You have a lot going on. You are busy with a lot of things. But you’re very interested in the opportunities the market offers, and you’re not sure if you can trade and still get everything else done. You’ve read a lot about trading, and it seems like it would take up a lot of your time and be like having another full-time job. So the question is, can you trade successfully part-time, and if you can, will it help or hurt your trading results?
Short answer: yes, you can make money trading on the side. In fact, it could help you a lot with your trading. In this lesson, we’ll talk about how you can trade even if you have a busy schedule and how it can help you make more money and become a better trader.
How to trade when you’re too busy
Despite what you may think or what you may have read on an online trading forum, you do not need to spend hours and hours each day looking at your charts. My way of trading only takes 30 minutes to an hour of your time every day.
How is this even possible? The answer is simple: pay attention to the daily chart. No matter if you have a job, a business, full-time school, or just a “busy routine,” the key here is the daily chart time frame. By focusing on the daily chart, you only have to check the charts once a day, or twice if you’re feeling “ambitious.”
The New York close happens at 5 p.m. New York time and it marks the end of the Forex trading day. The next day then starts. The most essential closing price of the day is the daily chart close because it shows you everything that happened that day in one price bar. Price action signals will show up on the daily chart after the New York market closes. This makes analyzing and trading on the market very simple, quick, and easy. If you see a signal that day that meets your trading plan’s criteria, you place the trade and leave until tomorrow. If there was no signal, you would leave and try again the next day.
Basically, this is how you can use the daily chart time frame to fit trading into your busy schedule. Don’t worry if you don’t live in the same time zone as New York. Every day, people from other places send me emails asking what they should do. It’s easy. Each day, you just choose a time that works for you to look at the daily chart time frames. If you want to check the markets twice a day, do it in the morning and evening for no more than 20 to 30 minutes each time. If you do this, trading shouldn’t take you more than an hour a day.
Now, let’s talk about the great “hidden” benefits of not spending much time in front of your charts…
Why you MUST NOT look at your charts
Focusing on the daily charts and New York close data at the end of the day is not only a good way to trade around your schedule. It’s also a much better way for most people to trade, and it will increase your chances of doing well in trading by a lot.
When you trade “part-time,” you are also doing something else, like work, school, a hobby, etc. The point is that people have a tendency to trade too much and get hooked on it. When you are at work, school, or just doing other things all day, you have a “natural” reason to not pay attention to the market.
So, don’t feel like you’re “missing out” on opportunities because you’re busy all day. These feelings are just your greed and fear getting to you. Instead, think that the only thing you’re missing out on is losing money and getting stressed out by trading too much.
Here’s a hint: the best, most obvious, and most profitable trade setups happen on the daily chart anyway, because the daily chart is more important than any other time frame. These are the setups that mean the most and have the most “power” potential. I don’t know about you, but I’d rather take a chance on a trade like that than one that isn’t as good.
Also, if you spend less time watching your trades on a screen, you’ll be less likely to make mental mistakes that lead you to over-trade or over-analyze the market. I’ve written other articles about why “less is more” in trading and how to trade using the “set and forget” method. The point is that the less you deal with the market every day, the less likely you are to “shoot yourself in the foot” by doing something like making a trade you knew you shouldn’t have or messing with your stops and targets. Part-time trading on the daily chart time frame will help you a lot in this way because it will give you fewer chances to make stupid mistakes that will cost you money. Not only that, but you can trade even if you have a full-time job, a business, school, or something else that keeps you busy.
You can trade better if you are “distracted.”
You don’t have to and shouldn’t be in the market all the time. If you have a lot going on in your life, like a job, school, or even just a lot of hobbies, that should be seen as a good thing that can help you do well in trading.
First, having things to do besides trade gives you a break from the market. You can’t be a good trader if you just sit in front of your computer all day and look at charts. If you do that, you’ll trade too much and lose money. So, if you don’t have a job, school, a hobby, or anything else that keeps you busy and takes your mind off trading, you should think about getting one. This will give you a natural way to make sure you don’t trade too much.
Since you will become addicted to trading if you do nothing but trade all day and night, you will have a hard time getting into the right trading mindset.
You should think of your job as an easy way to train yourself not to look at charts all day. If you look at the daily charts every day after you finish your market “distraction,” you will get into a routine and see the most important view of the market, which is the daily chart view. While you were gone, the market went up and down and did its own thing. Most of the price changes in a market don’t mean anything, so it’s a waste of time to sit there and watch them. All it does is make you want to buy something because you “think” you see something.
So, having something to take your mind off the market, like school, work, or hobbies, is like having a “shield” against a lot of the meaningless price action in the market. When it comes to trading and keeping your daily routine, you really can have “it all.” you can still trade around it, and it might even help you do better. All you have to do is realize and accept the power of the daily chart time frame and put your time and energy into it. Check out my trading course if you want to learn how to fit daily chart trading into your busy life.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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