How to Be a Part-Time Trader With a Full-Time Job

Over the years your life changes and therefore your trading strategies will need to adapt in order to take advantage of the market.  When a major life events happen, such as getting married or having a baby,  you need to know what you can expect from yourself and your trading and how much time can be dedicated.  Strategies and tools will help part-time traders succeed at taking advantage of the market.

Here Are Some Strategies On How to Be a Part-time Trader With a Full-Time Job

Take Advantage When the Market is Sleeping:

How to Be a Part-Time Trader with a Full-Time JobSelf-awareness is key to understanding why you trade.  You need to understand where you are from a trading education standpoint and where you are at an emotional and environmental standpoint.  When I got married and had my child, it turned my trading strategy upside down.  I didn’t have the same time to dedicate to my trading that I had prior to that life change.  Now that I was balancing my full-time job and family life,  I ended up adopting Nikolas Darvas’s strategy of trading part-time.  He was a legendary trader who traded part-time and was a full-time dancer who traveled the world.  He would study the markets on nights and weekends.  I adopted a similar approach and I take advantage of the market when the market is sleeping.   

Place Orders That Trigger Automatically During the Trading Day:  

I set my trading plan so that I don’t need to look at the markets at all during the trading day.  I place working orders with brokers and have buy stops in place.  So, if a stock crosses “x” price, then I’ll be in at that price.  Same thing with my exits.  If a stock falls below “x” price, then I’m out.  I don’t have to worry what is going on in the market during the day because I’ve already figured out my plan.  The plan is setup to execute automatically.  I just need to make updates to the plan at night and on the weekend.   

Utilize Tools to Automate Process:

In order to determine the stops, I need to do my research and figure out at what price I am comfortable getting into and out of the trade.  I take advantage of the Advanced Stock Reports that Adam Sarhan writes for both trade ideas and trade management.  Having a service like this really cuts down on the amount of time needed to successfully navigate the market.  

 

Check out my full interview with Nasdaq Live’s Jill Malandrino here:

 

Here are some of our other blog posts:

Focus on Risk Management and You Will Win | Why I sold AAOI 2 minutes before the close

If you want to win in the stock market, the key is to focus on risk management!

A stock that I had been actively trading for several months during its run was Applied Optoelectronics (Ticker: AAOI).  We even discussed this trade and the idea around it during my NASDAQ TV appearance in May: https://chartyourtrade.com/can-the-ma…

For high momentum stocks like AAOI, I like to both sell into strength and scale out of these kinds of positions.  The reason why is because it allows me to lock down gains while continuing to participate in upside potential.  

I ended up exiting my last bit of AAOI shares literally 2 minutes before the close on  8/3.  The reason… entirely based on risk management!  I discuss my thought process in the video.

Perspective on the NASDAQ Bull Market

 

 

A lot of people are afraid that the NASDAQ’s Bull Market is getting long in the tooth and is long overdue for a major pullback.

In this video I offer a bit of perspective based on where the NASDAQ has come from going all the way back to 1985. To sum it up, the NASDAQ has recently gone through a MAJOR 16 year long, 76% deep correction and has only run about 27% since breaking out to fresh highs… compare that to the mid 1990s when the NASDAQ ran 540% in only 5 years after breaking out to fresh highs.

TOOLS USED
I used a charting service called TradingView. If you’d like to learn more about them, check out this blog post: https://chartyourtrade.com/live-strea…

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ツ CONNECT WITH ME ツ
Leave a comment on this video and it’ll get a response. Or you can connect with me on different social platforms too:
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.: MORE ABOUT ME PERSONALLY :.
• Homepage: https://chartyourtrade.com
• About: https://chartyourtrade.com/about/

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Thank you for watching – I really appreciate it :)
Happy Trading,
Mike

 

May 2017 Webinar w/ Adam Sarhan

 

Topics Discussed:

  • Big Picture: where we’re at, where we’re heading, and why
    • Indexes: S&P 500, NASDAQ, Dow, Russel
    • The Street: Attitudes from big money managers, VIX precedent
    • Commodities and Currencies
  • Sectors and Industry Groups
    • What’s hot, what’s not, and why
  • Individual Stocks
    • Stocks that have appeared on our Elite Stock Setups
    • Stocks we’ve purchased for the model portfolio
  • Trade Management
  • Advanced Entry Points
  • Risk Management (identifying support levels/where to place our stops)
  • Much, much, more!

 

Quick heads up, we plan on making webinars like this a regular thing for our subscribers!  Stay tuned!

 

 

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