The Forex market is a money market, millions and millions of people trade daily to try and beat the markets. Some of them get success in the market, where some get failure. Those who get success treat it like a business and make it their regular source of income and those who get failure, leave the Forex market and are never seen again. When I ask myself the question, "what is the reason of success and failure in the Forex market?" I find only one answer – Strategy. The Right strategy makes Everyone who trades successful where as following the wrong strategy makes them fail in the Forex market. Here we are going to discuss the success strategies for part time Forex traders.
Part-Time Forex Traders
As we all know that the part time Forex traders are those who can only provide some time of their day or week to the Forex market and want to earn good profits in the Forex market. So, they must plan their strategies accordingly and execute them right to get success in the market. They must use manual or automated expert advisers (EA's) on their Forex platform instead of sitting at their computer for hours a day studying the markets. Manual and automated Forex EA's save the time of the trader by generating a signal or trade for you at best possible time and trading conditions in the market. Personally I don't trust automated EA's I only use manual EA's so, I Personally execute and exit my own trades. Some automated EA's can earn steady money on a regular basis for the trader but, they can also lose money quite frequently as they are made to trade a specific way and the Forex markets are always changing.
Most of the part time Forex traders are using the help of Forex alerts from manual EA's or signal providers for their trades in the Forex market. Forex signal alerts are generated by manual EA's, professional or expert Forex traders where by you just activate the trade or enter the trade details from your signal provider to get maximum performance in the Forex market. You must get the Forex alerts from a reliable and trusted source. You can make the best use of your Ea or Forex signals by combining it with good money management and a good understanding of the Forex Markets. Armed with your own knowledge, instinct and risk management you can choose whether or not to take the trade for the best results in your trading plan.
Full-Time Forex Traders
Full time Forex trader must know the Forex market very well. It's not possible to know and learn the markets in a single day. It's a process and you have to enter into this process aiming for success in Forex market. First try to gather as much as information possible from different sources related to the Forex market.
Then search for the best Forex trading education for you and learn about the different situations in the Forex market including price action and market fundamentals also, what to do and when. Once you are finished with your Forex education then test your knowledge and make trades using a Forex demo account.
Forex demo accounts are the best friends to Forex beginners and also full-time Forex traders for testing purposes. In your demo account you will find real Forex market conditions to test your skills with no risk involvement as you are not trading with real money. Once you practice with the Forex demo account and become profitable it is then time to choose the right Forex broker and trading account for your Forex trading. Choosing the right Forex broker will help you in all your Forex trading activities. You MUST ensure your broker is regulated and NOT a market maker.
You must use the help of Forex alerts when full-time trading ie, Manual Ea's but, your manual EA will be your source of Forex alerts and must be reliable and trustworthy. Forex alerts help you to make the right decision at the right times. It will help you to check your analysis with your predictions of where the markets will actually go. Also, being part of a group of Forex market experts, will help you boost your confidence in the Forex market.
It is imperative you use fundamentals and technical analysis for all your Forex trades in the Forex market. You must be patient and pick or time your entries, don't get in the market too early or too late. Most of all don't over complicate things, trade what you see not what you think!
People will say "oh, there is a head an shoulders pattern on the 30Min chart" but, if you dial up to the 4H you will see it's just market noise. Remember, quite often the market does the exact opposite of what you expect. Do you think the market makers are waiting for a pattern to form or for the market to hit a moving average to take the market the other way? No, most of the time they do the exact opposite. Be safe out there!