Becoming a fulltime trader, trading just 10 minutes per day Wed, Sep 4 2013, 1 1 :04 GMT by Rob Colville | The Lazy Trader Picture, giving up on your 8 hours labour in trading at home most probably in your night wears and slippers, totally out of touch with the world outside and the problems. In reality, If youre here reading this it is possible that you have. Although you dont have to leave your everyday job nor sacrifice your present way of living if you like to try out fulltime trading because there is good news for you, which youll find out in this article, that people like you could and are actually making surprising profits in fulltime trading but spends few minutes per day achieving it. Time is not equal to money in trading The term time is money, seems to be true in offices or workplace, or least of all, as a slogan commonly expressed by any boss that knows what he is doing. Moreover, when it has to do with the financial market trade nothing else can be farther from the reality. Many new traders who dropped their fulltime jobs most time are under the deception that as much time as spent salivating while sitting over the charts will result in more money and gaining percentage. This is absolutely not the way it is! In fact, it is the reverse. Its an issue of opportunity flow. Possibilities are similar to busses all of them can come at once as either losing or winning trades or nothing at all. Where your trading strategy is followed then you may not know if itll be a winner, break even of loser trade except you do it and await the results. But the trick is to always be in it which will depend on your trading time while in expectation of hope of any winning trade. Opportunity knocks So, if youre trading the five minute chart on, lets say GBPUSD, does that mean you may be spending every day & night before your monitor scanning through the markets each 5 minutes? Or, maybe youre trading the 4 hour chart, does that also mean youll have to keep returning to the charts table each four hours to check if a tradable opportunity arises? Very possible. It does therefore make a lot of sense to actually get in the flow of opportunity in line with our chosen timeframe agreed that our setup trade can show itself anytime that the market is open. For instance trading your choice strategy on the fifteen minute chart in the morning in the London session enduring three straight losses just to go and walk the figurative dog, one hour later returning to your screen to find that, disgustingly, your plan had produced 3 more opportunities while you are away in which all went ahead to hitting what could have result in your target gains. If a chance of this possibility leaves a sour taste on your tongue then it could be valuable to consider how youre going to handle opportunity flow. With trading forex, this can be any point during week days Mondays to Fridays, night or day (because forex markets opens 24 hours daily on weekdays). But what makes no sense is making trading a large chunk of your daily life when it should not be particularly when gainful trades are not certain. Unless your plans are automated with an WA or robot then that will be an inevitable evil and its the ball and chain happenings that lots of newbies unintentionally make where they become working for very long hours pursuing trading profits that are uncertain. After all, who you are does not concern the markets, or what youre doing or who you worship theyll do their thing nonetheless. The money markets are without pattern. They can behave anyhow anytime and, technical traders that we are, its our job to accurately perform our brink in the form of a plan and make profit of reoccurringchanges in the market that have a possibilities stored in our favour. The way to win Now, what if you can find a method that makes you be in the flow of opportunities and profit advantage from every possibility that comes in your way that you can spend little or practically no time at all looking at the computer screen? This can happen with daily chart trading. After all, compared to the 5 minutes chart that has a brand new bar at every five minutes, or a new bar form each hour in the hourly chart, the everyday chart forms... you guessed right: once daily! Therefore to be in the opportunity flow daily chart, what you need is to check on the chart once, contrary to every 5 minutes or hourly. This method will free up lots of your time an enjoyment that many intraday traders cant boast of so that youll be able to indulge more lifestyle at the same time reaping the profits of your money working for you, part time. When you adopt a trading strategy that combines effectively with your kind of person and that have a fixed command of the price action program you should be searching for, then you can joyfully glance through the chart before you go to bed as the day comes to an end (if for instance GMT is your time zone), after the days bar that stands for the movement of the price & underlying sentiments has closed. The opportunity either will be there or not be there. You do not trade it whenever the forex market doesnt give in to you you do, if it is and it matches your rule. Imaging everyday waiting for the setup trade to show up by itself and it does not. Worse still had loss or series of losses to show for your efforts Even if a profitable strategy is what you executed according to the rules. Wouldnt that suck? Why the Daily timeframe is better for you However, if youre trading the daily timeframe, minimum you can get a much better financial profit for the less time spent before the screen in a months gain. Additionally, if you incur a drawdown for the particular month then at least, say thanks to the autoomatic method of trading the everyday chart, youve spent less time keeping up with this drawdown! For example take John & Jack. Both of them got 8% profit for the month, yet at the end of the day Jack traded for not over thirty minutes every evening as a endofday trader that is even a newbie to all of it, while John exhausts 4 hours trading every morning as a trader of intraday. Think of it there is an average of 22 days of trading in a month and while Jack used 11 hours in total on the screen john has used 88 hours in total in front of his. Which of them makes better returns on their investment for the hour spent working for money? You have guessed right, Jack. Even though both had traded a %loss, Jack still would be better off agreed that he has lost an equal amount as John but he spent a much lesser time working for it. Summary The everyday chart trading allows you to be in opportunitys flow from just minutes per day. Provided you are aware of the strategy are ready to follow it up religiously for few minutes every day, no reason to be found why you cant do likewise and enjoy the profits of trading lifestyle, and the lots of free time the daily chart trading makes available for you. When someone asks the question if I trade fulltime, I enthusiastically respond with a yes. Although Im trading for 10 to 15 minutes at evening hours. I am able to always profit from being right in the opportunity flow at all time, Safely knowing that my hard earned money is labouring extra time for me while I attend to my chores happily, mostly more fun things than mere looking at a bunch of bars moving on a chart inside a dark room! Published On Wed, Sep 4 2013, 11:05 GMT Previous entries of Becoming a fulltime trader, trading just 10 minutes per day
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