Missing out on a profitable trade can upset you. Of course, if you miss a trade once in a blue moon, it’s still okay. But you can’t miss them consistently. It would indicate that you don’t follow the market as closely as others. If you want to make money from Forex trading, you should be attentive even when you have a busy schedule. Many beginner Forex traders are into part-time trading. Even they have a specific schedule dedicated to trading and learning.
How to trade during a busy schedule
Family commitments will continue to exist, but profitable trades may not last long. Yes, if it’s a medical emergency, you can’t help it. It’s a one-off situation. But, don’t get too tangled in family commitments or with your friends to lose multiple profitable trades. Otherwise, trading won’t make much sense after a few weeks.
The forex market, technically, is not open 24/7. The term has become popular when referring to FX. It actually trades 24/5 with a break into the weekend.
Different traders use different strategies to overcome their busy schedules challenge. Forex Academy, one of the best researches and news websites on the Forex industry believes that you don’t have a single strategy that works for all situations. So, here are a few tricks recommended by the experts from Forex Academy for traders with a busy schedule:
- Swing trading
If you have a time crunch, follow this strategy with your eyes closed. It works every single time. However, these are slightly long-term trades and don’t involve day trading. So, you might have to hold your trade for a few days, a week, or even a month. Some of the websites have detailed information about swing trading and the nuances of how you can become a master at this strategy. Forex Academy is one of those websites where you can learn about these strategies thoroughly with practical examples.
Scalp trading within a busy schedule may not be too profitable. You may earn low amounts of profit, and progressing in the market becomes tougher after some time.
- Analyze daily time frames
Considering that you swing trade, you should always focus on higher time frames. Looking at hourly time frames may not provide a clear picture. Instead, you should look at the 12-hour time frames before trading. This will give you an idea of where the market is going. Hourly time frames are usually for full-time traders. Since you are most likely to hold your trade for a few days, you may as well check the bigger time frames.
- Forget strategies and develop new ones
No one strategy can help you earn significant amounts of profit after every trade. You need to adapt to changing market conditions. In fact, sometimes, you may not follow any strategy at all. Simply follow the ongoing trend. There is no harm in doing what the others are doing in the first place. If you can’t think of a specific strategy after watching the market’s condition, consider following the ongoing trend.
In addition to trading on your computer or laptop, Forex Academy also advises you to use your mobile phone for trading. It enables you to trade on the go so that you have some added time for trading. So, try to increase your trading time also to boost your profitability.
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