Part Time Trader Strategies

Part time traders can lose out on some amazing opportunities because they are not trading at all times. However, there are some great strategies that can be used by these traders that will help increase overall returns on their trades and keep them in the game. Part time traders are often limited in the types of currencies they trade, especially if they are night traders. These traders should use a strategy that is based on specific currency pairs that are usually the most active during the night. A great example would be the Australian Dollar/Japanese Yen trade or even the New Zealand Dollar/Japanese Yen. By learning which currency pairs are available during the time in which traders trade, they can predetermine what currencies they will be trading and can gather all needed information on those trades so they are best prepared.

Knowing the market is the key to being a successful part time trader. The best strategy for these traders is to choose a currency pair that is the most active during the time of day where the trader is most active. Knowing what times the different market open will be very beneficial and will help anyone choose the right currency pairs. In regards to major markets for traders from the US, New York will open at 8 am and will close at 5 pm EST. Tokyo opens at 7 pm and is open until 4 am EST. Australia is open at 5 pm and closes at 2 pm EST and London opens at 3 am and closes at noon EST.

Stop loss orders are also a useful strategy for those that are trading part time. With this, if a market is to take a quick change and move against the trading position, the money that is invested will be protected. It can also be useful to employ a trading program that can watch the action of the market when the trader is not able to do so. This will help with the gathering of information that will be necessary to conduct profitable trades.

Since part time traders are not always active, they have to use caution when selecting trades. They may be better off to take a position and hold that for a few days. It will also be beneficial to take a look at any long-term trends.

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