How to Trade Forex And Make Money With a Full-time Job

Are you employed full-time?

Would you wish to trade Forex, make money, and still keep your 9 to 5 job?

Then this post is for you.

In this post, I will show you exactly how to trade Forex, make money, and still keep your full-time job.

There are Forex trading strategies I want to show you that require minimal time and attention.

That means you only need minutes to half an hour for analysis and placing the trade, then get going with other businesses.

Are you in? You must be dying to know these Forex trading strategies I am talking about.

Here goes.

• The New York Breakout Trading Strategy.
• The One Hour Forex Trading Strategy.

a. The New York Breakout Trading Strategy.

The New York Breakout Trading Strategy is a trading technique that is employed during the London-New York session overlap.

The New York session opens at noon GMT and closes at 21:00 GMT while the London session opens at 07:00 GMT and closes at 16:00 GMT.

Notice, the two sessions overlap between 07:00 GMT and 16:00 GMT.

It is during this overlap that our New York Breakout trading strategy comes into play.

Here is how to trade:

1. Choose a Major Currency Pair.

Here are currency pairs tradable during this overlap:

• EUR/USD
• USD/JPY
• GBP/USD
• EUR/JPY
• GBP/JPY
• USD/CHF

2. Set Your Chart into a 15-Minute Time Frame.

Observing candlestick behavior in the 15-minute time frame is the best for this strategy.

It brings certainty where a breakout would be doubtful.

You will see clearly whether the Candlestick has broken the Support or Resistance level or not, unlike lower time frames which may give a false impression.

3. Draw Vertical lines One Hour Before and One Hour After the Time the Overlap is Bound to Begin.

The overlap happens at 07:00 GMT.

You will draw a vertical line at 06:00 GMT and another at 08:00 GMT.

This is the interval between which you will determine your Support and Resistance levels.

4. Draw Support and Resistance levels.

Identify the highest high of the candlesticks between the 06:00 GMT vertical line and the present time and draw a resistance level.

Also, identify the lowest low of the candlesticks between the 06:00 GMT vertical line and the present time and draw a support level.

5. Place Buy and Sell Stop Pending Orders.

Place your Buy Stop Pending order about 1 or 2 pips above the resistance line you have drawn. Similarly, place your Sell Stop Pending order about 1 or 2 pips below the support level you have drawn.

6. Adjust your Stop Loss And Take Profit.

Adjust the Stop loss orders such that they lie on the opposite sides of the Pending order they correspond to.

The Buy Stop Pending order’s Stop loss should be at the same level as the Sell Stop pending order.

On the flip side, the Sell Stop Pending order’s Stop loss should be at the same level as the Buy Stop Pending order.

Take Profit can be adjusted concerning proper risk-to-reward ratio.

Take a risk-to-reward ratio of 1:5 in this case.

7. Wait for a Breakout to Happen in Either Direction.

Once the breakout occurs, the price will activate the Pending order set on the side it happens towards, whether up or down.

8. Cancel the Inactive Pending Order.

Has the breakout occurred upwards, cancel the Sell Stop pending order?

If the breakout occurred downwards activating the Sell Stop Pending order, then close the Buy Stop Pending order.

Also Read: – HOW MUCH MONEY CAN YOU MAKE TRADING FOREX IN OLYMP TRADE?

9. Go About Your Full-time Job Business.

Leave the trade running and do your job!

b. The One Hour Forex Trading Strategy.

The 1-hour Forex Trading Strategy is a technique of trading forex which is based on the 1-hour candlestick chart time frame.

The most preferred 1-hour Forex Strategy is based on the Asian Session breakout.

The Asian Forex Session Opens at 23:00 GMT and closes at 08:00 GMT.

Here is how to trade:

1. Choose the Right Currency Pair.

A perfect currency pair related to the Asian-Pacific region to trade is USD/JPY.

2. Set Your Candlestick Chart Time Frame to 1 Hour.

It is a 1-hour Forex Strategy and so it is traded on a Candlestick Chart time frame of one hour.

A one-hour chart time frame filters out much market noise and makes analysis easier.

3. Wait for the Asian Session to Open and the First Hour Candlestick to Close.

We said that the Asian Session opens at 23:00 GMT.

Everything we will do will be based on this first-hour candlestick.

The price can either move up or down concerning this first-hour candlestick’s high and low.

4. Place Buy and Sell Stop Pending Orders.

Place your Buy Stop Pending Order 2 pips above the high of the first-hour candlestick.

Conversely, place your Sell Stop Pending Order 2 pips below the low of the first-hour candlestick.

5. Adjust Your Stop Loss And Take Profit.

Adjust the Stop loss orders such that they lie on the opposite sides of the Pending order they correspond to.

The Buy Stop Pending Order’s Stop loss should be at the same level as the Sell Stop Pending Order.

On the other hand, the Sell Stop Pending Order’s Stop loss should be at the same level as the Buy Stop Pending Order.

The risk-to-reward ratio is essential in adjusting Profit Orders to Stop Loss Orders.

Employ the ratio appropriately and take up to 1:5 risk-to-reward ratio.

6. Wait for the Breakout to Happen in Either Direction.

The price will eventually break out of the limits of the first-hour candlestick and continue in that direction.

Either the high or low of that first-hour candlestick is a potential level for the breakout.

Breaking out of the high activates the Buy Stop Pending Order while breaking out of the low activates the Sell Stop Pending Order.

7. Cancel the Inactive Pending Order.

Only one of the pending orders you placed will be activated.

Immediately one is activated, cancel the other.

8. Go About Your Full-time Job Business.

Leave the trade running and concentrate on your job!