Effective Techniques for Part-Time Forex Traders

The author doubled his profits in seven months as a part-time currency trader. When he was working a full-time job, he spent approximately thirty-five minutes every day for trading. His monthly average profit was about $600. He is semiretired now and has more time for trading; he spends roughly two hours daily on FX trading. Currency trading (or Forex Trading) can be a lucrative and yet easy means of making pocket money on the side especially during challenging times such as this. You might be a retiree or hold a nine-to-five job. You might reside in a place permanently or travel most of the time. Whatever your situation, you can potentially double your capital within twelve months by being a part-time trader. It is not difficult to learn. You do not have to be a scientist. Nor are you required to have an economics or finance degree. It is easy to initiate a trade; however, generating profits is a totally different story. And, consistently making good money is yet another story. To be successful, you need to be able to brilliantly decipher technical indicators and be able to accurately interpret fundamental information. This book is specifically designed for novice part-time traders or for aspiring professional traders. It is a great book to start your forex trading journey with. You can nevertheless benefit from the book if you already have some trading experience under your belt and are looking for additional trading techniques to increase your wins. It is the author’s intention to make this book an easy read so that even newcomers to the game, without prior knowledge or experience in FX trading, will be able to follow along. It is not meant to be a comprehensive guide to FX trading; the purpose is to whet your appetite and to get you started. There are many FX trading books out there that are quite technical in nature and which might be difficult to grasp. The author deliberately avoids using trading jargon in the book. The author and the examples cited in the book are all part-time FX traders and they have made considerable profits within the first year of their part-time trading; on average, they spent approximately twenty to thirty minutes every day in preparation, analysis, and actual trading. However, you need to possess the proper characteristics to be a successful trader and must adopt effective strategies to trade successfully. Several personality traits are essential for a winning FX trader to exhibit. In this book, you will find fourteen compelling techniques and ten valuable tips/tricks. They are written so simply that even a beginner will be able to understand and implement them. The author has candidly penned some pitfalls to look out for and avoid. These are the mistakes that he and his trader friends have personally made along the way. Unfortunately, most FX authors or experts do not specifically share their trading failures. We could learn a great deal from other people’s mistakes. One of the major challenges for an amateur is the ability to analyze fundamental data and read technical indicators. Some data can be confusing and there are hundreds of technical indicators out there. To help you navigate these tools, the author has selected several important fundamental data to look out for and a few popular technical indicators to consider using. He explains these in a way that you will be able to use them to your benefit in no time. In addition, the author also identifies different types of traders in the realm of currency trading, namely day traders, swing traders, trend traders, event-driven traders, and algorithmic traders. He then explains which of these traders is most suitable for part-time trading. It can be difficult to find an easy-to-understand book for a complicated topic.