The most attractive feature of Forex trading is that it is a 24-hour open market. You can trade 24 hours a day and at the same time you can set your own trading schedule. Most traders today trade according to their established schedule, such as day or night or at any time they feel comfortable. Such traders are called part-time. Obviously, if you trade only for a certain hour of the day, you can’t miss some profitable trading opportunities. Thus, time constraints are a major problem for part-time traders.
But there are many strategies that a part-time trader can use to make a nice profit. For example, if you trade at night, then you should use the strategy of Forex trading with those currency pairs that remain mostly active during the night. Some basic strategies that are useful for part-time traders are:
Market opening time:
As a part-time trader, you need to monitor the opening time of the major currency markets, this will help you choose which currency pair you want to trade.
The forex market in Europe and Japan is mostly active at night, so you should use one of the following currency pairs.
EUR / JPY
EUR / CHF
AUD / JPY
You can also choose a currency pair that includes the Hong Kong Dollar (HKD) or the Singapore Dollar (SGD).
This is the most widely used strategy by part-time traders. This is a risk management technique that protects the trader’s money in the event of a sudden change in his position.
Strategy for trading in price actions:
There are some part-time traders who trade at frequent intervals during trading, such as 10-20 minutes, etc. In that case, you can use a Price Price trading strategy. This strategy analyzes the movement and charts of your currency pair. It can inform you about the upper and lower bands associated with your currency pair. The upper bar reflects an upward trend, while the lower bar reflects downward trends.
Detention for days:
A sensible technique and strategy used by part-time traders has taken a position for a long time. You study and analyze the Forex market. You can then select certain positions and just hold it for days.
There are many strategies you can use in Forex trading. You can choose the strategy according to your ability to avoid risk. You need to keep in mind that what works for others may not work for you. What is Forex? It can be explained as a study of new strategies. This can also help you understand your strengths.