Tips for Doing Forex Trading While Working For Beginners
Tips for Doing Forex Trading While Working For Beginners - Many say that forex trading can be done anywhere, anytime as long as there is an internet connection, even at a regular workplace office. However, is that right? In reality, many office employees find it difficult to produce consistent profits while trading while working for 8 hours a day or more. Not profit; often even have to swallow losses because of forgetting Cut Loss, Take Profit rush, or miscalculating during open positions.
Even though forex trading is only part-time work to increase income from your main livelihood, it does not mean you can underestimate it by assuming that trading can be done in between busy activities without any consequences. When you are busy with your main job, conflict with a colleague or boss, how can you make the right trading decisions? To prevent losses and achieve consistent profits, it's a good idea to listen to a number of forex trading tips while working the following.
Scalping technique is one of the most popular trading strategies among Indonesian traders. However, actually this is very dangerous for those of you who will trade forex while working.
Generally Scalping utilizes technical indicators that are able to generate many trading signals per day because they are installed on the M1-M30 timeframe. If you are able to refrain from trading only when you're not busy, it doesn't matter. However, most people are tempted by the lure of good trading opportunities, so they remain open to their positions even though they are actually busy with other jobs. As a result, because I didn't have time to look at the trading platform again, suddenly the ideal profit level was overlooked and changed to loss.
Therefore, choose another technique for forex trading while working. Day Trading (trading with H1-H4 timeframe) can still be done, but it's better to avoid Scalping; except when you can trade consistently only outside working hours.
Forex analysis requires energy and concentration. For experienced traders, it is clear that forex analysis requires a separate time and place allocation, although open and close positions can be done anywhere. However, many beginner traders assume that after the analysis must be open position immediately, and both do not need a specific schedule. In fact, this assumption can actually lead to loss, because the trading decision does not mature.
You should take special time outside working hours to do the analysis. From the analysis, determine the price levels for the entry, then install the Pending Order so that later the position is immediately executed without you needing to look at the trading platform again while working.
When is the right time for analysis outside working hours? Basically, this depends on your trading style. Users of Swing Trading techniques can do analysis on weekends. As for Day Trading, many experienced traders choose one hour after closing certain trading sessions. For example, after the closing of the New York session, which ends at 5am, or the Tokyo session which closes at 4pm. Wait until the last Candle one session is closed, clear the mind of your main workload, then make an analysis for trading that day.
One of the habits of other beginner traders is to ignore Stop Loss (SL) and Target Profit (TP). The reasons are various, starting from the assumption that brokers will use these levels to derail profits, or the "let's see how later" mentality, or other reasons.
Yes, if you trade fulltime, risk may remain under control without installing Stop Loss because you can continue to monitor the trading platform. However, if forex trading while working, then the absence of SL and TP undoubtedly makes you fail to achieve profit or even suffer losses that lead to Margin Call (MC).
Preferably, your analysis results will not only contain the price level for open positions, but also plan detailed close positions, including SL and TP. If you want to be practical and don't want trading activities to interrupt work activities, then direct input SL and TP with the Pending Order on the platform, after completion of the daily analysis. However, if you are afraid of being trapped by a broker, then the SL and TP records can be stored in notes or in the form of an alarm on Metatrader Android.
Thus Tips for Doing Forex Trading While Working For Beginners that you need to pay attention to. Plan your trading activities well, the benefits can be obtained without stress. However, if you only open the position without planning, then not only will the trading profits not be obtained, your main job can be messy.
Even though forex trading is only part-time work to increase income from your main livelihood, it does not mean you can underestimate it by assuming that trading can be done in between busy activities without any consequences. When you are busy with your main job, conflict with a colleague or boss, how can you make the right trading decisions? To prevent losses and achieve consistent profits, it's a good idea to listen to a number of forex trading tips while working the following.
1. Avoid Scalping
Scalping technique is one of the most popular trading strategies among Indonesian traders. However, actually this is very dangerous for those of you who will trade forex while working.
Generally Scalping utilizes technical indicators that are able to generate many trading signals per day because they are installed on the M1-M30 timeframe. If you are able to refrain from trading only when you're not busy, it doesn't matter. However, most people are tempted by the lure of good trading opportunities, so they remain open to their positions even though they are actually busy with other jobs. As a result, because I didn't have time to look at the trading platform again, suddenly the ideal profit level was overlooked and changed to loss.
Therefore, choose another technique for forex trading while working. Day Trading (trading with H1-H4 timeframe) can still be done, but it's better to avoid Scalping; except when you can trade consistently only outside working hours.
2. Analyze Outside Working Hours
Forex analysis requires energy and concentration. For experienced traders, it is clear that forex analysis requires a separate time and place allocation, although open and close positions can be done anywhere. However, many beginner traders assume that after the analysis must be open position immediately, and both do not need a specific schedule. In fact, this assumption can actually lead to loss, because the trading decision does not mature.
You should take special time outside working hours to do the analysis. From the analysis, determine the price levels for the entry, then install the Pending Order so that later the position is immediately executed without you needing to look at the trading platform again while working.
When is the right time for analysis outside working hours? Basically, this depends on your trading style. Users of Swing Trading techniques can do analysis on weekends. As for Day Trading, many experienced traders choose one hour after closing certain trading sessions. For example, after the closing of the New York session, which ends at 5am, or the Tokyo session which closes at 4pm. Wait until the last Candle one session is closed, clear the mind of your main workload, then make an analysis for trading that day.
3. Never Forget to Put Stop Loss and Target Profit
One of the habits of other beginner traders is to ignore Stop Loss (SL) and Target Profit (TP). The reasons are various, starting from the assumption that brokers will use these levels to derail profits, or the "let's see how later" mentality, or other reasons.
Yes, if you trade fulltime, risk may remain under control without installing Stop Loss because you can continue to monitor the trading platform. However, if forex trading while working, then the absence of SL and TP undoubtedly makes you fail to achieve profit or even suffer losses that lead to Margin Call (MC).
Preferably, your analysis results will not only contain the price level for open positions, but also plan detailed close positions, including SL and TP. If you want to be practical and don't want trading activities to interrupt work activities, then direct input SL and TP with the Pending Order on the platform, after completion of the daily analysis. However, if you are afraid of being trapped by a broker, then the SL and TP records can be stored in notes or in the form of an alarm on Metatrader Android.
Thus Tips for Doing Forex Trading While Working For Beginners that you need to pay attention to. Plan your trading activities well, the benefits can be obtained without stress. However, if you only open the position without planning, then not only will the trading profits not be obtained, your main job can be messy.
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