how should developing traders allocate their time?

maxinger · Mar 2, 2022

tomkat22 · Mar 2, 2022

You mentioned podcast some I would recommend(actually they're youtube videos) are Chat with Traders,Richard Mogland and B the Trader. They've interviewed tons of traders,some great ones,some not so great. I've reached a point where I'm sick of reading about trading and It's nice to just watch videos about trading.

sebking1986 · Mar 3, 2022

I think it's important to try and find a trading style, timeframe and strategies that fit around your time availability. Too often new traders get dazzled with the idea of scalping the markets but can only spend a handful of minutes a day at the charts which isn't going to be sustainable in terms of their development or ability to trade if/when they can.

lindq · Mar 3, 2022

spectastic said:
I think I've been spending way too much time listening to noise or trying to find the next trade ideas, and not enough time sitting down and figuring out what I'm doing wrong, what my sticking points are, studying my setups, etc. What have you guys found to be good allocations of time dedicated to journaling, reviewing trades, doing deep dives on setups, finding next trades, watching podcasts, etc?
More...

To summarize some good advice here:
1. Get out of the weeds and the noise of intraday charts.
2. Try to narrow your focus to one/two instruments, one strategy.
3. Set ups are on daily charts. Recent highs, lows, opens, closes. Follow up entry
is often what happens the next morning.
4. In my experience, very hard to get a handle on this without a platform for backtesting
and simulation.
5. Don't waste your capital until you've got a good feel for this. It doesn't happen overnight.

easymon1 · Mar 3, 2022

lindq said:
To summarize some good advice here:
1. Get out of the weeds and the noise of intraday charts.
2. Try to narrow your focus to one/two instruments, one strategy.
3. Set ups are on daily charts. Recent highs, lows, opens, closes. Follow up entry
is often what happens the next morning.
4. In my experience, very hard to get a handle on this without a platform for backtesting
and simulation.
5. Don't waste your capital until you've got a good feel for this. It doesn't happen overnight.
More...

To that list I would add First and Foremost, do your stats on your setups and triggers in order to verify if all the other activity is even worthwhile. This doesn't apply to artistic intuitive traders.

What belongs in a solid trading Plan?
(A tip of the hat to Robert Morse for his post from which this was lifted,)
https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706

Doldrums · Mar 9, 2022

lindq said:
To summarize some good advice here:
1. Get out of the weeds and the noise of intraday charts.
2. Try to narrow your focus to one/two instruments, one strategy.
3. Set ups are on daily charts. Recent highs, lows, opens, closes. Follow up entry
is often what happens the next morning.
4. In my experience, very hard to get a handle on this without a platform for backtesting
and simulation.
5. Don't waste your capital until you've got a good feel for this. It doesn't happen overnight.
More...

Thanks for your advice! I’m sure it will help many new traders start their trading journey on the right track. I don’t know why people look for mentors and coaches when there is so much useful information being shared by so many experienced traders on this forum absolutely free of cost.

Laissez Faire · Mar 9, 2022

Personally, I think a lot of time is wasted by trying to learn trading by "trading" and watching charts in real time.

You can manually backtest/backcheck/test-trade 10 trading session with the same amount of time spent and learn a lot more.

Seems like you pretty much answered your own question in the opening post.