By Yael Warman
The idea of trading whilst working in a full time job can be very appealing as a highly lucrative way to top-up your income. Yet putting this ideal into practice can be a significant challenge. Many in this situation find it difficult to focus on trading or focus on their job, while attempting to undertake both at the same time. The outcome is often experienced as under-performing in both spheres. However, with a bit of research you can find ways where you can undertake trading whilst working. The following are some of our preferred techniques to balance this juggling act.
Option 1: Automated Trading Solutions
A new innovation in the world of online trading is the ability to create your own robot which will undertake automatic trading on your behalf. While using an automated trading solution does require a degree of technical savvy, the user-friendly element of the programs has been enhanced by specialized solutions that are encrypted into the software. If it doesn’t offer this, you can have someone undertake the encryption for you. A prerequisite for using automated trading robots is that it requires you to have a trading strategy where the activities can be automated. Since much of the fallibility that comes into trading is due to psychological tension and pressure, using one of these solutions may even have the effect of improving the performance of your trades.
Option 2: Trading After Hours
Far less technical is the option to trade in a market that is experiencing optimum liquidity in your ‘after hours’ working time. Globally, there are certain markets where the liquidity is best during your working times, and some that have good liquidity after work, which is the best time to undertake trading on those currencies. For example, the Asian markets are trading at their highest volume during the evening period in the US. Andrew Krieger made his millions by short selling the New Zealand dollar, which is around 18 hours ahead. He would therefore have performed his trades at a comfortable time in the evening. Ideal as an option to not have to interrupt your working time with trading, you can simply trade the zones that are best traded after your working hours. This requires developing some expertise in the relevant currencies, but this solution will allow you to undertake both effectively.
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Option 3: Trading as your Full Time Job
Actual trading is just one of the many ways that a professional trader can make money. A professional trader can market themselves as a money manager and trade for other people, who will then pay a commission. Another full time work option is to become an introducing broker. In this role you introduce clients to a brokerage in exchange for a fee or an ongoing commission based on the client’s trading or deposits. In financial trading there is also a demand for education, you could train other traders for payment, write e-books, provide webinars, etc. Others with a technical background, have written trading strategy robots or algorithms that traders can pay to use and upload to their trading software. These options are all very accessible, with brokerage often being quite willing to assist with marketing and other operational aspects, even providing expertise. Furthermore, these non-trading methods can often be a more reliable source of income than trading itself, which is subject to highs and lows.
About the Author:
Yael Warman is a creative writer with a strong background in marketing and advertising. Yael has been a writer for over 10 years and has worked for clients in various industries as well as her own companies and is currently the Content Manager at Leverate.