In case you are a busy person, who also wants to trade in Forex, you are in the right place. We’ve got these Forex trading tactics if you have a day job!
AtoZForex – One of the tips on how to become reach states that you need to multiply your sources of income. Thus, many people prefer to distribute their power and time on doing several jobs. However, some people have a very time-consuming job. What is the solution for them? We have an answer – Forex trading!
Forex trading tactics if you have a day job
So, you think it will be easy to combine your job and Forex trading? It might be challenging. However, there are special techniques how you can optimize your time and power efficiently. If you are a busy person, who also wishes to have a success in Forex trading, you are in the right place.
Today, we discuss Forex trading tactics if you have a day job. In other words, we will talk about how can you maximize your profits with trading a minimum amount of time a day.
Tactic number 1: Utilize low maintenance time frames for trading
The trading charts that require your attention two-three times a day would work perfectly. For example, eight-hour charts fit this scenario. While trading with this chart, you wait till a new candle opens, and then you search for a setup. In case you see no possible setups, you can come back to your monitor eight hours later.
Following on charts, you can also choose daily charts. They will take even less of your precious time, as you will only need to check them once a day.
Moreover, by using large time frame charts you will maximize the effectiveness of your trade. Also, you don’t need to act immediately, since you can actually see your setups way before they trigger. For instance, you could check your charts at 8 in the morning, see a setup and then make a trade, when it is convenient for you.
Thus, I believe that using the charts that require minimum maintenance is one of the key Forex trading tactics if you have a day job.
Tactic number 2: Make your trading simple
When it comes to trading in Forex, simple is always better. Especially, if you are on a tight schedule. However, many newcomers prefer to trading with sophisticated indicator based strategies. This kind of strategies normally has several types of setups.
Yet, when you are busy, you don’t have enough time to analyze all the setups. What is more, why actually use complex strategies, if simple ones work as good?
So, how do you simplify your trading?
Price action will help you here. Trading with price action is indicator free and simple, it also allows you to use the only price to enter profitable trades. Moreover, Price Action is requiring low maintenance.
Furthermore, Price Action patterns in Forex are very useful to understand the current structure of the market and quickly assess our trading opportunities.The price action patterns only included once they were considered to be complete, which usually means a full break of a support and resistance area or trendline. Read about Top 5 reliable price action patterns in Forex here.
See also: 5 Price Action Trading Tips
Tactic number 3: Trade a lot of different pairs
This tactic might sound counterproductive: How can you actually simplify your trading, when trading a lot of currency pairs?
Normally, industry experts recommend trading one to three currency pairs.Yet, if you have a very tight schedule, you will need more than this. Since you will need to utilize low maintenance time frames, you might consider trading from five to ten pairs, depending on the chart.
For example, if you choose eight-hour charts you need to trade at minimum five pairs. In case you favor daily charts, then your choice must lie at least on ten currency pairs.
This might sound very complicated to maintain. However, bear in mind that you will be trading with Price action on large time frames. There will be no indicators on your charts – they will be simple. Therefore, you will need a very short time to identify a setup on the chart. Moreover, even if you have 15 charts to look at, it will not take more than 5 minutes to check them all.
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