Many traders are considering switching to full-time Forex trading as opposed to the most popular way of trading — part-time. This approach to a Forex job has its own advantages and disadvantages. In this article, I would like to list the most important advantages of full-time Forex trading.
- More time for trading. The first one and the most obvious advantages is more time for trading. When you trade part-time, you have to deal with your daily job, your routine work at home, and what is left often is not enough to trade Forex successfully. Full-time trading solves this by giving you an entire day for trading.
- Full trading sessions. When you trade full-time you can choose a working day that would include one full trading session or one full intersection of the trading sessions to trade during the most active hours in Forex.
- Pivot points. Using pivot points and auxiliary levels of support and resistance is most effective on the whole intraday session. And when you trade full-time, you can follow the trend through almost all of these levels. Part-time traders will usually miss some of the opportunities connected with daily pivot points.
- Organization. When you trade during fixed periods of time each working day, it automatically organizes your trading, making you more disciplined and offering you opportunities to improve your level of organization in all aspects of Forex trading.
- Trailing stops. Some Forex platforms do not support automatic trailing stops (for example, Streamster platform of AGEA). If your trading strategy requires trailing stop-loss placement, you can easily do it manually when you trade Forex full-time.
- More trading opportunities. A full trading day of 7-8 hours can yield much more opportunities for entering positions than some random 2–3 hours a day. You can choose to look at the lower period timeframes and find even more opportunities there.
- Learning. When you trade Forex full-time, you learn from your experience, from your wins and losses. In between the trades, you also have time to read the Forex market reviews, analyze your trading history, and read Forex books — all very useful in improving your trading skills.
- Reacting to news on time. When some important Forex market news come out, a trader's reaction should be fast and accurate. A full-time trader has an opportunity to react to the majority of the currency-related news immediately upon their release.
- Communication. In between the actual Forex trades, full-time traders have a lot more time to communicate with other traders. Many Forex platforms feature a built-in online chat for this purpose. Some traders may prefer Forex forums to talk about trading. Anyway, it is all useful for actual trading as it helps to become more proficient.
Of course, these are only the advantages, while trading Forex full-time has some constraints, but this is a topic of another article and is not to be discussed in this one.