Before the era of online trading, you needed to be a full-time forex broker or floor trader to trade on the stock market. Thanks to the advancement of technology, you can now trade from anywhere in the world and all you need is an internet connection. There are thousands of traders that spend their time traveling around the world while trading, living out of Air BnB or hotels. Some of these traders will take a lap to 2 plus an extra monitor and set up their trading floor where ever they are, it really is that simple.
With that being said there are now a lot of part-time traders all striving to live the #traderslife as they call it but are trying to do this part-time. They are either in school, have a full-time job or like me have 3 kids and 3 dogs that they need to focus on.
Trading part-time is not easy especially when you are just starting out and learning the ropes. There is so much to do and learn now on top of that you can only cram it into a couple of hours a day. Part-time traders struggle to make a decent profit or end up quitting because they are just not focused enough doing it part-time.
I have been trading part-time for the past few years and while I have found it difficult at times I have enjoyed being able to pick up as and when. To help you on your journey to becoming a full-time trader I have put together a few ideas that could help you while you are part-time as they have helped me.
1. Find a Trading Method That Fits Your Schedule
Time, Time Time, it is something we all wish for more of but struggle to get. When looking at your schedule you need to look at what the best times to learn to trade are and the best times to trade are and then break it down from there. If you only have an hour a day then you are going to need a lot of fo patience not to jump into any trades and make irrational decisions.
What type of trader do you want to be?
Scalper – Holds trade 1min to 1 hour
Day Trader – Holds trades, 1 hour to a day
Swing Trader – Holds trades 2-7 days
Position Trader – Holds trade a week to months
So if you are short for time you will have to choose a few currency pairs to focus on as opposed to analyzing many. That way you can focus on not just the technicals but the fundamentals on those pairs swell.
If you want to scalp you need to be able to trade during the times best for scalping the pairs you choose. If you want to swing or position trade you can look to add to your initial position and compound your profits once the trade starts going in your favor.
2. Do your homework
Although trading can be learned in a short space of time you need to keep your skills razor sharp. You have to build your trading muscle memory by the repetition of key drills. You need to keep on top of other core tasks like chart analysis, backtesting, journaling, etc.
The market doesn’t move exactly the same day to day, there will be days where watching paint dry is better than watching candlesticks. Utilize this time to focus on your core tasks and learn as much as you can.
Educate yourself by reading forex books, having trader meet-ups with team members, watch training videos on price action trading, do whatever you can to learn more during your free time.
Do you drive to work….? Listen to trading audiobooks
Do you get the train or bus to work…? Listen to audio books or read trading books
3. Trade journaling is key
Having a trade journal is crucial to your trading success. The more you journal about your trades the more you will remember when you were right and when you were wrong. The times that are best for you to trade and the setups that worked best for you. The journal will help you stick to your trading plan and trading rules.
4. Have the right mindset
When it comes to trading the Forex market, it’s no secret that you need to keep your emotions in check. You are not a robot which means that you cannot be in front of your trading station watching the charts 24/7. This means that you shouldn’t sweat when you miss on the big moves. They were around long before you and they will certainly be there tomorrow and long after you are gone.
Patience is one of the main reasons why a lot of people lose money in the stock and forex markets. They are too impatient to wait for the perfect set up and end up getting in to early by not waiting for further confirmation.
5. Join a Trading Network
Nowadays with social media pretty much ruling, everybody lives there are many platforms that you can join and become part of forex networks. Some are free and some you pay but the knowledge you can gain from these networks is valuable to your trading success.
Forex trading is becoming one of the fastest growing online businesses and there are thousands of other part-time and full-time traders that can be found online in trading platforms. Find an hour or 2 a day to social and ask questions about your trades and once you are knowledgeable you can pass on that expertise.
Majority of good education packages are paid services but there is one platform that will pay you for referrals and if you refer 2 people your education is free. There is 100’s of video tutorials on how to trade and all the different strategies out there. There is a daily live trading session which you can log onto and watch how 7 figure income traders analyze the charts and take their trades.
See how you can add passive income while learning to trade full time. Think of it as an earn while you learn program.