The foreign exchange Melbourne market is an exciting one, where ambitious individuals get to test their acquired skills in an environment that is very competitive but still offers significant rewards. To become an expert in the foreign exchange Melbourne market however, you need to devote a great deal of time to practice, and learning the ropes. This initial part of a trader’s career is what scares away most intending traders, as not many people are ready to combine the rigours of offline life with forex trading training. In this article, we will be looking at the how it is possible to trade forex part-time as an average individual with a full-time job.
How Can one Become a Part-time Foreign Exchange Melbourne Trader?
The first step you need to take is to ensure you have adequate knowledge of what the forex market entails. Once you are convinced you have the right skillset, open a forex trading account. To trade part-time, you need a trading strategy that will require you to look at the forex charts just once or twice in a day. Such strategies are usually made for use on the daily charts but if your broker supports it, you can trade the strategies on the 6 hour or 8 hour charts. With the daily charts, you only look for entries at the close of trading, which is usually around 7 am Melbourne time. On the 6 or 8 hour charts, you will be able to check the forex charts every six or 8 hours. This will give you more trading opportunities and lower-risk entries.
Alternatively, you can simply draw up a forex calendar and take trades on during high impact news releases. This style of trading, however, is very risky and should only be practiced after you have acquired adequate knowledge about how to trade with fundamental analysis alone.
Benefits of Part-time Forex Trading
- With part-time forex trading, forex traders in Melbourne and other parts of Australia can enjoy the forex markets without having to stay awake at night or being distracted while at work.
- Part-time forex trading provides the individual with a second stream of income. Depending on the trading skills of the individual and the amount of capital being traded, it is possible to make as much as the monthly salary of an average worker from forex trading.
- It also removes the pressure often faced by full-time traders who are always under compulsion to make a certain amount of profit each month. This pressure leads many traders to crash their accounts.
While engaging in part-time forex trading, adequate care must be taken to treat the trading account with kid gloves. It may be a part-time source of income but you must ensure that you still treat it as a business. This means you should always stick to your trading schedule, and take entries and exits when you are supposed to do so – in line with your trading strategy.
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS