The most attractive feature of Forex trading is the open market 24 hours a day. You can trade 24 hours a day and set your own trading schedule at the same time. Most traders trade today, during the day or at night, or according to a schedule that they set as desired. Such traders are called Part-time traders. Obviously, if you only trade at certain times of the day, you have to miss out on some lucrative trading opportunities. Thus, time constraints are a major problem for part-time traders.
But there are many strategies that a part-time trader can use to make a nice profit. For example, if you are trading at night, you should use a Forex trading strategy that stays active at night. Here are some key strategies that are useful for part-time traders:
Market opening time:
As a part-time trader, you need to keep track of the opening time of the major currencies market, which will help you choose the currency pair you want to trade.
The Forex market in Europe and Japan is mostly active at night, so you need any of the following currency pairs.
EUR / JPY
EUR / CHF
AUD / JPY
You can also choose a currency pair that is Hong Kong Dollar (HKD) or Singapore Dollar (SGD).
It is the most commonly used strategy by part-time traders. It is a method of risk management that protects your money in the event of a sudden change in the position of the trader.
Price Action Trading Strategy:
10-20 minutes and so on. There are some part-time traders who trade at frequent intervals during trading. In this case, you can use the Price Action trading strategy. This strategy analyzes the movements and charts of your currency pair. The up and down bars related to your currency pair can inform you. The upper bar represents the rise and the lower bar represents the lower trend.
Hold for days:
A cautious technique and strategy applied by part-time traders has long held a position. You study and analyze the Forex market. Then you can select certain positions and save for days.
There are many strategies you can use in Forex Trading. You can choose a strategy according to your ability to avoid risk. Remember, what works for someone else will not work for you. What is Forex? It can be explained as the study of new strategies. It can also help you understand your strengths.