Have you ever thought about becoming a day trader? About leaving your job and completely devoting your time to day trading as a primary profession (be it full-time or part-time)?
Most professional traders spend about 3 or 4 hours a day trading. What strategies do they follow? What are the benefits of investing specifically in these hours?
Let us explain a set of strategies that can save you time and effort in order to successfully grasp the concept of day trading, and possibly become a day trader yourself.
Day Trading Hours
As a day trader, whether in the stock market, forex, or futures contracts, you need approximately 3-4 hours throughout the day, with an emphasis on the official opening and closing hours, because the possibility of making a profit lies in this period of time:
* From 9 am to 10 or 11 am EST.
* From 3:30 pm to 4 pm EST.
Forex day trading time: If you are a forex trader, online trading is available around the clock, 5 days a week. It is the flexible solution for all traders, whether you are a full-time or part-time day trader. Open your trading platform and start applying your strategy.
Currency pairs control the choice of the appropriate trading hours in forex. For example, for the EUR/USD currency pair, the most appropriate time is between 1 am and 12 pm EST with an emphasis on the period from 7 am to 10 am EST, when the greatest volatility is, due to the New York and London markets being opened.
Are you ready to start day trading as a job?
Depending on the strategy that is best for you, you can determine whether day trading, part time or full time, is right for you. Keep in mind the trading times mentioned earlier, and how to use them in the best way in order to achieve the required gains and successfully implement your trading strategy.
It is entirely up to your day rhythm and how well you correspond to the main trading hours. When you’ve mastered a successful trading strategy, it becomes much easier to trade and 3 or 4 hours a day is enough for you to successfully achieve the investment goal.
However, we must mention a very important point here, which is the difference between part-time day trading and general trading. The idea in day trading is to continue allocating time during the day (3 to 4 hours), for trading.
You must not become too comfortable, trading whenever you feel you have the time. The idea, as mentioned above, lies in self-discipline, in order to seize the best opportunities on a daily basis.
You must be strategic in your plan and your investment goal, just like in a game of chess. You must be mentally prepared for any occurrence and have the time to handle trading throughout the day, which means you must be flexible.