To most people, foreign currency trading is something that requires intense training. Some evenstart researching the market condition without knowing its structure. The structure of the Forex market makes it a 24-hour-open industry. Thus, part-time traders can enter a trade and take advantage of the market volatility anytime they want in a day. It’s because they are not bound to restrictions. Therefore, individuals who don’t have a large amount of capital can also take part in and expect reasonable earning.

Part-Time Forex Trading: Why and How

Irregular trading boosts trading efficiency. It keeps traders from under-trading or overtrading. Both of them are equally deleterious to a trade. Under trading impedes funds from being used to the right extent. Full-time traders often go through the process of consuming too much information. It makes the whole perception of the market blurry.

However, a part-time Forex trader doesn’t absorb that much information, and with a limited amount of investment, the time he passes in the Forex market becomes more productive and simpler.

How to Improve Part-time Workflow

Being practical is crucial for a temporary trader. Here are some demonstrated tips that will help them be more down-to-earth and make their strategies more efficient.

  • Recognizing a simple method
  • Surpassing strategy to relevant market condition
  • Deploying entry orders
  • Repeating the whole process
  • Part-time Trading Strategies

You can adapt one of many strategies to run your trading endeavour. Here we will discuss the Simple DNC Breakout, which doesn’t need traders much experience.

The strategy has two types of benefits.

Requires no or less engagement with the traders

You can place orders to take your entry at specified prices. Then you can simply let the market take control and enter those trades at that specified pre-set prices. Most of such trades occur behind a trader’s attention on the market, which makes it more convenient for the traders. But to ensure hassle free trading execution, you should rely on Saxo Forex broker. They always offer best trading environment and you can expect to execute the trades without any slippage.

Lowers the money-losing chance

It often happens that the price takes all kinds of turns except to trigger your determined entry point. It means you are already playing out of the danger zone and have less exposure to any kind of loss.

The Simple DNC Breakout Method

To set this strategy, you will be in need of the below instruments.

  • A daily bar price chart
  • The Donchian Channel Indicator
  • A robust trend
  • More or less 30 minutes to recognize price points

To begin, you need to open up a price chart for a strong currency pair that is now on an uptrend. The utility of a daily price chart is it’s every bar will show the price action of a single day.

The DNC calculator is to estimates the highest high and also the lowest low point for a certain number of bars. You need to set the input value of the indicator to 8. It will show the highest high and the lowest low prices for the past 8 days.

Recognizing the Strategic Points

Now let’s know the tricks and rules to debunk those points.

Rules to Purchase

  • The upper DNC line is the strategic point to enter the position for a buyer
  • The lower DNC line is the stop loss
  • Trail the lower line manually
  • Price reaching the lower DNC line is the exit sign

Rules to Sell

  • The lower DNC line is the selling point
  • The upper DNC line is the stop-loss point
  • Trail the stop loss at the upper line manually
  • Price reaching the upper line is the exit point for the seller

Following this strategy, you can be able to conduct your trading regularly with more efficiency. The rules for buying and selling should especially be followed as they will not only keep traders away from the danger, but also provide a profitable guideline.