For some Xtrade traders, it is not possible to trade Forex as a full-time job. The part-time traders do trading at work, lunchtime or night. The main issue with the dealers who perform trading as a part time job is that it creates frequently missed opportunities for buying or selling and for developing effective forex strategies.
This happens due to the performance of trading only on a small portion of the day, and Forex market is a fluid market, and significant fluctuations may take at any time of the day or night. This results in the loss of opportunity to buy or sell at the desired price.
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However, there are strategies which work based on the schedule of part-time traders at Xtrade. For example, the traders who trade at night may be limited to the trading of currencies based on 24-hour cycle volume. They employ Forex strategies related to the trading of currency pairs which are most active during the night hours.
Some examples are AUD/JPY or NZD/JPY. It is good to understand the correlation between the currencies in the pair and have a block during the day to study the market and for implementation of trades. This all leads to a successful strategy for trading Forex.
Let us have a look at some strategies and small business ideas for the part-time traders who have an inconsistent schedule.
Knowing the markets – Forex trading strategies that work
If you have the knowledge of the timings of the major currency markets, it will help to decide which currency pairs are most active currency pairs during the time. During 12.00 to 2.00 AM time, the markets in Japan and Europe are in major swing and the part time traders can choose currency pairs like EUR/JPY, EUR/CHF.
During the 5 PM to midnight, trading AUD/JPY is another good choice. Despite the selection of pairs, the part time trader should understand the markets and should analyze the technical aspect of the pairs, as well as the fundamental analysis, should also be done properly.
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XTrade Trading programs
If you can trade for a minimum amount of time in a day through your XTrade account, the best Forex strategies can be making your computer as a partner of your trading. The idea is to use a trading program which takes the help of information technology and works for you. It is not possible to watch out the markets all the time since you trade for only a small time in a day. The trading program can help as a watcher.
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Stop loss order – One of the best Forex strategies
One of the best Forex strategies many traders at XTrade use is to use stop-loss orders work for you, and it helps when the market takes sudden move against the position you have taken. Your money will be protected when you set stop loss orders, and it helps in preventing the losses when the conditions suddenly go against you.