How To Succeed As a Part-Time Trader

 

How To Succeed As a Part-Time Trader

I began currency trading. Several years ago. The first three months trading were a complete failure; I recall losing all my money and was

about to quit, but I could not because I believed that if I quit now, I would miss out on the opportunity to start my own business. As a result, I ceased trading and focused instead on observing, researching, analysing, and practicing.

Observation: I began observing the market, determining what factors contribute to its movement, reaction, range, and trade.

Analysing: I began by studying technical and fundamental analysis; how both can forecast and reroute the market, and how I can apply both to my advantage. I shall discuss these analyses in greater detail in the following paragraph.

Reading: I purchased and read Forex trading books, which explain the many methods and tactics employed by professional traders.

Practicing: I created free accounts and began trading online, and I tested and validated each approach I invented.

After a year of studying, analysing, and practicing trading tactics, and after numerous failures and frustrations, I developed my own strategy that works extremely well and generates a profit each month.

Implementation

I met my targets and developed a good strategy, but that is not enough; to profit, I must not miss any opportunity, and the Forex market is rife with opportunities due to its high volume; as a result, I must sit all day from Monday to Friday and monitor and find opportunities.

How to address this issue, I cannot sit and observe the market for hours on end; I have a career and a family, so I decided to program my strategy and let information technology do the heavy lifting for me; nobody is as disciplined as a software, so I created an artificial intelligent software that collects data from the market and uses it to implement my strategy and detect opportunities 24 hours a day.

This program analyses fundamental and technical data and develops Forex signals that are automatically submitted to my broker platform, where they are executed and distributed to members of my website. All of this occurs independently of my intervention; I simply run the software, which analyses and makes its own conclusions (Buying, Selling or stay aside).

How to Become a Successful Forex Trader

5 to 10 percent traders succeed in this business; what separates the 5% successful traders from the other ninety-five is one thing: HARD WORK. Forex trading is not an easy business, and anyone who claims to be rich overnight is one of the 95 percent. Only ONE THING, and nothing else, can make you a good trader: HARD WORK. Do not rely on other traders or consultants to assist you; instead, trust and believe in yourself.

Do not rush into trading; the Forex market is here to stay; allow yourself six to twelve months of studies, analysis, readings, practice, and strategy development before beginning real trading; it will take a lot of time and effort, but you will eventually attain your aim.

Strategy

I will discuss some of the tactics I employ to assist traders with their trading.

My plan is as follows:

1 — Discipline: Establish criteria for your trades, monitor the market, and trade only when the conditions are met; do not trade if they are not met. My program is the most disciplined trader; it takes care of all of this; it monitors the market and trades only when certain criteria are satisfied; and the second advantage is that the fear element is eliminated; it enters a trade only when it feels it is a good entry and has no fear.

2 — Money management: This is critical for successful trading; I exit all trades and suspend trading for the day if I lose -60 pips; on the other hand, I place stop losses on my trades if I reach +35 pips profit; in this case, profit will never fall below +35 pips and it has an open target; all I have to do is go out and have fun.

3 — No trades for now: The most critical aspect of trading is knowing when not to trade. I make this decision when I look at my charts and see that there is insufficient volatility or that there will be insufficient news reports released today, and it is better to wait until the market becomes more volatile. I encourage traders to avoid trading on the first days of the month; however, I myself begin trading on the first Friday of the month, when the "nonfarm payrolls" report is released.

4 — Analysis: I trade using both fundamental and technical analysis. Fundamental analysis establishes the market's trend, and technical analysis is used to confirm the trend. I trade the news by analysing released data for a given report programmatically and generating signals that are promptly executed on the trading platform and forwarded to my subscribers.

Fundamental and technical analysis must be utilized in tandem; if one is used alone, failure will result.

5 — Technical indicators: The Forex market contains a plethora of indicators that are utilized by a large number of traders. I utilize the ADX and Bollinger Bands to identify trends and volatility; the RSI to determine whether an asset is overbought or oversold; and the moving average and currency strength to determine the strength of a signal. And the most critical strategy is FIBONACCI, which I recommend traders install and utilize to confirm trades.

Finally, I want to emphasize that Forex is not easy, and many times we feel as though someone is conspiring against us to steal our money, but the truth is that nothing is impossible, and successful traders are not more intelligent than us or from another planet; the fact is that the more you work, the closer you get to becoming a good trader. Do not give up easily, as this business requires perseverance and attention.