The Forex market offers an excellent opportunity to get additional income. It is most attractive for people because of its schedule and flexibility. Forex works round the clock 5 days a week, staying closed on weekends. The market works in such a way that one can make transactions at any time of the day.
“Earning extra income is always welcome for anyone, be they trader, student or office clerk, and a way to make this happen is by understanding the business of foreign exchange,” says financial analyst, Igor Afa. “Once you understand how the market works, it gets easy to become a successful part-time trader.”
1. Find the right time
If you work or study, then you have limited time to trade. To make the best use of opportunity time you do have, you need to determine a convenient time for you and to pay attention to what session is open at what time, as every session has its specifics. This is the schedule of opening and closing of major currency markets:
Asian trading session opens at about 22:00 GMT and closes at 09:00 GMT
European trading session opens at about 08:00 GMT and closes at 17:00
American trading session opens approximately at 13:00 GMT and closes at 22:00 GMT
2. Select the appropriate currency pair
The American dollar is the most popular and active currency on Forex and if you are just starting to trade, you will need to choose trading pairs with USD. The most popular currency pairs with the dollar are USD/EUR, USD/GBP, USD/JPY, USD/AUD, USD/CHF and USD/CAD.
However, considering the schedule from point 1, it is necessary to pay attention to which pairs are volatile in a specific time interval. For example, during the most active markets in Japan and Europe (from 02:00 to 11:00), part-time traders may choose combinations such as EUR/JPY or EUR/CHF. From 17:00 until midnight, you should pay attention to AUD/JPY.
3. Get the most from trading in a limited time
However, regardless of the selected currency pair, before opening a position, the trader needs to go deep into the technical analysis of the financial markets and characteristics of the pair, as well as to get acquainted with a fundamental analysis for each currency. You need to learn the Forex market and how to apply your knowledge in practice, snce in tight hours you will have to apply your best abilities in order to earn something.
But if you are still at the training or beginning stages of trading on Forex, it is better to practice on a demo account. The d-account can be opened for free. Here you can get acquainted with the market, learn all the tools of the platform and apply your knowledge.
4. Trade with a reliable broker
All your efforts will be wasted if you trade with a dishonest broker. Unfortunately, many brokers turn out to be deceptive ay. A reliable broker must have a confirmed license, work in the market for several years and protect your data and funds from third parties.
JustForex is one of the most reliable brokers on the market, trusted by customers from 197 countries. JustForex offers 90+ trading tools, spreads from 0 points, leverage up to 1:3000, and several types of trading accounts: Cent, Mini, Standard, ECN Zero, Crypto.
5. Find your strategy
Since you cannot work round the clock, you will be limited in choosing trading strategies. Don’t give up! Train and develop your own strategy that will sync with your needs and bring you profit.
Forex is one of the most attractive markets, as trades are conducted here 24 hours a day. The market is in constant motion, providing hundreds of opportunities for making a profit. Thanks to these characteristics, the currency market is suitable for part-time traders.
Igor Afa is a financial analyst with
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