The short answer to this question is: yes, part-time trading can improve your results just for the simple reason of your availability to dedicate to your trading career. If you can only commit to trading part-time in your trading career, that is perfect because you only want to dedicate your full and undivided attention to your trading career anyways.
Before you start trading, it’s important you become familiar and comfortable with some of the common lingo you will hear when you’re in the Forex industry. You want to not only understand what other traders in your community are referring to right off the bat, but you need to understand what your education and training is discussing without having to look things up.
A trader needs to have an understanding of information that can’t be extracted from usual price charts. So, they use technical analysis tools to gain additional insight. Although the tools can give information and suggestions, they can sound almost like a foreign language. It’s so important for a trader to have a basic knowledge of these tools. And once explained, they truly help traders make better-informed trading decisions, giving them ammo to aim at the market.
When you get into trading Forex, it’s really hard not to imagine what your future will look like as a professional long-term trader. But it is possible to trade Forex for long-term and make a lot of money when you're taking your education and journey seriously.
Keeping a trading journal allows traders to keep a record of their trades, thoughts, and feelings throughout the day. Trading journals are a great tool to have and making your journal as thorough as possible will give you details that go beyond the statements and profile statistics most brokers will give you as you go through your trading journey.
Previously, one thing we looked at was Picking a Favorite Market to Trade. When you are looking at trading, there are a lot of things to consider and one of them is what you are going to trade. A lot of traders have a currency or pair that they identify with. Shawn Lucas, for example, is a EUR/USD trader. This is actually the pair that most traders connect with in the world. Looking at the pairs everyone trades, including the EUR/USD, there are lesser known pairs that don’t get attention but are still great for trading. So, here are a few different currency pairs that can be tried in trading.