Top ways to become a successful part-time forex trader

Part time forex trading is one of the best ways to supplement your income and make the ideal use of your free time. Whether you have a full-time job or are working on a part time job, you can easily find some time to trade in this highly profitable market.

If you are wondering that how can you become successful in forex trading, or what is spread betting and how can you become a successful spread better, then here are some vital tips for you. Using these tips and a reliable forex trading platform like ETX capital, you can trade profitably and generate a second income.

Find the Right pairs for Trading

Although you can do forex trading throughout the week and round the clock, but in order to guarantee liquidity, its best to trade during the peak hours.

Liquidity is the ability of a trader to sell a position, which is quite easy to do when the market is highly active.

Let us assume that you work on a 9 to 5 job, and thus, you would either be available for trading early in the morning or late in the evening.n the basis of the currency pairs which you are trading, higher volume may occur at any end of the day. This time may be the perfect time to trade.

Set Up An Automated Trading System

The part time traders can either choose to trade on their own or simply use an automated trading program which can make trades on their behalf.

You can find a variety of the automated trading programs with an array of functions. While some of these automated systems are capable of monitoring the currency prices in the real time, the others are able to place the market orders, automatically order the trade and recognize the profitable spreads.

You can choose the best automated system as per your need, so that this system may compensate for the time which you are not able to devote to trading. You can also choose to get these systems programmed in a customised manner with your specific strategies.

Apply Discipline and Dispassion

For the traders who want to make their own trading decisions instead of relying on any automated systems, dispassion and discipline are very important and essential for the success.
The part time traders are always advised to take profits on materializing instead of anticipating the big profits from the wider spreads. This certainly requires a degree of self-discipline in the swiftly trending markets where the favourable spreads are widening.

Since a trend can turn around quite instantly and can get influenced by any external event which a part time trader may not be aware of, the successful traders have the peculiar habit of taking profits whenever they can. They don’t wait for their profits to get bigger and get tempted by the trends.

The stop market and the trailing stop orders may be imposed to minimize the risks and provide protection against the sudden market reversals. But, there’s no guarantee that an order will get filled at the anticipated price. This is why, the part time traders with very little or no experience are advised to begin trading with the small amounts of the currency.

By simply opening a mini forex account, the traders get the flexibility by using smaller than the standard cash deposit, and can control up to 10,000 currency units. This not only minimizes the risk, but also enables the traders to work on developing their strategies in the real trading environment before taking bigger risks with higher deposits.