Foreign currency exchange is one of the most active financial markets. Since it is open 24 hours for five days a week, it is very suitable for traders looking to supplement their daily-job income. There are some strategies that can help you accomplish this. Choose the right currency pair that you would like to trade and put an automated trade program in place, if you’d rather have your trades be automatically executed. Decide what your appropriate strategy is and stick to it for the long run.
- The high liquidity pair USD/EUR is especially suitable for part-time traders.
- Part-time traders may benefit from an automated trading program, particularly a “set and forget” one.
- Part-timers should exercise the self-discipline to take profits when they arise rather than wait for wider spreads.
“The key to success in the forex market is to specialize in the currency pairs that trade when you’re available and to use strategies that don’t require around-the-clock monitoring.”