Mr. Charts
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Hi all,
Trading while working in an Full time employment:
I wanted to discuss this briefly, in the forex market things can get really exciting and in return your emotions can be very high .You have to understand the difference between a part-time and a full time job. The Full time job is one that puts the food on the table whereas your part-time job is the one which pays for your extra expenses. YOU MUST REMEMBER TO NEVER MIX THE 2.
I have heard many horror stories of demotions & disciplinary of people that have been in very good jobs. The regions of £40000-£70000 and how there whole life has gone down hill due to trading.
If trading takes over your life you have failed at the very instance. YOU HAVE TO CONTROL TRADING NOT THE OTHER WAY ROUND
If you want to become a serious trader there is nothing to stop you but you should be able to use time management Principles and this will only come with a plan...
What is a plan? Over 50% Traders fail because they jump into this market without a plan and understanding of how this market works. Just because you get your first 15 trades right does not make you a trader. Now when you are in full time employment and trying to trade you are basically doing something wrong. hence the reason for minimizing the screens,Alt tab's sneaking out to speak to your broker to close the deal...I could name 100's of scenarios All of these have a negative impact and in the process you could loose the respect of fellow managers, colleagues etc
Also by law they could fire you because this is breach of contract an misuse of the internet policy at work..
ARE YOU REALLY WILLING TO RISK THIS...THINK TWICE..
So now you will say that you have shown us the situation but what is the solution:
1. Planning your trading week on a Saturday
2. As a part time trader you should keep your trading between the hours of 5:00p.m and 2:00 a.m
Now you will say rav are you crazy....nope I am not. For Newbie’s in the market this is these are
The times when the market is less volatile and I call this technique night time trading. Can you be
Successful. Yes you can I have achieved quite good results trading only one pair between those
Times and that is the USD\JPY Pair.. There are certain strats that I will mention some time next
Week but it can be done.
3. Your objective needs to be decided in the plans...I will personalize some plans for you upon request but please don't expect them to be done straight away..
4. Realize the importance of your Full time job and remember that trading takes at least 2-3 years of hard work so till then you need your full time job to put food on the table.
The more you get involved in trading the more far away it will take you from your normal life so learn to tame you trading from the very beginning
I hope this little snippet was useful to all the new Forex traders out there.
Happy Trading
Rav
Excellent post