How to Combine Day Trading with a Full-Time Job?
There is an opinion that day trading is not suitable for traders, who have a full-time job. I would like to say «yes, you are right» and advise using hourly and daily timeframes for swing and long-term trading. It is the simplest way and it is obvious that swing and long-term trading don’t need so much attention as day trading. But what if we think together about how to combine day trading with your full-time job? Will we solve this task? Let's try!
I want to start from the main point, if we talk about trading in the market available 24/7, we have to find opportunities for day trading! Yes, you won’t be able to catch all price movements during the day, but you can pick the period when you are at home and stay in front of your monitor. It doesn’t matter where are you from. It doesn’t matter when you start your trading session, anyway the market will be able to give you trade opportunities in the period when you are ready to take them.
Yes, 24/7 format has its advantages and disadvantages, but I would like to use 24/7 format as the main advantage for building a plan for day traders who have a full-time job. Just think about several hours which you can spend for day trading.
The next thing is, you have 24 hours per day and many of you 2 days off per week. How should you use these hours effectively? We have to plan a day properly in order to get free hours for day trading.
How do you spend 24 hours? Ask yourself and describe your average day hour by hour.
It can be something like that:
- 8 hours you spend for a rest
- 1-2 hours you spend for a road to/from your job
- 8 hours you spend for your full-time job
As a result, you spend 17-18 hours for a good rest and your full-time job.
And now, I have a very important question - How do you spend other 6-7 hours each day???
Many of you just blow these hours doing useless things.
But these 6-7 hours per day are your resource which you have to spend effectively!
The part of these hours you spend with your family and doing home tasks. Yes, it is amazing and you have to do it like that! But is it possible for you to take 2-3 hours from that 6-7 hours for learning about day trading and for day trading?
Is it possible for you to spend 2-3 hours per day doing the job, which can give you financial freedom in the future??? I think the answer should be «YES, IT’S POSSIBLE!»
IF you have to work 10 hours per day or spend more time with your family and doing home tasks, and you don’t have 2-3 hours… okay, there is an option for you! Use 1 hour per day in order to learn how to day trade properly and use WEEKENDS for active day trading! Yes, it is a solution, not the best, but it is possible to do it like that!
And another point is about how many hours you have to spend per day on day trading.
There is an opinion that day trading has to take all your time and you have to watch for the price action 10-12 hours per day! No, it is a stupid idea!
I would recommend having trade sessions for something like 1-4 hours and not more. Why? Just in order to avoid overtrading and keep high concentration on trading. You can be concentrated for several hours but obviously, it is impossible to keep enough concentration during 6-8 hours in a row. That’s why you should use short sessions for active trading.
Different markets will be able to give you several trade opportunities per day. Short trade sessions like 1-4 hours will allow you to open positions, manage, and close them. In many situations, 1-4 hours will be enough not only for trading but also for making notes about your trading!
So, if we combine all ideas above, we will have the following:
- when you start day trading, focus on getting knowledge first of all.
Spend 1-3 hours per day reading stuff about day trading, watching videos, communicating with experienced traders.
- when you get the main knowledge about day trading, start adding paper/demo trading but keep getting new knowledge and experience from other sources and traders. In this period you can spend 1 hour on trading and 1-2 hours on learning.
- when you are confident in your knowledge, you have enough experience, you can focus on trading more and spend 1 hour per day or weekends for getting additional knowledge and experience.
This plan will be workable for the majority of traders who have a full-time job but want to become day traders in the Crypto market.
If you are from those people, who can’t afford 2-3 hours per day for day trading, optimize the plan for weekends.
IF you have to work 10-12 hours per day and you don't have days off - well, my advice will be to change your job!
As you can see, day trading can be combined with your full-time job and what you really need for doing it - YOUR WISH!
I hope this post gives you better ideas on how to plan your day more effectively and move forward to your goals!
The next post will be about the reasons WHY day traders fail! Please, support my work by your LIKE's and comments and I will publish a new post within 1-2 days.
Thanks for your attention!
I want to start from the main point, if we talk about trading in the market available 24/7, we have to find opportunities for day trading! Yes, you won’t be able to catch all price movements during the day, but you can pick the period when you are at home and stay in front of your monitor. It doesn’t matter where are you from. It doesn’t matter when you start your trading session, anyway the market will be able to give you trade opportunities in the period when you are ready to take them.
Yes, 24/7 format has its advantages and disadvantages, but I would like to use 24/7 format as the main advantage for building a plan for day traders who have a full-time job. Just think about several hours which you can spend for day trading.
The next thing is, you have 24 hours per day and many of you 2 days off per week. How should you use these hours effectively? We have to plan a day properly in order to get free hours for day trading.
How do you spend 24 hours? Ask yourself and describe your average day hour by hour.
It can be something like that:
- 8 hours you spend for a rest
- 1-2 hours you spend for a road to/from your job
- 8 hours you spend for your full-time job
As a result, you spend 17-18 hours for a good rest and your full-time job.
And now, I have a very important question - How do you spend other 6-7 hours each day???
Many of you just blow these hours doing useless things.
But these 6-7 hours per day are your resource which you have to spend effectively!
The part of these hours you spend with your family and doing home tasks. Yes, it is amazing and you have to do it like that! But is it possible for you to take 2-3 hours from that 6-7 hours for learning about day trading and for day trading?
Is it possible for you to spend 2-3 hours per day doing the job, which can give you financial freedom in the future??? I think the answer should be «YES, IT’S POSSIBLE!»
IF you have to work 10 hours per day or spend more time with your family and doing home tasks, and you don’t have 2-3 hours… okay, there is an option for you! Use 1 hour per day in order to learn how to day trade properly and use WEEKENDS for active day trading! Yes, it is a solution, not the best, but it is possible to do it like that!
And another point is about how many hours you have to spend per day on day trading.
There is an opinion that day trading has to take all your time and you have to watch for the price action 10-12 hours per day! No, it is a stupid idea!
I would recommend having trade sessions for something like 1-4 hours and not more. Why? Just in order to avoid overtrading and keep high concentration on trading. You can be concentrated for several hours but obviously, it is impossible to keep enough concentration during 6-8 hours in a row. That’s why you should use short sessions for active trading.
Different markets will be able to give you several trade opportunities per day. Short trade sessions like 1-4 hours will allow you to open positions, manage, and close them. In many situations, 1-4 hours will be enough not only for trading but also for making notes about your trading!
So, if we combine all ideas above, we will have the following:
- when you start day trading, focus on getting knowledge first of all.
Spend 1-3 hours per day reading stuff about day trading, watching videos, communicating with experienced traders.
- when you get the main knowledge about day trading, start adding paper/demo trading but keep getting new knowledge and experience from other sources and traders. In this period you can spend 1 hour on trading and 1-2 hours on learning.
- when you are confident in your knowledge, you have enough experience, you can focus on trading more and spend 1 hour per day or weekends for getting additional knowledge and experience.
This plan will be workable for the majority of traders who have a full-time job but want to become day traders in the Crypto market.
If you are from those people, who can’t afford 2-3 hours per day for day trading, optimize the plan for weekends.
IF you have to work 10-12 hours per day and you don't have days off - well, my advice will be to change your job!
As you can see, day trading can be combined with your full-time job and what you really need for doing it - YOUR WISH!
I hope this post gives you better ideas on how to plan your day more effectively and move forward to your goals!
The next post will be about the reasons WHY day traders fail! Please, support my work by your LIKE's and comments and I will publish a new post within 1-2 days.
Thanks for your attention!
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