We’ve all heard all those incredible stories of successful people who earn their living by trading in the foreign exchange market. While in fact, most traders combine Forex with their main job or study.
Multitasking can be quite challenging. Not everyone can find a balance between the two spheres of their lives. There are a few tips that might help you stay successful in two jobs at the same time.
Can Trading Be a Part-Time Occupation?
If you want to find a reserve source of income, you can try Forex trading. However, managing part-time Forex trading with a primary job is only possible with proper time management. Some traders can spend for trading about 1-2 hours per day, and it’s easy to combine trading with a job, but they can manage it well because of their experience.
Take Forex Career Seriously
If you really plan to achieve success in trading, then you need to treat this occupation as a second career. If Forex remains just a hobby, then you will not pay due attention to it. Trading will require a lot of effort and attention. Especially at the beginning, when you will study the basics and learn how to trade.
With due attention, Forex is capable of bringing you a decent income. Over time, you can even make trading your main source of income. But for now, you need to try to find a balance.
Choose a Suitable Trading Style
As you know, each trading style requires a different amount of time. You should evaluate how many hours a day you can devote to trading. Based on this data, choose your trading style:
- Pick swing or day trading if you only have up to 1 hour a day
- You can even stick to scalping if you have a chance to dedicate a few hours a day to trading
Utilize Your Free Time Wisely
The best way to trade is to follow a well-designed plan. If your main job takes up most of your time, then this is probably your only solution. Once you find a free moment, for example, during a weekend, use it productively and work on your trading plan. Then, during the workdays, you will only need to follow the built system.
Next weekend, you can evaluate the results of your plan and modify it, if necessary.
Use a Trading Journal
It’s definitely impossible to keep in mind the results of all your trading decisions. Especially for those traders whose thoughts are constantly switching to their main job or study. Then how should you evaluate your results and make changes to your trading plan? Start keeping a trading journal.
At the weekend, or in any other free time, you can analyze your trading history and optimize your actions.
Prioritize Correctly
If you plan to combine your main work or study and Forex, then you might not have any time left for entertainment. It doesn’t mean that you should completely abandon social life. However, you need to review your priorities and change some habits:
- If earlier you used to get to work on foot to enjoy the fresh morning, then you can start using transport, and spend your free time on trading.
- Suppose you are used to spending every Friday night with friends or on dates. Then you can begin devoting one or even two of these evenings to Forex. Later, your efforts will surely pay off. And so on.
Use Stop Loss and Pending Orders
Given your workload, you might not have enough time to wait for a suitable trading setup or even control your open positions. That is why you should actively use special types of orders:
- Stop Loss to control your potential losses
- A pending order to open a trade at the right time on the chart, if you are not by your computer
Plan Your Day
Unfortunately, a trading plan may not be sufficient to successfully combine two careers. You need to plan your whole day. This way you will know exactly when you should open your trading charts and when it is time to leave home for your main job.
Remember that it will definitely not be easy for you. However, with the proper approach, you have every chance to achieve success in each area. Put maximum effort into each career but don't forget about yourself. Make sure to have proper sleep. When resting you will gain enough strength to achieve all your goals.