Here’s a question I get asked on a regular basis:
How can I fit trading in around my job and still make consistent profits without having to check charts during the day?
The good news is there are loads of ways!
The trick of course is finding the way that has ‘your name’ on it – the one method that fits your personality best.
Now, trading ‘end-of-day’ (that’s where you check your charts and manage your orders in the evening, after work) is a common situation amongst home based traders. And it can be a very effective way to go about things…
The fact you’re not sitting in front of the charts all day long can actually be a blessing in its own right. It stops you fiddling around with your orders before the right time!
The problem is many traders confuse activity with effectiveness.
They think they need to be busy placing bucket-loads of trades all the time.
And they panic a bit at the thought of checking the chart only once per day:
‘But how will I ever find ENOUGH trades to make my big juicy profits,’ they wonder.
Like ‘busyness’ somehow equates to profitability!
But modern society has conditioned us to think like this.
It’s throwback to an industrial ‘manufacturing’ mindset where the more widgets your factory cranks out in a day, the more money you make.
But trading is a VERY different proposition.
In fact, the best trade you ever make might be one you close weeks, or even months, after you first opened it.
Yes, ONE single trade could actually be responsible for the lion’s share of your annual profits!
Think about it: if you ran a strategy with a positive statistical edge, and let the profits run, it would only be a matter of time before you hooked into a really good specimen of a trade.
You could then add to the position, building a huge snowball of a trade as it rolled onwards into profit.
There’d be the matter of risk control of course.
You’d need to manage the stop loss somehow.
But a common pattern of results for a strategy like this would be to see a series of small winning trades and small losing trades and then…
A HUGE beast of a trade comes along that you hang onto and it sends your net returns through the roof.
So how might you go about trading like this?
Why, I’m glad you asked, because I’ll be working on a complete step-by-step methodology for you over Christmas.
This is a way of trading I think all traders should consider. The only problem is this type of strategy isn’t ‘glamorous.’
There’ll be no shortage of opportunity, but it might be days, even weeks, before we get a big fat trade to ride.
This means any posers won’t be able to post their glory screenshots of charts to Facebook or Twitter every day. So this is probably not for them.
But… if you’re a money-trader rather than a glory seeker, it might be just what you need.
Anyway, I’m hoping to have something ready to show you early in the New Year, so watch this space.
And on that note 2018 draws to a close for us here at Traders Nest.
So have a lovely Christmas, a happy and prosperous 2019, and I’ll catch up with you again early in the New Year!