Can I Make Substantial Profits with Part-Time Forex Trading?

Whether an individual is a college student, self-employed or a professional with a full-time job, they all are interested in forex trading in order to earn a good amount of money for supplementing their existing income. The chief question is whether they really can make a substantial amount of profits by indulging in a part-time forex trading. Since forex trading happens 24 hours a day and 7 days in a week, a part-time trader is going to face a tremendous amount of difficulty in tracking market events.

photo/ Gerd Altmann

There are certain strategies which can aid a part-time forex trader as well to gain a good amount of income. Hence, the answer to the question whether a significant amount of profits can be made with part-time forex trading is indeed a big fat ‘YES’ if you follow the below-mentioned strategies carefully. Let us have a look at each one of them.

• Take Note of Peak Hours of Trading on a Particular Currency Pair

Although the forex market is open for 24 hours, there are certain moments in a day which are known as peak hours of trading for a particular currency pair. It is important that the part-time forex trader does a bulk of trades in this peak time. The benefit of trading during the peak time is that the trader will have the advantage of guaranteed liquidity and you can immediately withdraw the earned profit.

Moreover, along with trading in the peak hours, it is advised to trade in currency pairs that get traded speedily. Of course, US Dollars is the top currency in this category.

• Opt for an Automated Forex Trading System

A part-time trader can use the help of an automated forex trading system for the time he is not available in front of the PC. The automated system will automatically decide whether to buy or sell a particular currency pair or not. The leader in the category of automated forex trading system is ROFX Forex Robot based on Artificial Intelligence. This means that the robot can learn from the market trends and take decisions accordingly. Moreover, ROFX robot reveals its trading performance in Trading Reports which actually are a very good study material for a part-time trader to sharpen his trading skills.

• Take out Profits as soon as they come

This is a very important strategy for a part-time forex trader. Discipline is the key to be successful in applying this strategy. Just like gambling, making profit can really make a trader hungry for bigger profits and, consequently, a bulk of the part-time traders lose here. Instead of expecting bigger profits, it is wise for a part-time trader to take out profits as soon as they come up.

Conclusion

A part-time forex trader can indeed make a satisfactory amount of revenue. However, it is smart for the part-time forex trader to keep learning about the trading and sharpening his skills in that particular field.

Author: Ruchi Gupta