Does anyone trade forex part time only? i.e. trade early morning before going to full time job, or after getting home from full time job? For time reference, I'm in NYC. Thinking it may be possible to pull out some PIPS especially on $/Â¥ or Eur/$.. Any thoughts??
For sure....just keep an eye on the longer term trends and ignore the rest...most profits i make in forex comes from not just watching a chart for hours at a time, but being patient, getting a good entry in a longer term trend and just checking it every day or so.
I am a part time FOREX trader since September of last year. I usually trade in the evenings and in the morning. Sometime I will set a trade overnight and check it when I wake in the morning. I do have a certain advantage in that I usually have access to the internet most of the day at work so that I can monitor my trades form the office as needed. As far as making money this way, it can be done but I would not suggest scalping and would look to longer trades. I have gradually moved to longer time frames as I have found it is eaiser and more profitable for me to extend the trade duration. I currently trade from around several hours to a day or two. However I am working on extending my time frame to last several days when the market conditions are right. That is how I have chosen to do it. Your situation may be a lot different form mine so you method may be completly different from mine but I do not see why it can not be done. Good luck to you.
This is ideally what I would be looking to do. My only issue is that while I do have internet connectivity at work, my IT group has clamped down so much, that if there were an adverse move against me, I may not be able to do anything. If you don;t mine, which fx broker do you prefer?
fx futures mostly ... sometimes CHF , or GBP , AUD during asian hours ... its easier for me to read the tape
Brad, I do not have the IT problem as I work for a small company that is a consulting firm. Besides most of my coworkers are retired and the atmosphere is extremely relaxed and open. I do have to leave my desk for several hours a day to attend meetings for our clients though. This is a real inconvienance but that is life. I use OANDA at http://www.oanda.com for my broker. This has worked out well for me. The only thing I wish were better is the charts so I use metatrader at : http://www.metaquotes.net for charting. Let me know if I can help with anything else.
Most of the really big moves in forex tend to happen in the early european hrs 7-9am GMT. In the last few sessions I have made most of my pips in just those hrs so if you did happen to scalp during that time and work part time it would be feasible.
josecruset: I've tried fxcm's and Oanda's platforms. Of course everyone has there own preferences but overall I like Oanda. They have a chart built in so you don't have to run separate software and unless it has changed recently Oanda offers tighter spreads.