Last updated on January 27th, 2023 at 06:28 pm
A trader in another job may find it challenging to balance forex trading and 9 to 5 job. A 9 to 5 job is employment that requires one to carry out their work duties from 9:00 am to 5:00 pm. Since the person is committed almost the whole day, a forex day trader may not have time to analyze the charts and manage open trades.
Table of Contents
How Can I Balance Forex Trading and 9 to 5 Job?
- Develop a routine
Plan a procedure that you want to follow during working days. Write down a list of tasks you must follow daily from Monday to Friday. Examples of a daily procedure include:
- Wake up at 4:00 am
- Work out on my stationary bike or through push-ups from 4:10 am
- Freshen up at 5:00 am
- Take some coffee at 5:30 am
- Analyze the forex chart from 6:00 am to find good setups for entries during the London and New York sessions.
- Leave for work at 7:00 am
With the above morning routine, you know what to do and when. If you are a fan of forex indicators, install an alert indicator on your trading platform so you may receive notifications on your PC when the price of a currency pair reaches your area of interest on the forex chart.
If you have a problem following your set procedure, create a reminder on task scheduling software such as Google calendar so your mobile phone or PC can alert you of the tasks that need to be accomplished.
- Trade at night
The best thing about forex trading is that you can trade from Monday to Friday every week. If you are committed during the day to an extent you cannot have a few hours to look at the Forex chart, consider trading at night. But there are a few downsides to trading at night that you should be aware of:
High spread
Forex brokers widen their spread towards the closure of the New York session and during the Asian session. The wider the currency pair spread, the higher the chances of a trader closing their trades in losses.
Low Liquidity
Low liquidity leads to higher volatility of a currency pair. The more volatile a currency pair is, the riskier it is for that pair to be traded.
If you are going to trade actively at night, develop a good plan to help you maximize profits even if there is a high spread and low liquidity.
- Become a swing trader
Swing trading gives a forex trader peace of mind. If you are a swing trader, you set up your trades and let them run for a week or weeks. This trading mode is recommended for people employed in traditional jobs.
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- Analyze the forex chart early
Analyzing a forex chart early in the morning is advantageous to a day trader. It helps a trader identify nice setups, set an alert and wait for a notification when the price reaches an area the trader expected it to reach.
Also, if you want to balance forex trading and 9 to 5 Job, set pending orders so your trades can be automatically opened and closed even if you are off the charts.
- Tame your emotions
Sometimes the outcome of trades may weaken your mind and cause you stress. Remember that your employer expects you to have a stable mental condition. If you are stressed due to losing trades, there is no way you will achieve the employer’s wish.
So, ensure you follow recommended steps to maintain a stable mental state.
- Ask for help from workmates
Who doesn’t need help from a colleague? Sometimes you may have too much work on your desk. Request your workmate who seems to have a few tasks to help you when they are through. Getting a helping hand from a workmate will help you reduce the pressure of too much work and make you complete the day’s work on time so you can concentrate on the forex chart.
- Negotiate part-time hours
Do you finish your tasks too early at your workplace? Do you feel that the work you are assigned does not necessarily require you to be at the office on a full-time basis?
Write a proposal to your boss explaining how working full time affects your life. Don’t be afraid. Explain to them how you will continue being productive if allowed to work part-time.
Do not concentrate too much on the benefits you stand to gain when you work part time, but ensure you convince them how the company will benefit by allowing you to work part time instead of full time.
If need be, let them put you on trial first. The boss will definitely consider your request if you can maintain your productivity.
Working part time reduces the time an employee spends at the workplace. Therefore, you can spend most of your time on the forex chart.
FAQs on Tips to Balance Forex Trading and 9 to 5 Job
Can I Day Trade and Have a Full Time Job?
Yes, you can day trade and maintain your full time job. But there are conditions you need to be aware of before balancing forex trading and s full time job.
The conditions are that you must be very flexible, follow your trading plan religiously, create time for family, and last but not least do not quit your full time job for the sake of forex trading unless you are comfortable with the profits you get from the forex market.
How Can I Trade Forex While Working Without Losing My Job?
You can trade the forex market while working by creating a routine of tasks you want to accomplish regularly. In addition, you can become a swing trader or a position trader because that will reduce the time you spend on the chart as a day trader or a scalper.
How Many Hours a Day Do Day Traders Work in Forex?
A day trader can work for 10 minutes, 30 minutes, 1 hour, 3 hours or even more depending on various factors such as the market condition, the trader’s objectives and the trader’s commitment elsewhere.
A trader who targets a percentage return of their account balance may spend less or more hours trading depending on the volatility and liquidity of the forex market.
For example, suppose a trader has $1000 in a forex account balance and expects to make 2% of the amount per day. In that case, if the trader opens a buy order and the price moves up instantly, closing the trade in profits, the day trader can stop trading and close his chart depending on how long it took the price to move and hit the take profit level.
If a trader is committed elsewhere, such as employment, they can spend fewer hours trading forex because they have other tasks to complete.
Is Day Trading a Full Time Job?
Day trading is both a full time and part time job for many forex traders. People who spend less than 6 hours on the forex chart refer to themselves as part time traders, while those who spend 8 hours or more trading identify themselves as full time day traders.
Conclusion
Now that you know how to balance forex trading and 9 to 5 job, do you have time for your family? Combining forex trading and the tasks at your workplace may be a lot of work. But no matter how busy you are, ensure you make room for your family.
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