In the good ole’ days, trading was strictly reserved for the big guys who could afford to put up millions of dollars in trading capital but the growth of the internet changed all of this.
Thanks to God for this development, little guys like you and I can now afford to participate in trading the markets with only a couple of hundreds or thousand bucks.
All you need to do is simply hop onto the internet and you could trade the markets in your pajamas from the comfort of your couch.
However, this development has led to an increase in the number of part time forex traders. These part timers include students, young professionals as well old retirees.
And since trading is a difficult business in and of itself, there are quite a handful of obstacles which these part time forex traders would need to over come in order to become profitable traders.
The forex trading tips in this articles are meant to help you improve your forex trading performance even if you’ve only got a couple of hour to spare for trading.
These trading tips to forex traders of all shapes and sizes.
It doesn’t even matter whether you’re a PRO or a Newbie, you’re probably going to kick yourself in the gut for nothing thinking up one or two of these tips earlier on.
Tip #1 | Learn To Manage Your Trading Time Efficiently
Since time if of the essence to part time forex traders, learning how to properly manage whatever little time you can squeeze out for your trading related activities becomes a must – have skill.
This is especially true during the early stages of your forex trading development.
Repetition of key drills such as journaling, back testing and trade reviews are going to help you to build and develop for trading muscles.
So instead of trying to force a trade when the market just isn’t offering you one, focus your time and energy on doing the activities which would help to build your trading muscles.
Tip #2 | Stick to a Trading Strategy that Suits Your Schedule
One of the biggest problem for part time forex traders is time.
If you’ve only got one hour to commit to trading everyday, that is going to severely limit your options.
What if that one hour comes during a forex trading session which is known to have an extremely low volatility?
When faced with a situations like this, catching short term trends or trying to trade the markets with day trading strategies just wouldn’t work since they usually require lots of screen time in order to be properly executed.
In that case, you’ll probably need to switch to scalping or longer – term swing or position trading strategies to make trading work for you.
The lesson to learn here is that you should first figure out your schedule before you decide to settle on any particular forex trading style.
Simple!
Tip #3 | Keep a Journal for Your Trading Activities
Not only does keeping a trading journal helps to ensure that you’re strictly adhering to your predefined trading rules but it also makes trading a lot less stressful.
Writing down and reviewing your trades inside a journal immensely influences your trading experience which in turn brings you closer and closer to forex trading mastery.
If you not doing this already, make a pact with yourself to start keeping a trading journal immediately you’re done reading this article.
Tip #4 | Having the Right Mindset
Since you’re not a forex trading robot, there’s absolutely no way you can sit behind your trading screen watching the charts 24/7, right?
Therefore you shouldn’t stress yourself when you miss those big moves in price action.
As long as you remain patient while you wait for low risk, high probability trade setups to materialize, you’re always going to find a handful of pips around the corner.
Tip #5 | Balance Your Priorities Accordingly
They say all good things come to and end, and so we’ve just reached the end of this awesome blog post.
I hope that you found one or two of these performance – boosting forex trading tips helpful but which one of them are you going to start using to improve your trading performance with?
Please let me know in the comments because I’ll really love to hear from you.
HI Annas,
Thank you for your valuable time in putting these simple but powerful reminders. I have just completed the late Tom Williams’ book “Master the Markets” on VSA or Volume Spread Analysis which has really opened me up to placing more emphasis on Volume when utilising your training systems on Udemy. I have bought them all and still trying to master them with patient moves forward :).
Thanks again, Phillip Kellaway
Alhamdulillah.
It’s always a pleasure to hear from you Phil and I really appreciate your kind words, a lot!
I’ll keep creating more helpful reminders which would help you to improve that often neglected, yet overly important aspect of trading which is ‘Trading Psychology’ over the coming weeks insha Allah.
I must say that I haven’t read the book you’re talking about at the moment but I just might do that in the future, God willing.
Have a wonderful weekend ahead, Phil.
Cheers!