Many novice traders and newcomers but trading while holding down a job is a difficult proposition.
Trading has many advantages such as freedom and relatively unlimited earning potential. However, it has some drawbacks.
One of them is the fact that currency trading carries a great risk and guarantees neither profits nor a regular monthly salary.
That is why, the vast majority of beginners, are forced to reconcile trading with a job which provides stability. There are a lot of people who, even though they have been successfully trading for many years, are not eager to resign from their job in order to maintain their way of life without the additional stress of having to rely on trading income.
So, what is the optimum way to combine trading with a full time job?
Trading before/after work
This approach assumes that we invest only in our spare time but allows little time for, and either analysis or actual trading. Lower-time intervals such as M1/M5/M15 are all that are applicable. This method can be successful but limits the scope for further investment. There will be a lot of signals missed which can lead to frustration.
Trading using pending orders
This method works well when combined with a harmonious trading system which makes it possible to conduct an analysis, for example, once a day. Using pending orders to take positions. A further benefit of this approach is the complete automation of the decision-making process and a partial elimination of emotions (at least until the platform is turned on for the next time).
Trading using alarms
This strategy assumes that the positions are taken exclusively near levels, for example, support or resistance, specified in advance. It may be successfully reconciled with both work and personal life as it is sufficient to act when the market reaches a previously defined level alerted by an acoustic or e-mail alert is delivered to the platform. It works well with people who enjoy great freedom at work and, despite professional duties, have access to a platform and are able to take a new position in case of possible signal presence.
Trading at higher-time intervals
This method is based upon H4, D1 and higher intervals and works very well for traders who cannot spend long hours on working with charts, signals and indicators.
It allows trading when we can only perform in depth analysis, for example, only once a day, after work and usually in the evening.
A positive of this strategy is the ability to dedicate a limited amount of time to trading. However, the main weakness is the fact that only a restricted number of trades can be concluded. In order to take advantage of as many asset classes as possible to maximize the signals it is necessary to take a great deal of time to analyse and understand a number of instruments.
Part-time trading is not suitable for everyone but we cannot all dedicate enough time to make it a full time career. The compromise is somewhere in the middle where we can trade but only using limited analysis and time intervals.