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Become A Profitable Forex Trader With 8 To 4 Job. - Business - Nairaland

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Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 9:25am On Aug 29
If you still have a 8 to 5 job, becoming a professional trader in your spare time can be quite a challenge. Pursuing the goal of quitting your day job and trading full time often seems like an unrealistic task for most people, but there are certain steps that can help you improve your trading while working 8-4 and finding time for hobbies and your family at the same time.

Very few people are available to trade forex full time. Often traders make their trades at work, lunch or night. The problem with this type of trading is that with such a fluid market, trading sporadically throughout a small portion of the day creates frequent missed opportunities to either buy or sell. This could mean a complete loss of funds if a position is not existed before the market moves against it or a loss of opportunity to buy at a desirable price. These missed opportunities can spell disaster for the part-time trader.

However, there are strategies that can work based on a part time schedule. For example, those who trade at night might be limited to the types of currencies they trade based on volumes during the 24-hour cycle. These night traders should employ a strategy of trading specific currency pairs that are most active during the night time hours. An example would be trading the Australian dollar (AUD) / Japanese yen (JPY) pair or something a little less known like the New Zealand dollar (NZD)/JPY or AUD pair. It is extremely useful to look at the correlation between the two currencies when choosing a pair, so having a block of time during the day to study the market and implement trades can lead to a successful strategy.

The main problem comes with true part-time traders who might pop in and out throughout the day. These traders have time constraints and may only be available to trade for an hour or two per day or even per week.

Here, I will be sharing some strategies and steps for profitably trading part time when you have an inconsistent schedule. But I will like to know if there are some (active or would-be) part-time/night time traders in the house which are interested in this study.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 7:19pm On Aug 29
KNOW YOUR MARKETS
Assuming you work nine to five in the United States, you could trade before or after work. The best strategy for trading in either block of time is to pick the most active currency pairs during that time. Knowing what times the major currency markets are open will aid in choosing major pairs.

New York opens at 1:00 pm to 10:00 pm WAT
Tokyo opens at 12:00 am to 9:00 am WAT
Sydney opens at 10:00 pm to 7:00 am WAT
London opens at 8:00 am to 5:00 pm WAT

During the 5:00 -7:00 am time, the markets in Japan and Europe (open 7:00 am – 4:00 pm) are in full swing so part-time traders can choose major currency pairs such as the EUR /JPY pair or the EUR/ CHF pair for major currencies. During the 10 pm to midnight time frame, trading the AUD/JPY pair is an available choice for this time period. Despite the pairs the part-time trader chooses, before placing any bets, the trader needs to understand the market by studying the technicals for these pairs as well as the fundamentals of each currency.

STOP-LOSS ORDERS
Assuming you can only trade for a minimal amount during the day, for example, one hour, the best strategy may be to let your computer be your "trading partner." Because the forex market is so fluid, not having the flexibility to watch the market may leave you with numerous missed opportunities, so employing a trading program where you can let the information technology work for you might be the best strategy. Another common strategy is to include setting stop–loss orders such that if the market takes a sudden move against your position, your money is protected.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by richardbrandy: 7:20pm On Aug 29
number 1 here following you bumper to bumper
Re: Become A Profitable Forex Trader With 8 To 4 Job. by richardbrandy: 7:22pm On Aug 29
Fx4Pay:
KNOW YOUR MARKETS
Assuming you work nine to five in the United States, you could trade before or after work. The best strategy for trading in either block of time is to pick the most active currency pairs during that time. Knowing what times the major currency markets are open will aid in choosing major pairs.

New York opens at 1:00 pm to 10:00 pm WAT
Tokyo opens at 12:00 am to 9:00 am WAT
Sydney opens at 10:00 pm to 7:00 am WAT
London opens at 8:00 am to 5:00 pm WAT

During the 5:00 -7:00 am time, the markets in Japan and Europe (open 7:00 am – 4:00 pm) are in full swing so part-time traders can choose major currency pairs such as the EUR /JPY pair or the EUR/ CHF pair for major currencies. During the 10 pm to midnight time frame, trading the AUD/JPY pair is an available choice for this time period. Despite the pairs the part-time trader chooses, before placing any bets, the trader needs to understand the market by studying the technicals for these pairs as well as the fundamentals of each currency.

STOP-LOSS ORDERS
Assuming you can only trade for a minimal amount during the day, for example, one hour, the best strategy may be to let your computer be your "trading partner." Because the forex market is so fluid, not having the flexibility to watch the market may leave you with numerous missed opportunities, so employing a trading program where you can let the information technology work for you might be the best strategy. Another common strategy is to include setting stop–loss orders such that if the market takes a sudden move against your position, your money is protected.
cant i use an andriod phone for trading?
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 10:25pm On Aug 29
PRICE ACTION
Assuming you pop in and out while you work (10 minutes at a time), a strategy that can be used during these brief but frequent trading periods may be to use price action trading. Price action trading can be described as analyzing the technicals or charts of the currency pair and trading based on what the chart tells you. In its most basic definition, traders can analyze up bars, which is a bar that has a higher high or higher low than the previous bar, and look at down bars, which is a bar with a lower high or lower low than the previous. Up bars signal an
uptrend while down bars signal a down trend. Other price action indicators may be inside or outside bars. Choosing the chart time frame that best meets your schedule availability is key to success with this strategy.

