By Adinah Brown
Are you trying to trade with the baby crying in the background? During a slow dinner with the in-laws? Or whilst your roommate is in band practice?
It can be hard to find time and a trading space amongst the busy activities of life at home. And for most of us, trading at home is the only place that we can trade. With all the commitments from work, kids, partners, soccer practice, gym and a million other things, finding a time and a place amongst these competing pressures can be very challenging.
Finding a place in home and generating discipline in your trading is of paramount importance. Here are some elements that need to be put in place when trading from home.
Timing of your trades
Most systems require proper timing to be effective. For most pairs, the time you trade is critical to ensure that volume is appropriate, with a pattern generally following wherever it is currently daytime. Without the right amount of volume, volatility will often impact the trading strategy, rendering volatility too unpredictable for profitable trading. Ensuring that you fit the strategy and pairs into the timing of your trading, will ensure that your trading activities are most effective.
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You need to discipline yourself to ensure that you are trading at the right time.
A space to focus
Trading requires focus and dedication. For some traders who follow the up to date news in real time, listening to the news reports or announcements are important. For others, it’s about needing a few screens to track the different instrument that they are following. Because of this, it is often necessary to have a place and a computer set aside which is able to handle the demands of trading. The space and capabilities of the trading setup have to be minimally sufficient to ensure that trading system requirements are met.
Without a quiet place to trade and focus, your trading will likely suffer as distractions impact your ability to trade optimally.
Mobile or automated trading
It may not be possible to always find the proper time to allow you to trade at home, but there are many simple ways to allow your trading to continue in any environment. One of the more popular options is mobile trading. This is best for someone that has the time, but not necessarily the same space to work from. Mobile trading is trading from a cell phone, and can literally be done from anywhere that a reliable wifi signal is available. Wifi reliability is key, because you need the connection to make sure that the positions opened or closed will reach the broker.
Automated trading also avoids most of the issues inherent in trading from home. Automated trading is when you copy the trades of an experienced trader onto your trading account. Usually it is used to trade instead of you, taking away from a direct trading technique. However, it can also be used simply to provide signals, allowing you to continue to trade directly whilst using these signals as suggested trades. Whatever the case, automated trading provides an effective alternative for difficulties in finding time to trade from home.
With the right time, discipline and setup anyone can trade successfully in their home environment.
About the Author:
Adinah Brown is a professional writer who has worked in a wide range of industry settings, including corporate industry, government and non-government organizations. Within many of these positions, Adinah has provided skilled marketing and advertising services and is currently the Content Manager at Leverate.