Hi Folks,<O></O> Im new to trading. I have regular 9-5 job that in time (not anytime soon) i plan to scale down when i become consistently profitable. Due to my 9-5 job i'm not able to watch the charts during the trading hours. Afterhours i will do my research and watchlist and then will place orders with stop-limit ordersSince i'm new i've focusing on buy break out for now. I wanted to ask what kinda strategies are out there that a part time trader with job can use. I dont expect you to lay the whole strategy on the table but some basic info would be great. Thanks.<O</O
I'm assuming you want to focus on trading not investing. If you don't have time to research and follow individual companies, focus on Indexes, commodities, bonds and currencies (futures and options) and focus on correlations. Trade pairs and spreads. That way you are not focus on directional. You have to find the personal trading style and strategy that work for you.
I do have thetime to research and i currently do my analysis and watchlist after hours... its just that i dont have the time during market hours to watch the trade.. trading futures intrigue me but i think i'm too newbie to touch them.... wiesman02 I've been read more on swing trading... I find my issues is i dont yet have the guts to hold them over night probably due to the fact that i'm certain enough that the trend will hold, hence settling for less... Some times the trend continues and some times not. currently i set stop limit orders the night before the trades with tight stops.
Sorry nut it seems that other than buy and hold trading is not for you now. Maybe in a few years. Trading is a full time job. Gambling you can do part time.
I don't understand the "in a few years" part. Will trading not require a full time effort in a few years?
The basic strategy would be to forget about trading yourself, and focus on finding good money managers or off-the-shelf trading systems to trade your risk-capital.
I trade from my phone using mobile apps available with retail accounts. I direct deposit my paychecks in Etrade trying to build up my account to >$25K I obviously trade using Margin and the ultimate goal is to save money made from my 9-5 and live off money made in the market. But in order to do so you have to do away with credit and start paying with cash. This minimizes anxiety and reduces losses, created by risky trades in order to pay off bills. I will eventually go prop once I have a suitable location on my job, were I can trade from my computer in a corner cubical or secluded location. The benefits of retail is immediate cash withdrawal. The benefits of prop, larger leverage, shorting of all stocks, which equates to less restrictions. eg: Shorting FNMA for a quck $250 in 5 min at 25K shares is lovely. Can't do that retail unless you have the cash.
When I was working, I traded in the morning for a couple of hours (I live on the West coast). I don't need any more time than that. No need to trade all day. You could consider moving to the West coast, or even Hawaii. Or, can you change your hours at your job? Look at some longer-term types of trades. Forget about trading at work in a "secluded cubicle" which sounds like a great way to lose your job.