By Jon Jacoba
Learning how to day trade can take varying lengths of time to conquer, depending on the talent and dedication of the individual trying to be taught how to trade. That being said, I am often questioned if it is possible to successfully day trade on a part-time basis. Naturally, in the learning phase I strongly recommend not quitting your day job because you might find that you do not enjoy day trading or you may not have the attitude or mindset to day trade.
On the other hand, there are those people who want to day trade permanently on a part-time basis, and this is actually a different demeanour. I think an intensely skilled individual could be quite satisfactory trading on a part time basis. While the ES e-mini trades 23+ hours each day, the prime trading times are when the exchange is open and actively trading. If you happen to have a job that needs you to work 8 to 5, you will miss out what is possibly the best trading. While there is some activity after hours, it can frequently be slow with little volume to speak of.
Another trading chance is the pre-session hours from six AM Central standard Time till the market opens. I frequently trade this time period and find lucrative trades. So for a part time trader, the pre-session hours offer some real chances. Naturally, trading the pre-session hours needs waking up awfully early and some people more amenable to this requirement than others.
But the real problem, I suspect, with part-time trading isn’t getting plenty of screen time. To become a good trader, especially in the scalping style, a trader should be comprehensively familiar with the contract he is trading. Familiarity begets skill, so it is vital to get plenty of time forex demo trading or basically trading little contract numbers to reach a certain point where your skill base is above competent. I know of no other way to improve a trader’s results than to spend time trading which ever contract the trader has decided on. In a part time trading situation, I fear it would probably take a really long time to get to a point where the trader has the confidence and abilities to be totally effective. That is’s not to say it can’t be done, only to identify that it would probably take an incredible amount of dedication an additional effort to achieve success trading part-time.
But there are possible choices, I know several currency exchange traders who work a 3rd shift job in order that they can trade the morning ES e-mini session. I consider these guys full-time traders, though I speculate how they do it because they certainly must suffer from sleep deprivation. On the other hand, this would be a good way to be taught how to trade if you are considering a transition from a full-time job to full-time trading.
I feel a bit like the point I am making an attempt to make is a bit ambiguous. A highly gifted individual could trade part-time very successfully if she had an extraordinary quantity of zeal and above average talents as a trader. On the other hand, someone who doesn’t want to put a full effort into learning to trade will generally be disappointed if he or she tries to trade with an indifferent effort and part time. Some of the finest traders in the world trade the ES e-mini contract and the exchange is certainly no place for anything apart from your best. I suspect my best answer to the part time trading question is this: part time trading is great while you are attempting to learn to trade, but might not be the optimum answer on a permanent basis. The reason i believe this is the skill set wanted to trade; traders need recurring sharpening of the day trading skill set to stay current. Trading is kind of like exercise, if you exercise every day you stay in reasonably good condition, but when you take a couple of weeks off your return to exercise can be hard and you wonder where your stamina went.
To become a successful forex trader takes learning the right techniques and practicing them over time. Now with forexbite.com you can do it easily. It is also recommended that you use forex demo account to practice before placing real money.