Recently, I have moved to a new city, and graduated from university. This has led me to start working full time for the past week. The hours of work fall at the same time as market hours, and this is making it very difficult to continue day trading like before. However, this does not mean I am giving up. The way I see it, this is a difficult and character building moment, since I will be forced to change and adapt. These are the steps I am taking in order to continue the path I was on before started working full time and hope it can help others in the same situation.
1. It is better to be prepared, and not have the opportunity, than have the opportunity and not be prepared.
As much as it sucks, to not have the opportunity to be in front of the trading platform throughout the day, I will choose to use this opportunity to learn. I see a lot of traders failing left and right, and I believe part of it is they are not prepared to trade most of the setups. They see an opportunity forming in front of them, and they want to take a piece, without being prepared and actually doing the homework. This is why I will spend the evenings going through videos, and learning as much as I can of the topic, so when I do have the opportunity, which is just a matter of time, I am very well prepared.
2. Save up for a rainy day fund and a bigger account.
This can also be an opportunity to save up. I know this will come in handy, and will be comforting to know, in the case that when day trading full time does not yield good days. Knowing that the bills will have the funds to get paid, even if I do not trade well a certain day or month will help take some of the pressure from trading, and make less emotional decisions. Yes, Tim Grittani, and Tim Sykes started off with very small accounts, but not all of us need to follow that same exact path. It is up to all of us to create our own destiny, especially if we are not as young as when they started.
3. Make sure you have the right tools.
Taking some time from trading can give you some time to make sure you have the right brokers and tools to help you once you get to full time day trading. I will use this time to open the right brokers, so when I do have the opportunity, have the biggest chance of borrows when I do get back.
4. Focus on other time zones or foreign stocks.
Another strategy I am still contemplating would be concentrating on premarket, or after hours trading.
Trading premarket from 7:00 AM and only playing the biggest movers, could be a good opportunity, but again, I would need to research more and learn more about this area and niche specifically. This would be a lot easier given my circumstances. Another alternative for now could be researching trading foreign stocks, that could potentially open at a more convenient time.
Eventually, I want to have the opportunity to trade at any time, but given my circumstances now I am trying to make the best of it. I really hope this blog was useful for others that are in the same situation, and please feel free to leave any comments, or suggestions for those that are more experienced with this.
Have a great weekend,
Manuel
Thanks @cwood , I will check it out! @mj2001 I am glad you enjoyed it!
Nice. I was wondering why you haven't been in the chat room! that's a good point you make in #1. Also you'd probably be interested in a webinar Goode did recently when he mentioned premarket trading. Problem is I can't remember which one it was for the life of me but when I come across it again i'll let you know buddy. An older one he mentioned was the 2-18 webinar dedicated to pm trading.
Thanks, actually saw the premarket webinar this morning haha! Will check the 2-18 one !
Here is the link for premarket trading from Michael Goode if anybody is interested ! http://profit.ly/content/premium/11469
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