Are you a passionate trader but don’t want to quit your job?
Worried how you can do both successfully? Is it a good idea to continue my job with trading?
Can you make a living with trading only? What is the right time to quit your job as a trader?
Having an alternative source of income is a good idea for newbies in forex trading. The risky nature of forex can leave you out of money at any time.
Read this post and know the answer to the main confusion: Can you Trade forex with a full-time job?
Yes, you can continue trading with a job if you utilize your time smartly. It is advisable to follow a trading strategy that suits your schedule. To avoid workload, use weekends in technical analysis and chart-study. It’s better to become a swing trader or scalper if you don’t have enough time.
Your success depends on how you manage your time. Not all traders can do this. That’s why many traders quit trading and continue their job. The risky nature of forex can make you stressed or disappointed at any time.
Can You Trade Forex with a Full-Time Job Successfully
Do many traders think it is difficult to quit a full-time job for the sake of trading?
Can they do both successfully? Is it possible to trade forex with a full-time job?
YES, it is possible yet difficult to do both. It all depends on how well you manage your time and skills. It also depends on your trading strategy as well as your trading style.
Most day traders sacrifice 3 to 4 hours daily for forex trading. It does not mean they spend all this time in opening and closing positions.
They may have some long-term positions too. For a long-term position, they need time just to monitor.
Scalpers or swing traders or position traders can get the advantage of the best market trading hours. They are well aware of their entry and exit points in the market. They know when liquidity will be high in the market and when the spread will be lower.
Without sacrificing hours they just get the benefit of these trading hours. Trading with a job is possible. But Is it possible for every individual or not?
It depends on the lifestyle and habits of individual traders. If you follow the 10 tips given below you can do both your job and trading successfully.
How To Trade Forex With a Full-Time Job: 3 Ways
It’s not the right decision to quit your job in favor of full-time trading. Trading is risky and you should have an alternative source of income to support your kitchen expenditure in case you lost your money in trading.
So it’s advisable to trade part-time until you manage enough funds or capital or expertise to become a full-time trader.
Though becoming a forex trader with a 9 to 5 job is possible. All you need to have is to follow the 3 ways given below:
1. Trade During Ideal Market conditions
If you don’t have much time to spend on trading, it’s better to understand forex market conditions. Try to learn which hours are more liquid and at what time the market shows high volatility. Use these hours to make a profit.
The market is highly liquid during London and New York sessions. Spread is generally lower during these hours. You should take better advantage of such trading hours.
Another option is to trade when your currency pair is more active If you want to trade EUR/USD, evaluate which hours are more active for trading this currency pair and set your trading schedule accordingly.
2. Stick To One Trading Strategy
First of all, determine your trading style. If you love swing trading try to develop an effective swing trading strategy according to your schedule. Scalpers do the same. For day traders with jobs, you can follow the day trading strategy with more long-term positions.
The biggest mistake that many traders make is to switch from one strategy to another. In this way, you will never make a profit.
3. Improve Your Skills By Identifying Your Problems
When time is short you need high-level skills. You can’t spend enough time on the learning curve. Take responsibility for your loss and identify your problems.
Don’t repeat the same mistakes again and again. Live in the current situation and never try to be futuristic. This way your psychology will tempt you to be greedy.
10 Tips To Trade Forex With Full Time Job
Trading with 9 to 5 jobs is challenging at the start. Once you organize your trading schedule it becomes easy.
Below are 10 Tip that you can follow to trade forex with a full-time job:
1. Focus On Trading Strategy That Suit You
One of the biggest mistakes that traders often make is to copy the trading strategy of other traders. With a full-time job, you may have trading hours. So, make your own trading strategy that suits your trading style and schedule well.
It’s up to your personality and trading psychology to choose a swing trading style of day trading style. Most job holders are swing traders. Unlike day traders they fail to manage regular trading hours. Here tools can help you to know which market is active in your free hours.
2. Programme a Robot to Trade for you
Making a Robot to trade on your behalf is a good idea to combine job and trading both. These automated Robots are pre-set to work according to your strategy.
