Trading Forex Around a Busy Schedule? Here’s How
Whether you’re a veteran trader or are new to the forex sphere, at some point you will run out of time and miss a trade. If this happens as a one-off, you probably have nothing to worry about – however, if it gets to the point where this appears to be occurring more regularly than not, it’s probably time to recognise it as a problem
It’s likely that your other commitments, such as your family or job, could be the reason behind you running out of time for your trades, as you begin to consider forex trading an afterthought as opposed to a professional career path. In these cases, it can seem as though there simply isn’t enough time in the day to trade. So, in this article the forex education experts, Learn to Trade, are covering 2 of the best ways you can manage your busy schedule to ensure both your forex career and other responsibilities are given equal measure.
Use an app
While it might sound obvious, particularly in the age where approximately 2.5 billion of us own smartphones, using a smartphone for both work and pleasure can be incredibly easy, mobile and time-efficient. So, if you’re tight on time, using a smartphone app to carry out your forex trades could be one of the best ways for you to manage your time between other commitments.
There are so many different forex trading apps out there that are compatible with a variety of devices, allowing you to trade on the go and adapt your trading to suit your lifestyle. Not only are trading apps worth looking into, but ensuring you keep an up-to-date forex calendar on your smartphone is a quick and easy way of helping you to decide when to trade – therefore allowing you to plan your day, and indeed week, around specific trades.
Utilise chart alarms
Another advantage of using a smartphone is the ability to set chart alarms. Chart alarms let you know when to check your charts at crucial moments and, if used correctly, have the ability to make your trades even more efficient and a lot less time consuming. If you’re struggling to manage your busy personal calendar, it’s likely that you’ll be unable to check your charts as regularly – as such, by setting up specific chart alarms, you’ll be alerted to important movements in your trades, allowing you to quickly hop on as and when you need to.
Another advantage of chart alarms is that the time you actually spend trading is arguably more productive, meaning that you won’t be hemorrhaging time looking at your charts when it isn’t necessary to. As a result, you’ll be able to streamline your time and dedicate it to what’s needed at the time – whether that be your other job, your family, or social events.
By giving the above tips a go, we hope that you’ll be able to see that trading forex alongside other commitments is entirely impossible. However, be aware that simply implementing these techniques into your trading schedule won’t make your time more manageable overnight! Try out a few different methods until you feel comfortable with establishing what works for you – after all, when trading forex you are your own boss, so don’t be afraid to try out new methods until you decide what works best for you and your lifestyle!
John James is a content writer for Learn To Trade, the foreign exchange education and learning specialists – offering a range of training courses to help people understand the currency trading market, as well as its opportunities and risks.