Maybe you have done or are doing this yourself. Trading under work time and after work . But I have certainly done this before when I was in my second year of trading back then. In this article you will get to know how I made money when I still had a full time job.
From a day trading to become a long term investor
I started trading on the markets about 5 years ago. After months of practising on the demo account, I finally made my first move on the options of TomTom. I failed badly on my first trade. But learned a lot of lessons from that first trade. Some of these lessons I described it in the blog named : Demo trading account are dangerous.
After my first trade I decided that I wanted generated enough income with trading that would cover my monthly living expenses. Although I failed at my first trade but there a time window of 20 minutes where I making a profit of 60% on my investment. At the beginning of my trading career I wanted to become like Warren Buffet and George Soros but I had no large funds to become a long term investor or to become a full time trader. So I had to become a great short term trader in day trading.
Day trading during job time
While I was improving my trading strategy and developing my investment plan for short term and long term. I was faced by another challenge. And that time was time managing. Sometimes good opportunities comes when you are at work or at moments that you are really busy. At first I tried to trade all opportunities. Some were good and a few turned out to be a pain in the ass. I got myself a few times in a situation where I was already in a trade but could not exit a trade because some unexpected stuff happens at the office that required my attention immediately and just like that my profits turned into a loss. To avoid this problem I made a rule for myself in my trading plan. ” Exit the trade immediately when work is calling.”
So from that day on whether my colleague or my boss was calling me, I just exit my day trading. And when I was done talking with my manager or colleague, I just either re-enter the same trade or enter a new trade.
Day trading after/before work
With so many markets on the world. You can basically trade 24 hours a day if you want too. Forex market for example is 24/5. And if you don’t like forex then you can trade in many other markets. For example if you are from the UK you can trade in FTSE during the day , the Dow Jones in the noon and at night you can trade in Asian markets. With Plus500 I was being able to trade 24/5. Because I had access to all the markets. That’s the beauty of online brokers like Plus500. It gives you the ability to trade any time and any where you want. With brokers like Plus500 or Markets.com I was able to become good at day trading. And now I even trade and make money when I am on vacation or travelling. Pretty cool huh?
A few preparation tips for a good day trading
- Make sure you got a trading plan. If you don’t know on how to set up a trading plan then click here: Trading plan
- Check out the economic data calender so that you know at which time there is a possible news influence that could create a movement on the markets
- Before you enter a trade fill in your trading journal
That’s all for now. If you want to know on how to trade like a pro then click here: //bit.ly/1Pd8WuA