Trading Part-Time
When I first started trading, I had a full-time job myself. I would spend my days dreaming of when I could trade full time on my own, or at least not have to go to work every day. The answer to getting starting in trading was the pre-market, or what I like to call the “overnights.” This period, also known as the London session, has a myriad of instruments you can trade. The real beauty of the futures markets is that with Globex, you can theoretically trade 24 hours a day from Sunday afternoon through Friday.
Now, not all markets are suitable for trading part-time with the “overnight” session. Unless you are holding a longer position, you need to choose your markets carefully and ensure there is enough liquidity to accomplish your goals. Trading the pre-markets is very similar to trading during regular trading hours (RTH), but there are some significant differences and your trading rules, and plan should follow these adjustments accordingly.
Adjustments You Must Make for Trading Part-Time
The biggest change is that you must accept that you will be comfortable trading part-time. Many professionals work part time; there are part-time lawyers, doctors, salespeople, engineers, etc. What I suggest is that you decide that you are only going to trade a few days a week during certain hours, and that’s it! For example, I used to focus on the British Pound currency futures contract between 4:30 AM, CST and 7:00 AM, CST. I committed to three days a week during these times. I kept myself accountable using an online trading journal along with a clearly defined trading plan. One thing I cannot emphasize enough is that you must take your trading time seriously. Treat your screen time as if it were the hours you are open for business.
I doubled my account in six weeks as a part-time trader before work hours. DTS has taken my trading to the next level. It is first-rate software backed by first class customer service. – C. Upschulte (Part-time Trader) – Sparta, IL.
Realize You Have a Real Business
I’ll say it again – Treat your trading part-time a real business! Many traders I speak with about a trading system are frustrated about not being able to trade full time, and they are anxious about “throwing the dice” and just going all in. Let me put a positive spin on the job you so desperately want to leave. Look at your first job as an edge for your my day trading. This job provides you with two big benefits: One, by having two sources of revenue, it helps add to your personal bank account, and two, and this is the big one so pay attention – by having a “steady income” (whether it’s the spouse’s income or yours) you will found that you will trade more confidently. Let’s face it; there’s much less stress when you know your bills will are going to be paid, no matter what.
The Funny Thing About Money
Hal Holbrook in the movie Wall Street said to Charlie Sheen’s character Bud Fox: “Bud, the funny thing about money is it makes you do things you normally wouldn’t do.” I feel this statement holds true for ANY business and trading is no exception. Let’s say you wanted to start a moving company, and you have never done it before; you wouldn’t just run out and buy 100 brand new trucks would you? My point is that you if are still supporting the family working nine to five, don’t rush into things foolishly or too soon. Take advantage of your trading part-time to hone your trading skills and be the best you can be; this act alone will give you an edge over most traders.