just so you can make a few trades, as these two will be rushed and the quality on both sides will dip.

Place Contingent or Scheduled Orders

Trades have to be filled during market hours, and if that happens to coincide with your own working day then placing contingent or scheduled orders is a good option. Broker platforms have the option to place OCO (one cancels other) and sequenced orders. OCO orders are where you place two different trades and when one is filled it cancels the other. Sequenced orders submit further trades once the first is filled. Scheduled orders allow you to place trades for the open, which can be anytime from the exact second the market opens or part way through. These can be made for just one currency pair or you can make it complex by setting up as many as you desire so you can make trades without direct action throughout the day.

Use Mobile Platforms

Technology has revolutionised the way people can trade forex, stocks and commodities. The majority of brokers offer mobile and tablet platforms that link accounts, meaning you can trade from almost anywhere in the world that has an internet connection. There are also a number of browser based platforms, so you can log in from any desktop as well. These can be used to trade around your full-time job when you have a free moment or two. For example, if you commute by public transport you can make trades on markets that are open during these hours. Lunch breaks and any other time you have free in the day can be used to make trades quickly and easily from your phone or tablet too.

Choose Timely Markets

The forex markets are generally open around 24 hours a day for 5 days a week across the world. However, each one is open at different times, most overlapping, depending on where in the world you live. Here are the four market times (in EST): - New York: 8am to 5pm - Sydney: 5pm to 2am - Tokyo: 7pm to 4am - London: 3am to Midday There is some overlap, so forex trades can be made any hour of the day throughout the week. This means you can arrange your trading schedule outside of your working hours and based on which markets are open at these times. It may mean rearranging your trading plan to focus on certain currencies that are heavily traded on the open foreign markets rather than your local one.

Find the Best Trading Times

Depending on which forex market you decide to trade on, there is research to suggest optimum times for trading on each. The most successful trades are made late on US and Asian markets, while early trades are a lot more prosperous on European ones. It can vary from day to day, but overall patterns have been detected. It is worth taking note of this advice and working it in to your trading plan so that you are making trades at the best times depending on which markets you can trade on.
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