Being a trader of foreign currency exchange market can be a lucrative career, but if you are unwilling to fully commit to it, you can pursue it as a source of supplemental income. Trading on this market has its risks, like any other commodity or equity market, but these risks should not intimidate you. Although the market is open 24 hours a day during the week, you should limit your trading to peek hours, which will ensure adequate liquidity.
- Most part time traders are generally suggested to take profits on materializing instead of holding out for big profits from the wider spreads.
- A trend can always turn around a lot faster than you can expect and can be affected by any variety of external events which a part time trader might not be expected be aware of.
- Though it’s a reliable source of income, you will have to educate yourself properly before you start investing.
“If you are not sure how can you become successful when it comes to forex trading, or what is spread wagering all about and how to improve your odds better, you can make use of the tips in this article. When you mix these tips with a reliable forex trading platform like ETX Capital, you can surely make a decent second income.”