As we all know, forex market is a 24-hour market. From the Monday morning opening in Australia to the afternoon close in New York, the forex market never sleeps. This is awesome for traders who want to take a part-time forex trading. Forex traders can choose when they want to trade: morning, noon, night, during breakfast, or in sleep. And in this article I will offer you forex tips on how to become a successful part-time forex trader.
Forex tips No.1: Choose the right currency pair to trade
Because part-time traders have a limited time in forex trading, it’s better for them to choose a currency pair with high liquidity. Major currency pairs are briskly traded currencies, such as USD/EUR, USD/JPY, USD/GBP, etc. Moreover, it’s wise for you to concentrate on only one currency pair, or it may take more of your time.
Forex tips No.2: Choose the best time to trade
Although forex trading occurs 24 hours a day, it does not mean that it’s always active the whole day. As we all know that in active time there will be more money traded, which brings a higher volatility and offers larger space to profit. So it’s better to choose the active or busy times. In my last article, Forex Trading Plan-Choose the Best Time to Trade, I’ve made a detailed analysis.
Forex tips No.3: Set up an automated trading system
An automated trading system can help you make buying or selling decisions in an automated way at any time based on a set of signals derived from technical analysis charting tools and pre-set orders by you. This will save a lot of time for part-time forex traders.
The above are the basic forex tips for part-time forex traders. To become a successful part-time forex trader, you need to trade the right currency pairs at the best time. Besides, an automated trading system will do you a lot favor. For more forex tips, please refer to our forex blog, where you will find what you want.