Advice

blogs - Advice

For centuries people involved in skill-professions such as athletes, dancers, musicians or painters practice before they actually do any work. It is obvious that a series of practice can bring a better performance. This made me wonder whether it is advisable to have a “warm-up” trading session before diving into real forex trading? Are few daily sessions of “warm-up” demo trading important for your success?  

For some forex traders “warm up” is in the form of demo trading. Trying out the trades at the demo account and see how things play out encourages to switch to live account and place trades that worked fine in demo.  

Read more: Warm Up Before the Real Thing

Forex market is volatile and involved difficult-to-imagine volumes of trades daily. While you can make thousands overnight, it is equally possible to empty your trading account within seconds. How can this happen? Who is responsible? What are the ways to avoid such misfortune? Let’s start with margin calls! 

Margin calls are one of those evil things in forex that you must avoid at all cost. Your risk management plan has to include ways to minimize if not completely avoid the devastating decisions, which lead to margin call.

Read more: How to Avoid Margin Calls?

Being forex trader isn’t an easy profession. The entire career is based on watching, learning, making crucial decisions that either make thousands of dollars or clears up your trading account.  Forex trading is all about focusing on entry and exit points, reading fundamental and technical news, analyzing trading indicators and much more. To summarize – your computer becomes an item you spend the entire day next to! 

What if full-time trading is not an option? What if you are a beginner with another full-time job in, let’s say, computer programming, or real estate, or marketing? What if you are a student during the day and a waiter during the night? What if you cannot possibly afford trading all day long?

Read more: 5 Traps Used by Unreliable Signal Providers

blogs - Advice

I am not going to lie to you - having a full-time job demolishes the ability to trade forex properly. Even if you have an access to computer all day in your office, trading currencies during work hours seems practically impossible and unworthy. Why is it impossible to just bring up the charts every hour, spend couple of minutes looking at potential setups and go back to your usual daily tasks? What are the real risks involved in this scenario? What are the alternatives?

Read more: Chasing Two Rabbits – Full Time Job and Forex Trading.

blogs - Advice

Whether you are a beginner in forex trading, who isn’t fully really to leave the full time job yet, or you just want to have a bit of both - full-time stable income and part-time exciting investment opportunity on the side, you have to figure out how to trade after or during work because forex market isn’t standing still and doesn’t wait.

If you aren’t trading forex full time you will find it very difficult to trade after work on the weekdays. The implementation of forex strategies might seem absolutely impossible with a full time job on your hands. Even with swing trading or long trading, forex trader has to wait for a signal. Soon you realize that you miss every signal that comes because you simply aren’t next to the monitor to take actions. Of course there is an option of working all day long and trading during the night, but the lack of sleep will influence your performance and decision making in both full-time job and forex trading. So, what is the solution?

Read more: Forex Trading With Full Time Job