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The most attractive feature of Forex trading is that it is a 24 hour open market. You can trade 24 hours a day and at the same time you can also set your own trading schedule. Most traders these days trade on their set schedule such as day or night time or whatever time they feel comfortable. Such traders are called part-time traders. Obviously, if you only trade for a certain time of day, you are bound to miss out on some profitable trading opportunities. So, time pressure is the biggest problem for part-time traders.
But there are many strategies that the part time trader can use to make nice profits. For example, if you do overnight trading, you should use Forex’s strategy to trade those currency pairs that usually remain active overnight. Some key strategies useful for part-time traders are:
Timing of Market Opening:
As a part-time trader, you need to observe the timing of the market opening of major currencies, it will help you select which currency pair to trade.
The Forex market in Europe and Japan is usually active at night, so you should use one of the following currency pairs.
You can also select a currency pair that includes Hong Kong dollar (HKD) or Singapore dollar (SGD).
It is the most commonly used strategy by part-time traders. It is a risk management technique that protects the trader’s money in the event of a sudden change in his position.
Price action trading strategy:
There are some part time traders who trade at regular intervals during trading like 10-20 minutes etc. In such case, you can use Price Action trading strategy. This strategy analyzes the movement and charts of your currency pair. It can inform you the upward and downward bars associated with your currency pair. The up bar shows an uptrend, while the down bar shows the downtrend.
A prudent technique and strategy used by part-time traders is to hold a position for a long time. You study and analyze the Forex market. Then you can select certain positions and hold them for days.
There are many strategies you can use in Forex Trading. You can select the strategy based on your risk aversion ability. You have to keep in mind that what works for someone else may not necessarily work for you. What is Forex? It can be explained as exploring new strategies. It can also help you understand your strengths.
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