Part Time Trading - Life of a Part Time Trader
Updated: Dec 18, 2020
What it is to be a part time Trader? Can one make a living out of part time trading?
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“I have two basic rules about winning in trading as well in life; if you don’t bet, you can’t win; if you lose all your chips you can’t bet.”- Larry Hite
Above is a quote for you to think and adapt in your trading :) Thank us later :)
Part time Trading tips:
Over the years your life changes and therefore your trading strategies will need to adapt in order to take advantage of the market. When 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.
Trading is a way of life. If you are someone who enjoys looking for trends in real life, questioning them, and trying to predict what could happen in the future, trading will probably be a very satisfying hobby or activity. some of them rely on expert advice, if you are trusting a signals provider make sure they provide reliable and profitable trading signals.
The biggest difference between traders who are profitable and those who aren’t is money management skills. It is important to know that higher returns come with higher risks. A part time trader has an advantage over those who trade full time of not having to take higher risks to earn a living. But on flip side, a part time trader who has an alternate source of income also has a tendency to, as they say , throw good money at bad money to make a wrong trade right.
Leverage or power of being able to buy sell much more than the trading capital is a double – edged sword. Typical tendency for beginners and part time traders is to get carried away by a few profitable traders and increase position sizes significantly. Leverage increases the risk exponentially and also induces fear. It is extremely important to keep this fear factor low by taking as little leverage as possible.
Even for the most successful traders, a sizable percent of traders are generally loss-making. For a part timer, it is important to not dwell irrationally on trades that went wrong and take aggressive bets in an attempt to amend. Keeping ones ego in check is an important trait of a successful trader. The biggest stop loss a trader needs is on trading itself. it is important to know when to stop. Successful professionals who have done well in school, college, and work by putting extra effort find it challenging to accept the fact that when faced with adversity during trading, the best thing to do is to exit everything and do nothing at all.
Trading can be a great part time activity for a working professional, and with the right habits and discipline, profitable as well.
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Happy Trading :)
Tags: part time trading vs full time trading, part time trading business, part time trading from home