You can even program Robots to follow the profitable trader strategy. Such robots are capable of automatic entry in your absence. These automated systems are well organized by developers. You need not set this system according to your own strategy.
3. Plan your charts Before Trading Schedule
If you organize or analyze your charts on weekends, you can save time for trading. For day workers, it is ideal to do all your analysis at night.
Similarly, if you work at night, do all your analysis and chart study in the day. Another option is to focus on trading strategies that are workable outside market hours.
Remember to follow the same time of chart analysis and stick to the same routine. Also do your analysis when you are in a great mood, stress-free, and willing to do so.
4. Make Trading Plan According To Your Schedule
Time, time, and time management, trading with a job are all about managing your time properly. If you can spare a few minutes for your work, utilize this time to study charts.
If you can’t do so, go for scalping. It is good for fast-paced traders. Day trading strategies might not be suitable for you as you spend 2 to 3 hours daily trading. Focus more on scalping and swing trading strategies if you can’t find enough time in your routine
5. Work On Small Improvements Over Time
Never think more about “: making money”. This way you will start losing more. Think about improving your strategies over time. Try to reduce your losses and be consistent with them.
Never think about making big improvements within days. Think more about taking small steps and small improvements with time. No matter how slowly you improve, consistency is a must.
6. Don’t Run After Making Money
Stop thinking about counting your profit again and again. This will tempt your greedy and hasty spirit. You will take wrong steps in greed of making more and more.
Think more about how much you are currently making. Stop living in the future and thinking about how much you will make in the future. Instead, focus more on your current capital, improvement, and struggles.
7. Trade at a specific time
It is advisable for part-time traders to trade at specific times. The best time to enter the trade is in the evening when London and US markets are highly volatile. Grab such opportunities and try to make big out of these.
For short-term positions, it is important to follow specific times. Try to understand market moves in different trading hours and plan your strategy accordingly.
You can check out another article about: Why Don’t People Trade Mondays?
8. Monitor Long Term Trades Twice In a Day
Monitoring trades every time can affect your nerves badly. For long-term day traders, it is ideal to watch out for the trades couple of times a day only.
These two times are when you want to adjust orders and want to enter a new trade. Spend your time off the screen too. It will help to get rid of trading addiction. Schedule your trading strategy according to your lifestyle.
9. Set Alerts
You need not be in front of the screen all the time. You can set alerts through notices and emails to inform you about market conditions.
There are alerts that can inform you about important events in the markets such as order triggering, price level breached, chart pattern changes, and many more. You can rely on these alerts until you become a trained part-time trader.
10. Be Organized and Consistent In Your Trades
Consistency is a key factor whether you are a full-time trader or a part-time trader. Be consistent in your strategy. Don’t change it again and again.
Try to be well organized in your trading journey and keep a trading journal to compare your performance on a weekly, monthly, and yearly basis.
To develop consistency, trade regularly at specific times and trade with the same strategy that is suitable to your trading style.
Frequently Asked Questions
Can forex trading be a full-time job?
Forex trading can be both full-time and part-time. It depends on the trader how he wants to trade. If he is a beginner he should trade part-time. If he is an expert and has enough resources and capital to stand out for losses he can go for full-time forex trading.
How much do full-time Forex traders make?
The annual salary of a full-time forex trader is $81,910/year in the US. Depending on experience, age, and requirement criteria this salary package may vary in different areas.
Can you day trade and have a full-time job?
Yes, you can do it but it’s difficult. To become a profitable trader with a job, you need consistency and time management skills. Having a Trading strategy according to your schedule and style is the plus point.
All in all, it is possible to trade forex with a full-time job. I can’t say it is possible for every trader to do so. This is because every trader has a different trading approach and style. They join trading expeditions with a different mindset.
If you want to do it with your job, you may have a stressful life full of workload. It’s better to do it with a part-time job in the beginning. When you feel confident in your trading skills, you can move to full-time trading as a career.