The chart below of USD/JPY is a typical example of price action strategy. The bullish uptrend bar that closed tonight can be referred to as outside bar or bullish engulfing bar (engulfed precious bar) which was rejected at the recent support area.
If the below buy trade is entered at the close of the bullish bar, it is advised that we place stop-loss order a pip below the LOW of the bar.

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 11:03pm On Aug 29
richardbrandy:
cant i use an andriod phone for trading?

Sure. you can use an android smartphone for trading but one needs to be careful not to over trade due to the handy nature of these smartphone which can cause one to be watching/checking and unnecessarily interfering with your trades frequently.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 9:35am On Aug 30
OTHER STRATEGIES

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:

> 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.

>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. Like the trade posted above, spotted on daily time frame and it's expected to take a few days or weeks depending on market volatility.

> 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.

> Use technology!

Set up auto alerts to your mobile phone or email to keep you informed you are not actively trading.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 8:44pm On Aug 30
The above UJ buy trade posted above was entered at 109.66 and it has gained 70+ pips in 24hrs. The (take profit order) target is set at 113.00.
As a part-time trader, you need to make trading so easy for yourself by trading less frequently and taking only quality price action trades on higher time frames.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 8:49am On Sep 02
UJ BUY TRADE UPDATE

The USD/JPY closed bullish at the end of this trading week. The pair also closed above major resistance level, 109.75 which serves as this month's support, technically. It could be confirmed that the pair is in line with the poor NFP report which came out yesterday. Fundamentally, the US dollar could be further weakened against many major pairs as a result of this.
We could see more of UJ bullish movement in the coming week(s) towards our 113.00 price target as we already gained 60 pips by Friday's close.

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 8:51am On Sep 04
THE BOTTOM LINE

The forex market is one of the most desirable markets to trade because it is a 24-hour market that is constantly in flux, providing ample opportunities to make profits at any point in the day. Because of these features, the forex market lends itself to part-time traders. However, despite these favorable characteristics, the forex market is very volatile, which makes it risky for all traders, particularly the part-time trader, if the proper strategy is not implemented. Trading specific currency pairs that are at play during the times of day you can trade, looking at longer time frames, implementing price action strategies and employing technology are all strategies that will help you become a successful part-time forex trader. Other things to consider are understanding your level of understanding and tolerance for risk and leverage , as well as your
time horizon (from hourly to weekly). These all elements that are an important part of any
trading strategy. Most brokers will provide you with trade records, but it's also important to keep track on your own.

Employ the above strategies in your trading as a part-time trader and watch your account grows apace.

"Open your Mind to Possibilities and you’ll be amazed by what you are capable of achieving this new month. Have a successful month."

For further training and trading tips, follow this thread or see my signature below to contact me directly.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by oluwasheun94(m): 11:24pm On Sep 06
thanks a bunch
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 7:10am On Sep 08
The USD/JPY went south against our position just as earlier thought due to last Friday's report on NFP. It was posted above that the USD is speculated to be weakened against major pairs because of its poor fundamental report. see chat below.

But thanks to the GBP/USD that remains bullish since last week even before last Fridays report. It is expected to hit target 1.3200 and possibly break above the monthly resistance 1.3205. see chat below

For further training and trading tips, follow this thread or see my signature below to contact me directly.

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 7:58am On Sep 08
GBP/USD BULLISH TRADE

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 1:23pm On Sep 08
GBP/USD bullish trade finally hit target.
This cancelled and compensated the loss on USD/JPY trade and we are still in good profit.

For further training and trading tips, follow this thread or see my signature below to contact me directly.

Enjoy your weekend!

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 1:24pm On Sep 08
GBP/USD bullish trade finally hit 1.3200 target.
This cancelled and compensated the loss on USD/JPY trade and we are still in good profit.

For further training and trading tips, follow this thread or see my signature below to contact me directly.

Enjoy your weekend!

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 7:18am On Sep 11
AUD/USD
AU closed bearish after the close of last Friday's candle below the monthly resistance area of It is expected to continue the bearish move in the next few days. Aggressive trader could enter now and placed a Stop loss above the pin bar high 0.8125. Conservative long term trader could wait for possible break and close below the pin bar low and set 70 - 80 pips stop loss. Target 0.7820/30

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 7:39am On Sep 11
EUSD/GBP SELL
The bearish candle that closed on last Friday did close below monthly support 0.9145 and also wholly engulfed the previous bull candle. This further confirms the bearish movement of this currency pair. Short trade entry at market price is suggested with a stop loss above the high of the engulfing bearish candle 0.9205. Target 0.8765/70

For further training and trading tips, follow this thread or see my signature below to contact me directly.

