Actually there are very few Forex traders available all the time in the Forex market. As part time Forex traders, it is reasonable that they would worry about missing some tiny movements of the Forex market leading to unnecessary losses. Then what the best Forex strategies that can help part time traders to be successful?
Assuming you cannot even trade for an entire hour or for regular increments during the day, you can still trade the Forex market. Since you cannot watch the market during the day, the following strategies may be implemented so you can be a successful part-time Forex trader:
Best Forex Strategy No.1: Take fewer positions and hold for days.
After studying the market and narrowing down particular chosen currency pairs, you can take only a few positions and hold these positions for a longer period of time. It is critical that you understand the drivers of your currency pairs and have taken the time to really understand your market. Another wise strategy is to put in stop-loss orders with all your trades to minimize any losses if the market moves against you.
Best Forex Strategy No.2: Look at long-term trends.
Instead of looking at hourly or even four-hour charts, you may want to look at the trends for a day or week. This will allow you to trade while looking at your computer only once a day.
Best Forex Strategy No.3: Set up trading orders.
Setting limit, stop-loss or other entry/exit orders can ensure you do not miss opportunities to enter or exit positions. Most trading platforms allow you to set up these orders with no additional fees.
Best Forex Strategy No.4: Use technology!
Set up auto alerts to your mobile phone or email to keep you informed while you are not actively trading.
No comments:
Post a Comment