Many traders are considering switching to full-time Forex trading opposite to the most popular way of trading – part-time. This approach to the Forex job has its own advantages and disadvantages. In this article I’d like to list the most important advantages of the full-time Forex trading.
More time for trading
The first one and the most obvious advantages is the more time for trading. When you trade part-time you have to deal with your daily job, your routine work at home and what’s left often isn’t enough to trade Forex successfully. Full-time trading solves this by giving a fixed full day for trading.
Full trading sessions
When you trade full-time you can choose a working day that would include one full trading session or one full intersection of the trading sessions to trade during the most active timeframes in Forex.
Using the pivot points and auxiliary levels of support and resistance is most effective on the whole intraday session. And when you trade full-time, you can follow the trend through almost all of these levels. Part-time traders will usually miss all the opportunities connected with the daily pivot points.
Organization. When you trade during the fixed periods of time every working day it automatically organizes your trading, making you more disciplined and offering you opportunities to improve the level of organizations in all aspects of Forex trading.
Some Forex brokers don’t support automatic trailing stops (for example, Marketiva). If your trading strategy requires a trailing stop-loss placing, you can easily do so manually when you trade Forex full-time.
More trading opportunities
A full 7-8-hour trading day can yield much more opportunities for entering the positions than the random 2-3 hours a day. You can choose to look at the lower period timeframes and find even more opportunities there.
When you trade Forex full-time you learn from your experience, from your wins and losses. In between the trading you also have time to read the Forex market reviews, analyze your trading history and read Forex books — all that is very useful in improving your trading skills.
Reacting to news on time
When the important Forex market news come out, a reaction of the trader should be fast and accurate. A full-time trade has an opportunity to react on the majority of the currency-related news immediately on their release.
In between the actual Forex trades full-time traders have a lot more time to communicate with other traders. Many Forex platforms feature the built-in online chats for this purpose; some traders may prefer Forex forums to talk about trading, nevertheless it’s all useful to the actual trading as it helps to become more proficient.
Of course, these are only the advantages, while trading Forex full-time has some constraints, but this is a topic of another article and is not to be discussed in this one. If you have your own opinions or questions regarding the full-time Forex trading, please, feel free to comment via the form below.