Part-Time Forex Trading in MetaTrader 5 – How Convenient Is It?
Can you do FX trading even with a full-time corporate job? Is it possible to work part-time trading Forex? The answer is yes. With the market being accessible 24 hours a day, it is a lot easier for part-timers to take advantage of the market’s currency trends as they are not bound by anything. This has allowed convenience on the part of part-timers who can’t seem to afford to invest their entire time in trading. And with the variety of trading tools and indicators found in MetaTrader 5, you will find it easy to trade even when you have other priorities to attend to.
What Are The Advantages of Trading In A Shorter Duration?
There are a couple of advantages in short-term trading and this includes the efficiency of every trade. This means that there is less chance of over-trading or under-trading. When under-trading occurs, funds that are supposedly used for certain periods remain unused, missing potential FX trading opportunities.
As for full-time traders, they tend to get overloaded with too much information and they can’t absorb all of it. All this confusion can become really daunting as clarity goes missing. But with part-time trading, traders tend to get a simplified look at the market as well as their marginal uncertainty. Minimal time investment also leads to more time to be spent on social activities.
Improving the Workflow of Part-Time Traders
There are different strategies available in the market that are suited to every trader out there. But if you are short on time, you may try this strategy called “Simple DNC Breakout”. The tools being used in this strategy are very easy to use and can be handled by even those who are new to the market or have no trading experience.
So, you might be wondering, how can a trader find a good trade if they are not keenly watching the market? The solution to this is the placing of order at particular price points. By the time the market trades into these prices, this will be the trader’s signal to enter a trade. This resting order will then be responsible for automatically entering and exiting a trade.
The DNC Breakout Strategy
This trading strategy requires several things including a price chart, Donchian Channel (DNC) indicator, a strong trend, and 30 minutes to pinpoint the strategic price points.
To start with, you need to open a price chart of a certain currency pair. Make sure that it has a strong trend. In a daily price chart, every candle or bar represents the price action of the entire day.
After that, you have to put the DNC indicator into the chart. Through the use of this indicator, you will be able to calculate the lowest and the highest price given a particular number of times. You should set the indicator’s value to 8 which means that the highest price, as well as the lowest price, should be seen in the chart.
If you are very busy and think that trading will not be a good option for you then you should think twice. Part-time Forex trading can easily fit into your busy schedule and you don’t have to give up those important jobs that you have as long as you outline all the strategies mentioned in this article. All you have to do is to stick to a reputable trading platform that provides efficiency in trading, the MetaTrader 5.