5 Trading Tips for Part-time Traders Posted on July 27, 2020 by Sophia Mason
If There is plenty of information available online on full time trading and how to do it effectively, but what about those who want to start as part time traders first?
Well, this article is for them.
The way trading is discussed it seems that the ultimate mark of success as a trader is to be doing it full time and quit everything else.
Truth is that there is really no rule about these things. And one should never really do things for the approval of others.
Consider your own lifestyle for a second. What are your income requirements and what are your revenue streams? Are you earning your livelihood from multiple sources or are you relying on one only?
Maybe it is this very diversification of your income that you are trying to achieve through forex.
Whatever the reason part time currency trading also has its perks and many are interested in it only as a source of side income.
Let’s take a look at some of the benefits of part time trading.
Benefits of part-time trading
Freedom to expand your revenue streams
As mentioned above, smart businessmen usually have more than one place of income. Having multiple sources of income including passive income are a great way to secure yourself financially.
With part time trading this becomes possible as you have more time on your hands. You can look into other businesses and set things up that will continue to generate income for you passively.
This will not only strengthen your financial position but also offer a sense of security because should one fail you will have back up.
Full time trading can either be incredibly thrilling or incredibly stressful. This is because when that’s all you are relying on to make a living, a few poor trades or strokes of bad luck can create really stressful situations.
Furthermore, a lot of retail traders are day traders essentially. This means that they close all their trades before the work day ends.
This can cause a lot of stress as short term trading requires a trader to keep an eye on the charts constantly.
Watching the market fluctuate and jeopardize your investment causes a lot of anxiety. When you are not relying on trading completely and doing it part time, a lot of this stress and anxiety is relieved.
Full time or part time is one part of it, the other question is how long do you want to do it for?
If you want to keep at it for a longer period of time then it is important that you form habits that are sustainable.
The type of trading that requires less time per day and causes less stress in return is one that is sustainable.