Online trading provides you with an opportunity to make extra income, but it requires skill, knowledge, proper risk management, and emotional control.
A lot of traders know this and want to give it what it takes, but they are constrained by time.
Some traders don’t have enough time to commit to learning how to properly trade or attend training probably because of their job, and when they eventually make out time to attend a training session or study on their own, they don’t have enough time to trade in the market.
Sometimes, they end up committing an hour or two within a day to try to find trading opportunities -maybe during lunchtime, but the constraint of time and the need to trade sometimes pushes them to take low-quality trades and the losses increase.
The market is only open for 5 days a week making it more difficult for working-class working-class traders to properly function as they are usually too busy to find opportunities while at work.
What is the way forward?
Every trader must find what works for them, but a good approach would be to consider swing trading.
Swing trading refers to a trading strategy that involves holding trades for several days to several weeks looking to make a profit from price swings.
The idea is to find medium-term trade ideas and stick to those types of trades. Swing trades do not require apt attention to your screens as regularly as shorter-term traders do.
When trading Forex, swing trades typically focus more on the economic outlook and Central Bank stance for that currency. A currency that has a solid economic outlook and a central bank that is focused on reducing the money supply and increasing interest rates is typically expected to rise over time and vice versa.
These factors don’t change overnight and typically affect the currency for weeks to months and as such a swing trader can afford to open his trade and leave it for several days to weeks without having to closely monitor his charts every time.
Swing trading requires a lot of patience to allow the trades to play out, a wider stop loss to account for interim price volatility, and a high conviction in the trade idea to remain calm when the price moves against your prediction in the short term.
This style of trading may not be for everybody but with swing trading, you can comfortably do your 8-5 job and still find quality trade ideas without putting yourself under the pressure of staring at your screens all the time.
Another thing you can consider is Copy Trading. It is a platform that connects traders with other traders allowing them to leverage each other’s skills and capital. As a busy trader, you can step into the Copy trade environment and find a trader that is doing much better than you.
You can review their performance, risk, and strategy over the period they have been on the platform and copy their trades. It is automated, you have full control over your account, you get to set your risk parameters and you can disengage at any time.
In online trading, it is important to understand how the market works and consider your personality and schedule in determining what approach is best for you, you can click the link to learn more.
Concise!