Tips for Part-Time Forex Traders

Most Singaporeans who are interested in the Forex Market have daily jobs so this means they can only be part-time traders. The 24/7 nature of the Forex Market is such that it makes it attractive even for those who only have limited time and can’t be active full-time traders. However, the market’s highly volatile and risky nature means part-time traders may have to deal with more trading risks as well if they’re not able to make wise trading strategies. Here are some tried and tested trading tips that part-time Singaporean Forex traders would consider very useful.

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Know the currencies’ timeframe

You can still trade no matter what time of the day you set aside for Forex trading. It’s really just a matter of knowing the timeframes for the trading currencies. The currency pair you’d want to trade in would depend on your time availability. If you’re a part-time trader with midnight availability, you can pick EU and Japan currency pair as these currencies matches your availability.

Use automated controls

Using automated controls such as the Limit Order and Stop/Loss Order are very practical most especially for part-time traders. You won’t have to spend as much effort and time looking at the Forex market and only need to set these automated controls up so that it can work on its own. These are highly reliable and even experienced Forex traders still use these controls.

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Use the Price Action Strategy

Being a part-time trader will still entail analyzing trade charts although at a more efficient and time-saving basis. Using the Price Action Strategy will help part-time traders to quickly look at trade charts of the concerned currency pair and consider the higher high and lower low in order to quickly determine an uptrend or a downtrend in the market.

Analyze long-term patterns

There are short-term charts and long-term charts that help Forex traders analyze market patterns on an hourly, daily, weekly, and month-long basis. The best trading chart for part-time traders are the long-term charts such as those that show a weekly or monthly pattern. This allows part-time traders to only look at the chart and study it over the weekend as compared to an hourly chart that will only be useful if you’re closely watching the market. This strategy would also mean that part-time traders would have to trade few positions and hold for longer periods if they want to make carefully studied trading moves.

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