Very basic question on my interest in trading forex

[kflan]

I currently have no experience with forex trading however I am thinking about getting involved with it since I have always been fascinated by this particular type of trading.

I am recently retired and would like to do this on a part-time basis not to exceed a few hours per day (2-3 hours only). I live part of the year in different countries where I change time zones from Europe to USA to Asia and back. I don't want to trade at odd hours such as middle of night etc., and I would like to trade during normal work hours in the different time zones where I am living at the time.

My question is simply is it practical for me to get into forex trading given the fact I want part-time only and I want to do it throughout the year during normal work hours in the different time zones where I live.

Much appreciate any comments you can provide.

[15jeff]

Part time forex should work very well for you friend. You can begin with practicing on demo accounts.reading relevant books is great help.Almost all of us started with no knowledge of this topic.
Good luck.

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[kflan]

Thank you for the response and I will take your advice.

[DrForex]

Your question is basically if the 24 hour nature of the FX market makes it a better bet than fixed daily hour based markets with the added advantage that you can trade the same instruments independent from where you are.

I think it can do the trick however there is one important caveat:

it all is going to depend on how you attempt to trade this market.

Some (most, overwhelmingly so) say you must trade it like the stock market. Find an instrument that is now (while you watch during your two hours) going to go up (according to your analysis). Have a stop in place for in case it doesn't. Come back tomorrow and repeat.

I don't think this is optimal. This is taking the advantages of the fx market and changing it to disadvantages.

I am pretty sure anybody can trade the forex market happily from anywhere in the world and have a good night's sleep. Some places are better than others. South Africa (other parts of east Africa and Eastern Europe is probably the most optimal time zone from a "don;t want impact on my sleep" point of view, but I have clients all over the globe who trade wherever they are and I certainly discourage significant changes to your pre-fx daily routine.

[elkm]

Wondering if automated tools are the solution for people like you (and myself, I won't be able to spend so much time on fx).
If you spend a decent time tuning them on your demo account, I think you can define somekind of a strategy. Or are they too complicated for forex beginners like myself ?

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[gffx]

Sometimes automated is not as good as manual trading. I've learned my lessons.. luckily it's just demo.

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[janethjack]

hi,
from my experience in fx I’d tell you can choose the time when you want to invest and it may agree with the markets where you want to invest. It is a 24-hours market then it depends where and specially which events could affect that market, it supports your decisions and of course, your chances to win in there!
Jan

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[ProfitMaximizer]

Here are some simple tips that will help you increase your profit potential prevent you losing money.

1. Select your first broker

When you first decide to trade Forex you will need to locate a reliable broker. It's very important that you familiarize yourself with the software the broker uses for making trades analyzing the market any other features they may offer. Many have a training or tutorial account that will allow you to signup make trades for free. Use this to your advantage before just jumping in tossing your money in.

2. Get simple method you understand

In forex trading many people think that the more complicated a method they use in forex trading the more likely they are to make money. The fact is that is not a truth the simple systems work best. As you know there are two main ways to analysis the currency rate: fundamental technical analysis. Simple systems are more robust easier to trade with discipline as you underst the logic can therefore follow it with confidence when it has a losing period.

3. Trade the big trends not trade frequently

Although short term trading long term trading are both good you have to catch the big long term trends that make the big profits. The big moves in forex trading with optimum risk to reward come just few times a year so don't trade for the sake of trading wait for these moves - These are the that will make you the big profits that's why you're trading.

4. Work smart not hard

Once you have a system your happy with that's it. People go on about working hard in forex trading to educate yourself but once you have your system stick with it. The market doesn't give you extra dollars for effort you get your reward for trading correctly.
Forex trading is risky so you need to manage your money place your stop order far enough away the market action to allow for volatility.
Placing stops too close to entry not taking enough risk dooms most traders to fail.
Also when you have a profit don't move the stop up to quickly be patient give the trade room to breathe.

5. The formula to success

The formula to success in forex trading is to do the following:

Using Simple Method + With Discipline + Control Risks = Forex Trading Success

Keep these simple tips in your mind you could make some big profits on forex trading.

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[gffx]

Great tips!

I like #2 and #3, newbies need to pay more attention on these 2 tips.

[ProfitMaximizer]

Originally Posted by gffx

Great tips!

I like #2 and #3, newbies need to pay more attention on these 2 tips.

That right my friend broker and strategy are the two foundation stone for forex trading. If any one of it do not work properly then surely trader will not get the expected returns.

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