A forex trader space
Nowadays you can open your own trading account with only a small deposit and a few days of waiting. This has led forex enthusiasts to include trading as a source of income while others are inspired to trade full time.
Before you venture into home-based trading – whether part time or full time – you should know that there are significant differences between trading from an office and trading from home:
1. Establishing an office space
The first thing you need to work on if you’re planning to trade from home is establishing your personal work space. Trading from home doesn’t have to mean trading from your bed or the same dining table that your kids just spilled their spaghetti on.
Start with your personal space. Get a room or a corner where your housemates can’t easily disturb you. Next, acquire trading essentials like a fast internet connection, a wide trading desk, comfortable chair, and however many monitors you need for your trading strategies.
The biggest difference between trading from an office and trading from home is that your office doesn’t have your TV, your bed and whatever comforts and distractions that you have at home. Consistently profitable trading requires focus. Minimizing distractions is key if you want to execute your trades flawlessly. Limit distractions by establishing and sticking to a trading schedule.
3. Adjusting to time zone differences
Not all traders have the luxury of trading their desired trading session. Many home-based traders are part-timers who can only trade forex after they’ve finished their full-time jobs.
This becomes problematic when a change in schedule affects their home trading routine. One possible solution is to plan ahead of the time changes. Establish a new routine for days when you have to wake up a little earlier or sleep a little later to trade the events that you want.