Getting additional income from forex is one way for you to survive during a pandemic. Many of us are trying to earn additional income amid this coronavirus pandemic.

Being a part-time forex trader also has the opportunity to get additional income. However, trading is not an easy thing that you can do without preparation.

Starting from choosing the best forex broker to learning strategies in trading, everything you have to do before you actually use real money for trading.

Trading carries a high risk of loss even though the profit you make is also very promising. Therefore, you can use some of the tips below to get profit in trading.

Stop Loss and Take Profit to Get Additional Income from Forex Trading

This first tip is non-negotiable, because you may not monitor price movements for 24 hours. Especially if trading is not your main job.

The stop loss will automatically close your position if the price movement deviates from the forecast, so the losses you experience will tend to be small and can be overcome in subsequent transactions.

Meanwhile, take profit will close your position if the price reaches your desired profit level, so that your profit is protected.

Get to Know Your Trading Session

To get additional income from forex  as a part-time trader, chances are you can only trade in the morning or at night. If you trade in the morning, you can take part in the Asian session. 

And if you trade at night, then you can trade in the European and American sessions. You also need to know which currency pairs or currency pairs are the most liquid and volatile in each session.

For example the AUD / JPY pair (Australian dollar / Japanese yen) is widely traded in the Asian session. Meanwhile, major pairs such as EURUSD (euro / US dollar) and USDCHF (US dollar / Swiss franc) are mostly traded in the European and American sessions.

Learn the characteristics and movements of the currency pairs that you choose well in order to make a mature trading plan and you can get additional income from forex.

Understand the Trading Strategy You Use

Price action trading means analyzing the direction of price movements by monitoring past price movements on a chart or chart.

By monitoring the movement on the chart, you can see past patterns of price movements. You need to observe this pattern because it can be an indication of the next ups and downs in price when you will open a trading position.

Day trading and scalp trading are two trading strategies in which a trader opens and closes positions in a short period of time. Day traders usually open several positions in one day, while scalpers can trade several times in a matter of hours.

Both of these trading strategies require a relatively short time, so you can use them to earn extra income on the sidelines of your busy schedule. But remember, the opportunities for day trading and scalp trading profit tend to be small, so the key is to be consistent in trading.

To learn trading strategies in more detail, you can use the free educational features provided by the Didimax forex broker. Apart from the free educational features, you can also take advantage of the demo account feature to learn more about using trading strategies.

You need to remember that trading is not a game. Even though it is only done part-time, do it with careful strategy and preparation. Trading in the midst of a pandemic does have a risk of loss, but if you do it right, then you can get additional income from forex trading.