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Part-time day trading

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I live a relatively frugal life and earn more than I need. House paid off etc. I have the opportunity to reduce my working hours with corresonding reduction in salary. The idea is one of a transitional stage where I have time to develop day trading skills while getting sufficient salary to cover living costs of kids etc. Any thoughts/ intensities regarding the following: 1) Is it possible to day trade part-time? 2) If so, should I take a full day or two each week, or rather parts of each day? Anyone else tried this?
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27 REPLIES 27
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Super Contributor
Did not do it but I caution you not to underestimate how expensive kids are when they leave school and even when you think they are leaving the home (especially in RSA). Make sure you build this into your model.
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Valued Contributor
you cannot day trade part time .. but you can design a trading system that fits your life style, that's exactly what I did ..
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Super Contributor
Howcome a day trader couldn't be part-time? Couldn't someone pop in for 4 hours and trade during the time? (Since the trading day is pretty artificial, anyway.) Just wondering - I don't know anything about it.
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Regular Contributor
I started (mainly intra day) day-trading for the first time at the beginning of last year and had the luxury of almost trading full time. I was turning small profits quite quickly. As I started trading "part-time" and working at the same time, I lost very quickly. As Simon says It's unlikely a "day-trading" strategy works part-time, but another "part-time" startegy will if you get it right.
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Valued Contributor
ya, fair point .. but what if you pick a certain 4 hours, and the market does nothing ?? you need the space/time ??? but the larger picture is that very very very few people make money from day trading, an further it is a very hard and very very boring way to earn money .. that's why I went for lazy trading, still boring but as it takes at mmost a couple of minutes a day, leaves me time to do the fun stuff ..
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Super Contributor
I stopped short term trading because I found it not possible to concentrate properly while working as well. I think one needs to dedicate the whole day to the practice if one wants to really succeed. Thats why I have a long term investment strategy now, that is totally different.
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Super Contributor
The market does things in its own time and not in your time. Your time should match the market and don't expect a vice versa.
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Super Contributor
HG - the world does things outside of the market's open time as well, but we learn to deal with it.
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Super Contributor
Been trading full time now and learnt to do things outside of the markets open time.
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Valued Contributor
yes an no .. I designed a system that onlyy enters at 4.30 .. so my days are free expect for a few minutes at 4.30 every couple of weeks or so .. when in a trade SMS alerts keep me on ttrack ..
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Super Contributor
I once read about a dude who moved to the UK to change his time zone so he could trade as many of the markets as possible. Had screens all over his house, including the bathroom. You could go that way, but most day traders aren't 24-7 traders, so they work in the frame that others do. They close their positions at the end of the day. Using the same logic, we're relatively free to balance opportunity and effort. No universal rule says Thou Shalt Do X or Y.
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Super Contributor
I think is going to pose its challenges. My view is to rather build some of those skills while you work full time. To learn on the job could be costly. I trade in and out of the market, but like Simon I've got a system that works for me. Did 7 trades in the last financial year of which 5 were profitable. You need some patience for this and keep your finger on the market. In the meantime I've learned all about day trading stuff - scalping, fib's, gaps etc. I think I would be able to survive if I had to only day trade, but I earn a comfortable salary with many other perks - one of which is family time so I'm in no rush to try my luck at day trading. I have too much to lose. I'd only consider that if I have enough cash to carry me for at least two years with no debt. I think some people romanticise day trading forgetting that it's still a stressful job, and very few have got the right skills to succeed. There is very little easy money in this industry. Everything needs to be earned.
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I read thru the forum replies to the thoughts of Five and could only identify with Kwagga. His I thought very responsible and he may have not said so directly but message surely is "Be careful mate" A thought be a thought but question the suastainabillity Jangat
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I read thru the forum replies to the thoughts of Five and could only identify with Kwagga. His I thought very responsible and he may have not said so directly but message surely is "Be careful mate" A thought be a thought but question the suastainabillity Jangat
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Super Contributor
I have done both and Simon is right.. its very boring, and also the market does things in its own time.. these days I trade the open. When a spesific opportunity arrises and thats about 1 or 2 times a week and I have designed a few lazyish systems of my own...the biggest problem with full or even part time trading is work ethic.. I struggle not to do anything. And as a result you trade without triggers or you watch each tick (which actually just creates tension and stress)...If you want I will share lazy statergies with you, you have my email. The truth about the market and its taken me a while to admit this even though I have known it from day one.. is that the market works for you..so you can get on with your life.
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Super Contributor
Buy yourself a book caled millionaire traders by Kathy Liem....it details the transition to huge success of everyday people beating the markets and feeding their families. I found it far more interesting and relevant than market wizards as these were lay people, not professional traders. If you want to day trade do it, never let anyone tell you its impossible, its not. Its hard, not impossible. Develop a system you can trust, prove that it works, set yourself up and do it. " I am always doing that which I cannot do, in order that I may learn how to do it." Pablo Picasso. Good Luck.
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Super Contributor
I totally agree with this also..as the money can be fantastic.. the point I was making is that trading is a business, and like any business takes more time and more money to get going than you ever imagined..so if you can use your current cash inflows to support you while you learning do not miss this opp..
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Super Contributor
You lost me at "relatively frugal life".
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Super Contributor
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