If day trading intrigues you but you don’t want to quit your day job, you don’t have to give up on the idea. Many professional day traders work on a part-time basis, and it’s actually a smart move to do so. Trading for up to three hours a day is a great way to supplement your income, while mitigating some of the risk involved. With the right RSI trading Strategy, you’ll be well positioned for success in a difficult market. Using a strategy of this nature is recommended, and you can increase productivity as if you were using the agents/broker portal at Simple Solve. This makes it easy to obtain premium information and submit online payments like with day trading.
If you’re considering day trading part-time, this article is a collection of tips which will help clarify things. You will also learn about what pitfalls to avoid.
Stocks and Futures
If you’re considering stocks and futures, you’ll only need to trade for between one to three hours per day. This makes it a perfect option for part-time traders. Though it’s up to you how much time you invest, the highest returns are concentrated around opening and closing. This means you can strike between select hours and cash in. If you want to trade dollar stocks part-time, your best bet is focusing on the open. If you’re at your computer from 9:00 am to 9:15 am, this is a great time to trade because prices are usually most volatile then. This creates a window of opportunity to profit, and you can extend this to 11:00 am if necessary. There are fewer chances around lunch time, when volatility dies down. You could use something like forex signals telegram to get trading suggestion notifications to help you figure out the best times.
If your circumstances only allow you to trade later in the day, consider operating from 3:30pm to 4:00 pm. Day traders close positions at the closing bell, so your trading day will always end at 4:00 pm. The same times apply to the futures market, where action occurs just before and after the US stock market opens. One of the best day trading futures contracts is the E-mini S&P 500 (ES), a stock-related future.
Day Trading the Forex Market
The Forex market is a flexible alternative, which is tradable 24 hours a day during the week. If you have no more than three hours to trade, this is a great option. The Forex markets operate on currency pairs, the most popular being the EUR/USD. Different pairs are more active at different times. If you’re interested in trading the EUR/USD or GBP/USD, most movements occur when the US stock market opens. This means the best time to trade is from 8:00 am to 11:00 am. If this doesn’t suit your needs, you can try between 1:00 am and 8:00 am, which is when Europe is open for business. There are tradable trends that develop during this time, despite it not being the most volatile. If you don’t want to trade near the US open, you can capitalize on these trends by researching effective strategies online.
Part-Time Pay
Most traders work on a part-time basis because there is a small window of opportunity for profits each day. If you’re one of these people, this will probably suit your strategy, while producing the best results. The difference between full-time and part-time day trading isn’t much in terms of profit potential. As a part-time trader you can earn around $500 per day on average, by trading for up to three hours per day. This is great because you can earn considerable money without being forced to look at the screen all day.