Hello, by reading this, I think it’s safe to assume you’re looking into trading and want to get more information on what that might look like in your daily life. I’m going to explain how I’ve managed to balance both my personal life and life as a day trader. I’ve expressed already in previous blogs the reasons I love trading, and how it works so well with my life. But, if you haven’t read any of those reasons yet, I’ll briefly explain. I love that I can choose my own hours, I love how mobile the market is and I love being able to be my own boss. The market will always be around, so there’s no chance of me getting laid off! I’m sure you have some of your own reasons as well to look into trading.
Being a part-time trader means you have a set time of day you trade. Ensuring your trading schedule matches the time you can commit to trading is very important. You want to make sure you take advantage of the most volatile times of day during your trading period. I also suggest getting the absolute most out of your time, especially when the volatility is low by studying charts and even keeping a trade journal. A trade journal allows you to go back and review what you did in times of successful trades as well as unsuccessful trades. I keep one myself, and Shawn Lucas recommends having a trade journal as well especially for beginner traders. Keeping a trade journal allows you to stick to your trading rules and should be part of your routine after trading for the day.
In previous blogs, I’ve also discussed how important your emotional focus is to your trading success. Being able to remain calm and not impulsive is a very important trait to master because you want to avoid impulse trading at all costs. That usually ends in bad trades and you losing pips, which is never a good thing. Being able to remain focused when the market is out of control at times will benefit your trading experience dramatically. Bottom line is being a part-time trader opens the door to new and exciting opportunities. For whatever reason you’re looking into trading, keep some of these tips in mind, and try to have fun with your trading journey so you don’t lose sight of your goals.