Question:
I am beginner forex trader. I have a full-time job. What do you think is the best strategy to trade forex with a full time job? When would you suggest logging in to make trades?
Igor from Aussieton
Answer:
Igor, I don’t know if you are a beginning trader, or just a beginning forex trader, so I will assume the former is the case.
First of all, successfully trading any market is work. Forex is no different. I don’t know what you do for a job, but I can tell you if you want to succeed at trading forex, you have to treat it like a job, which means you might very well have two full-time jobs. Yes, you could do it part time, but the learning curve is steep if you are picking away at learning. If you are willing to go at it hard, even with your job, then I recommend as your strategy to learn as much as you can about forex before you begin to actively trade. Start with Ed Ponsi’s incredibly practical book, FOREX, Patterns & Probabilities After you read the book, you can better decide how much time you are willing to give to a project such as this. As well, after you learn the craft of trading forex, you can then define your own trading strategy, with or without a full-time job. Keep the words of Ed Ponsi in your brain as you move through your training period, though, “The stakes are high; fortunes can be won or lost quickly. In order to succeed in this realm, one must first learn to understand it …”
There is much to understand in trading forex. It is a completely different animal from trading equities or futures. For one, the market is so unbelievably huge, it takes a lot of momentum to move a currency quite a bit. Think about this: the forex market’s daily trading volume is about $1.9 TRILLION daily. This makes it the largest trading market in the world by far.
Some cool things about trading forex are that the market is highly liquid, dynamic, and you can trade 24 hours a day, if you so choose. This means, I would recommend you “log in” to trade whenever it fits your schedule. What I don’t recommend is trading right after cocktails, a fight with your wife, or after having just been fired from your job because you were up all night trading forex.
Keep your wits about you, and remember this important fact: for as much potential profit there is to be made in forex, there is an equal, and perhaps larger potential loss. This game has sunk many a trader’s boat. It is a market for which, like any good Boy Scout, you must be prepared. Ask yourself, are you a good Boy Scout?
Trade in the day; invest in your life …
