Common Mistakes Part-Time Traders Make
Why Finding the Right Strategy for Your Schedule is Crucial
Many traders are learning their craft whilst working in a full-time job. Juggling charts and markets with the demands of full-time work.
Maybe that’s you?
It’s actually a great way to learn, no financial pressure, you can take your time.
Sure, you get frustrated that you can’t be at the screen when you like, but on the whole it can be a good way to grow.
But there’s a mistake I see almost all of these traders make…
Square Peg, Round Hole
What’s the mistake?
Using a strategy that is simply never going to work…no matter how hard they try.
What do I mean?
Well, if you work 9 – 5 and are away from the house, say, between 8 and 6, then trying to develop a strategy that trades the US open just isn’t going to work.
You might think, “Oh, I can occasionally catch a glimpse of the screens”, but unless you can guarantee that time, you’re doomed to fail.
The times you can’t get the screen will be the best opportunities, and the times you can, the market will be doing nothing.
You’ll get frustrated, force things, and we all know how that goes.
No, you need to account for the constraints you have.
When can you ‘really’ look at the screens?
End of the work day?
Ok, well, develop a swing strategy that you scan and place orders for at the end of the day.
How about 8pm – 9pm UK time?
Ok, well develop a power hour trading strategy that scans for anything setting up an afternoon breakout intraday.
You get the point.
There are so many ways to find an edge in this game, but you have to be dialled in, you can’t half-heart it.
Find a strategy that fits around your commitments (even if that means something brand new), then you’ll have a real chance of making it work…