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?
Full Time Job and Forex Trading
For those who already have a full-time job, forex trading may seem like a nice hobby and an extra income on a side. The problem is that combining the two is extremely difficult and need a proper plan. What I know for sure is that you cannot do both things half way and expect to be paid both ways!!
First of all, trading during work hours is a bad idea. It is certainly the best way to get fired. Most large companies today monitor the staff access to the internet and have policies indicating how much usage is actually acceptable. This means that your internet usage is most likely monitored as well – screenshots, keystrokes, browsing history with amount of time spend on each site. Spending time forex trading at your office will most likely get you into trouble, not to mention that your boss will have an access to your trading strategy, your passwords and your profits!
The next question is why can’t you just keep the trading platform running on the background, check the charts once in a while and continue to work at the usual tempo for your boss? Well, in my point of view, if you cannot dedicate your day to trading, it is better to leave it alone completely. As a full-time forex trader I spend practically all day looking at the hourly charts. I do not paint, or make sculptures, or fix the roof, or write a novel during my trading hours. I do not casually check the charts once in a while and go back to watching TV. No, this is not what forex trading is about.
In order to be good at something, you have to take it seriously. Be professional – this is business, not a playground. This applies to both your full-time job and forex trading. If you chase two rabbits, most likely you catch neither. Here are the possible outcomes:
- You will be a good employee, but trading will be your weak link.
- You will be awful at your daily job, while forex trading will improve dramatically.
- Your boss will be pissed off at you and your trading experience will suffer losses.
I guess, the bottom line is that if you really need the job and the money, you should try to keep your boss pleased. Never start full-time trading without a saving of at least 6 monthly salaries. And if you still think about trading – either trade full-time or get a part-time job in case you cannot afford to take up trading as a career.
Forex trading is a difficult profession. It requires a lot of time sitting at a computer monitor analyzing your positions. Part-time trading is possible, but needs to be carefully planned out. It is possible to trade forex during certain hours (after work) or setting entry/exit, stop/losses and limit orders which will go on automatically when a selected price is reached during the time when you are away from the computer. Keep in mind that trading this way is very risky and not quite as profitable.
To wrap up, it is possible to trade forex on a part-time basis, but you have to be smart about it. The last thing you want is to get fired and loose money in trading. Get ready for forex reality – trading forex even part-time demands a lot of mental and physical energy, logic, money management, planning, learning and following. Many beginners do not fully realize how much learning is required in order to be able to analyze and understand the markets, the indicators, the economics, the news, the trend lines, the psychological issues etc. It is overwhelming and satisfying at the same time! Taken seriously, forex trading can bring more than any full-time job you ever had combined!