Trading while in a full time job
A thread
A thread
I’m frequently asked how one should trade when in a full time job.
I did this for many years.
In actual fact, I built the record I used to get into prop whilst working a 9-5.
So, it can be done.
I did this for many years.
In actual fact, I built the record I used to get into prop whilst working a 9-5.
So, it can be done.
The issue is, there are as many different jobs as there are trading strategies and with both, some are more demanding of your time than others.
As a result, I am only going to discuss what I personally did rather than trying to write a "how to".
As a result, I am only going to discuss what I personally did rather than trying to write a "how to".
I had an office job and was sitting at a computer for most of the day. Therefore, it was easy to pull up charts occasionally.
I also traded a strategy that made key decisions based on the hourly time frame. This required less screen time.
I also traded a strategy that made key decisions based on the hourly time frame. This required less screen time.
But even with these advantages, I found success rested on being very organised, so I established an effective routine.
The key was properly preparing for the day ahead where I knew I would have minimal screen time.
The key was properly preparing for the day ahead where I knew I would have minimal screen time.
I did the brunt of my analysis, at home, in the evening when the market had closed.
Just like in my recent thread on preparing for the open, I went through certain steps.
Just like in my recent thread on preparing for the open, I went through certain steps.
Firstly, I would check the economic calendar so I knew when and in which markets to anticipate an increase in volatility.
I would write these down.
I would write these down.
Next I would go through each market I traded and establish whether there was a daily bias and if so what trades I would be looking for the next day.
Most of the time, with my strategy, I could enter the orders with my broker ahead of time.
Most of the time, with my strategy, I could enter the orders with my broker ahead of time.
Sometimes there would be no bias present but I would still be prepared to take trades at good levels.
So, again, I would be able to enter those orders with my broker.
So, again, I would be able to enter those orders with my broker.
The orders I entered were via limit and always had stops and targets which meant that I was covered if, for some reason, I could not access charts during the day. e.g. I was at a meeting.
Where my strategy required me to watch something e.g. a high or low to see if an SFP formed but I couldn't enter an order ahead of time, I would simply note down what I was looking for in order to place a trade.
Once that was done, I would go to bed.
Once that was done, I would go to bed.
In the morning, before work, I would check if I had been filled on any trades overnight and if there was anything I needed to do such as move stops or cancel orders (if the market had got close to filling me but then moved away).
Once I got to work, I'd pull up my broker and hide it behind my work for the day.
Then I would put my notepad in front of me which had the key event risk written down along with the things I needed to keep an eye on.
Then I would put my notepad in front of me which had the key event risk written down along with the things I needed to keep an eye on.
Then on the hour, every hour, I would pull up the charts and make decisions.
Was there an open trade I needed to manage?
Had the right price action occurred at any of the levels I was watching?
And so on.
Was there an open trade I needed to manage?
Had the right price action occurred at any of the levels I was watching?
And so on.
This was at a time when trading from your phone wasn't possible and working from home wasn't as common as it is these days.
Now these things are possible, you have an advantage I didn't have.
Now these things are possible, you have an advantage I didn't have.
This is because the biggest issue I found was not being able to find trades and neither was it balancing my time. My prep work meant it literally only took a few minutes each hour.
The biggest issue was not getting caught trading as I sat with a screen facing the entire office.
The biggest issue was not getting caught trading as I sat with a screen facing the entire office.
This only happened to me once.
The managing director appeared behind me when I was looking at a chart.
I minimised it, turned around with a smile and told him that I had been analysing the web traffic stats.
To my incredulity, he actually believed this.
The managing director appeared behind me when I was looking at a chart.
I minimised it, turned around with a smile and told him that I had been analysing the web traffic stats.
To my incredulity, he actually believed this.
Trading this way sounds hard but with good organisation and a conducive strategy, it is possible.
It is fair to say that from time to time you make mistakes or miss things from being unable to watch closely. But this happens at home too.
It is fair to say that from time to time you make mistakes or miss things from being unable to watch closely. But this happens at home too.
The flip side is not watching so avidly can positively affect your bottom line.
I found focusing on work meant I was far less likely to trade out of boredom.
At the same time, being busy with another job meant I was less likely to micro manage trades and mess them up
I found focusing on work meant I was far less likely to trade out of boredom.
At the same time, being busy with another job meant I was less likely to micro manage trades and mess them up
I also found that having an income took the pressure off trying to find trades but at the same time, knowing how hard I worked to earn 2k a month, meant I was far less likely to throw it away on an ill considered trade.
To conclude: having a full time shouldn't prevent successful trading but it does require careful planning.
جاري تحميل الاقتراحات...