Have a green profit week!

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Dollabiz: 8:20am On Sep 11
Free info below
Thank me later
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 2:44pm On Sep 14
EUR/GBP SELL TRADE UPDATE

220 pips was just taken into profit with 75% of the trade closed. We still have 127 pips in view to reach target price as the pair continues its journey to the south. Stop loss has been moved to 0.9060 (a few pips above today's high. See chat below.

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 1:09pm On Sep 16
TRADE UPDATE - EUR/GBP

Over 500+ pips was taken into profit by the close of the currency market this week. As EUR/GBP was massively sold off this week, we were so lucky to be on the south bound train almost from the take off terminal.
Just about 19 pips away from the target, it is expected to hit the near term support line and possible break through downward or a pull back is in view against next week.

For further training and trading tips, follow this thread or see my signature below to contact me directly.

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 2:51pm On Sep 16
FOREX TRADING - the true "MONEY MAKING MACHNE" (MMM)
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 3:03pm On Sep 16
For the benefit of those that have been calling and sending mails and for any interested would-be forex traders but have limited time to trade, I have decided to create a forex trading group on WhatsApp for a daily 1 hr training/trading guide and tips between 9pm and 10pm Sunday to Friday.

Join the WhatsApp group by adding the number as seen in my signature below on WhatsApp.

Please don't drop your phone number or email address here, I will not contact you.

1 Like

Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 11:57am On Sep 18
STEPS TO BECOMING A PROFITABLE TRADER WITH 8 - 4 JOB

1. Find a trading style that fits you and your daily life.

It’s so important to have a trading style that fits your personality AND your schedule. The two broad categories and trading styles traders have to choose from are swing-trading vs. day-trading . Usually, swing-trading is better suited for traders who have limited time and restricted access to charts throughout the day. As a swing-trader, you do your chart analyses during the weekends and before/after work and you manage and execute your trades when you get back from work. Swing traders also don’t need to observe the markets all day long which can free up even more time. The downside, swing traders often have fewer trades and more patience is necessary.
However, if you are a Forex trader, you could easily fit in a few hours of real day-trading in the evenings since you’ll usually always find some active currency markets at any given time – but make sure that you can remain focused after an 8 hours working day. Or, depending on your time zone, even stock traders may be able to day trade a few hours in their evenings if an exchange is open at that time.

Tip 1: Decide whether you want to be a swing trader or a day trader. Audit your weekly schedule and your personality to see which style suits you best. Then, choose the markets and instruments accordingly.

Have a wonderful week full of green pips!
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 9:59am On Sep 21
STEPS TO BECOMING A PROFITABLE TRADER WITH 8 - 4 JOB (Cont'd)

2. Don’t ride the learning curve

This is the cardinal sin of trading; “system-hopping” refers to traders who frequently change their trading method every few weeks or months. Those traders usually never see any real improvements in their trading and profitable trading is impossible if you don’t fully commit to making one thing work.
The truth is, “plug and play” is not how trading strategies work and no system will just generate profits right from the beginning. I urge you to stop system hopping and choose your one method that you fully commit to and focus on making it work. You’ll probably say “but what if it doesn’t work?” and that’s a normal reaction, but you have to push through this phase and become the expert at your chosen field and not hope to get lucky and stumble over a Holy Grail system.

Tip 2: For the next 12 months, pick one system and make a contract with yourself that you will not change your method again. No matter what.

For further training and trading tips, follow this thread or see my signature below to join to WhatsApp group online training.
Re: Become A Profitable Forex Trader With 8 To 4 Job. by Fx4Pay(m): 10:15pm On Sep 24
STEPS TO BECOMING A PROFITABLE TRADER WITH 8 - 4 JOB (Cont'd)

3. The most important day for a part time trader with a job is…

Your Sunday should be your most important day of the week. I personally do 80% of all my trading work over the weekends and then do very little throughout the week. Every Sunday, I sit down and go through all the markets that I consider trading and perform a detailed chart analysis. I adjust and re-draw my support/resistance levels, I study my indicators, review the last trading week and crosscheck with my previous Sunday analysis. I then create potential trade scenarios in the so-called “if-then” format where I come up with scenarios that would trigger trade entries based on my strategy and I place price alerts at the levels that I identified.

Then, throughout the week, I just wait for my price alerts to get triggered and I update my “if-then” scenarios based on what happens during the day. This approach takes up a few hours of time during the weekend, but it frees up so much time during the week and it is ideal if you have a day job. It helps you stay on top of things, while being totally organized and creating a professional routine for yourself.


For further training and trading tips, follow this thread or see my signature below to join me WhatsApp online training.

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