Many traders are considering moving to full-time Forex trading, unlike the vast majority that prefer part-time trading. There are advantages and disadvantages to this approach in treating Forex as a primary function. In this article we will try to list the most important advantages we can gain from full-time Forex trading.
More time to trade. The first and most obvious advantage is to provide more time for trading. Part-time trading requires that you allocate the time necessary to perform your daily job and perform the usual tasks at home, and therefore there may not be enough time to successfully trade on the Forex market. Full-time trading solves this dilemma by setting aside the entire day to practice trading tasks.
Working within full trading sessions. When trading full-time, you can choose a working day that includes a full session or a specific period of trading during the intersection of different sessions and thus take advantage of the most active trading hours in the Forex market.
Pivot points. Using pivot points and similar tools to determine support and resistance levels is more efficient and applicable when trading during a full session. Full-time trading allows trend tracking and price response when testing all of these important levels. Most part-time traders miss this feature and for this reason they may miss some trading opportunities associated with daily pivot points.
Organization. You will discover that trading during fixed time periods every day will automatically organize your business as a trader, as well as make you more disciplined, which provides an opportunity to improve the level of regulation in all aspects related to Forex trading.
Moving stops. Some Forex platforms do not support the use of automatic stop orders (for example, the Streamster platform provided by AGEA). If your trading strategy requires the use of trailing stop loss orders, you will be able to apply this feature manually when trading Forex full time.
More trading opportunities. When trading over an entire day, which usually takes 7 to 8 hours, you can find more favorable opportunities to enter trades compared to trading for a few hours that are randomly chosen throughout the day. When trading full time, you can also check out small timeframes and find more opportunities on them.
Learning. Full-time Forex trading provides an opportunity to learn from your winning and losing experiences and trades. In the period between closing a trade and opening another, you will have time to browse market reports and analyze trading history as well as read some Forex books – all of which are very useful practices for improving trading skills.
Interact with the news at the right time. The trader should react quickly and accurately to the important news in the Forex market. The full-time trader has the opportunity to interact with most of the currency related news upon its release.
Communication. A full-time forex trader can communicate with other traders during breaks as he will have time to do so. Many Forex platforms provide online chatting for this. Some traders may prefer to use Forex forums to interact with others. In any case, communication with your fellow traders remains an excellent opportunity to improve the efficiency and results of trading.
Those were the advantages you could gain from full-time Forex trading, but this does not mean that this method is not accompanied by some disadvantage, but the article cannot accommodate it here and that is why we talked about it separately in another article.