Usually we imagine the work of a trader on the stock exchange or a huge office among dozens or even hundreds of colleagues, a flurry of activity in buying and selling various trading instruments.
But electronic trading is completely different and you should be prepared for some difficulties of this type of earnings.
First of all, you will face all the problems of home work, and others will be added to them, which it will also not be superfluous to learn about.
And so you decided to become a trader, do not think that it will be easy:
• Self-organization is perhaps one of the main enemies of working from home, and we are not talking about opening deals, in fact, trading is an exciting game, but all the moments that accompany it seem routine.
Try to force yourself to study technical analysis or spend a couple of hours studying the history of the movement of a currency pair. In addition to opening deals, you will have to do a lot of uninteresting things.
Therefore, from the very beginning, your day should be clearly scheduled, for the time when you trade and the time for study and other related activities.
• Loneliness – for many people, work is a kind of entertainment, because in the office you can always chat with colleagues, drink coffee. Electronic trading does not provide such an opportunity, you have to work all alone. For some, this can be quite a challenge.
It also becomes a problem that the less you communicate with others, the harder it becomes to do this. Therefore, every day it is necessary to “go out to people”, let it be an evening walk or just a trip to the store.
• Distractions – sometimes you have to work in conditions when close people (parents, children, spouses) are nearby, in most cases they flatly refuse to perceive your work as work, because you do not have a boss.
Therefore, it is best to say that you work for a fictitious company as a manager at home, and sitting at the terminal is your job, on the results of which you should report to your superiors.
This approach will save you a lot of nerves – proven from our own experience.
• Free time – often its surplus harms work, you have opened several transactions, placed stop orders , and all that remains is to wait for the result, watching the market. But, such observation most often leads to premature closing of transactions.
Therefore, in order not to harm open positions, it is best to find something to your liking. I myself prefer intraday trading on M30 – H1, and in my free time I scalp on cent accounts .
It not only takes hands, but often brings a small profit, the main thing is to use scalping wisely , without risking large amounts and transferring profits to another account in time.
• Excessive load – the forex market is open 24 hours a day, but this does not mean that you should also trade around the clock. You should immediately decide which of the sessions you will work on, learn to switch off and separate working time from rest time.
Working from home is already quite difficult, and when trading, the need for independent decision-making is added here, but at the same time, this is a huge plus for enterprising people, since you do not need to ask permission to implement your own plans.