Trading with a full time job just may be impossible
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  1. #1
    Join Date
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    Default Trading with a full time job just may be impossible

    I have been trying to figure out if I could trade after work on the weekdays but have found that the market doesn't wait for me. I have no idea how people with a full time job could possibly implement any of the forex strategies I have read about. Even on swing trading or longer trading you are waiting for a signal. I am never watching the market it seems when that signal comes. Either most of the people on this site are trading on the bosses time or they know a secret I don't. Someone please fill me in. Otherwise I guess I will just work all day and trade all night, I should be able to function on 15 minutes of sleep a day.

  2. #2
    Join Date
    Dec 2006
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    Quote Originally Posted by bizbad View Post
    I have been trying to figure out if I could trade after work on the weekdays but have found that the market doesn't wait for me. I have no idea how people with a full time job could possibly implement any of the forex strategies I have read about. Even on swing trading or longer trading you are waiting for a signal. I am never watching the market it seems when that signal comes. Either most of the people on this site are trading on the bosses time or they know a secret I don't. Someone please fill me in. Otherwise I guess I will just work all day and trade all night, I should be able to function on 15 minutes of sleep a day.

    This is where the planning comes in. It most definitly is possible to trade while holding a full time job. I do it.

    You will more than likely have to go longer term. If you work off the DAILY charts then your signals could come at the same time very day if your signals involve waiting for closing prices. You could also set up signals to be sent to your cell phone to alert you of price levels you might have your eye on.

    If you are into scalping, you could look at trading during the night for an hour or two. If the night for you is the European session then you have a good chance of seeing decent movement.

    You could also trade in such a way where you define longer term support or resistance levels and trade the breaks of those levels by setting entry orders in your platform beyond those points. You would just have to spend an hour or so looking at charts when the markets are quiet to identify those price levels. This you can do when you are home in the evening (I am ssuming the evening for you is the Asian session when markets are quieter)

    The bottom line is that you can trade while working full time. Your plan just has to recognize the limitations your job places on your trading and work around that.

    It just has to feel natural though. When i first started trading i was paying for day trading signals to be sent ot my Cell phone. I was at work and every time i got a signal i had to find a way to get out of what i was doing to place the orders. After a while i became worn out. I quickly realized that i was not being practical in my approach. It was not natural. It MUST be natural and unforced!
    Last edited by pipbull; 11-05-2007 at 10:23 PM.

  3. #3
    Join Date
    Jan 2007
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    259

    Default Trading and holding down a job.

    Trading IS possible while ya working.

    I (Like pipbull) trade at work.

    My system allows me to do this, and that i think is the key.

    What is important here is what you are aiming for, and the system you are using to achieve those results.

    Let me explain, if you are just after 5-10 pips a day, you should be able to do that even in the quietest periods........even if that means a combination of a 3Pip, a 2pip, a 1Pip and a 4Pip trade....that's still 10 Pips.........you may laugh, but compound 10pips a day for a year and you really WILL be laughing!

    The other alternative is to go Daily/Weekly/Monthly, this you can also do in your own time. I won't repeat what pipbull said, but in my view he got it spot-on.

    You have a choice to make here, Forex isn't something you can go into half-arsed, you do it (and do it properly) or you don't do it at all.....anything inbetween means you will probably lose money..........and no-one on this site wishes that.

    Bottom line.........if gaing your experience/money in Forex means you need to cut into ya bosses hours every now and then, so be it..................isn't the point of Forex to be rid of your Boss eventually anyway????

    Your choice my friend :0)

    Good Luck.

  4. #4
    Join Date
    Oct 2007
    Location
    Florida
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    I don't want to do this halfway and that is the issue that is bothering me most. I cant seem to find a system that makes me comfortable and allows me to work my job too. I am pulling out what is left of my hair.

  5. #5
    tymen1 is offline Banned FX-Men Honorary Member
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    What about letting your wife do the trading while you go to work.

    That way, if the trade loses, you can blame it on her !

  6. #6
    Join Date
    Dec 2006
    Location
    Wichita Falls, TX
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    First and foremost you need to sort out your timeframe. Are you thinking scalping or day trading? Swing trading? Longer-term position trading?

    Most likely you would find swing trading the most difficult to manage with a job because the signals can happen at any point and managing the positions requires regular attention. The shorter-term stuff is doable if you have a few clear hours during a high volume time of day. If not, you're left to longer-term trading, which offers plenty of nice opportunity for those with patience.

  7. #7
    Join Date
    Dec 2006
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    184
    Quote Originally Posted by bizbad View Post
    I don't want to do this halfway and that is the issue that is bothering me most. I cant seem to find a system that makes me comfortable and allows me to work my job too. I am pulling out what is left of my hair.

    Decide what kind of trader you want to be and see if it feels natural for you.

    If you scalp, like Maurizio said, you can get away with trading the quiet hours. But not everyone feels comfortable with scalping and have a hard time managing the reward:risk.

    Otherwise, you have to go longer term, especially if your work offers no flexibility to access charts and your platform during the day.

    Are you familiar with support and resistance trading? Because the market seems to be more responsive to these price levels on the longer-term charts, it could be something worth exploring for you.

    If you feel comfortable with 100% mechanical trading then it could be worthwhile to explore automating a set of very well tested rules. Be careful with mechanical trading though. In my opinion, it can be just as profitable as discretionary trading but mechanical systems a not capable of adapting to market changes. You would just have to know when the performance of such a system is falling outside the statistical norm (based on your backtesting) and have the discipline to make the changes when necessary.

    The point is that there are options for every single kind of trader, full or part time. The work and discipline is required to find and test the rules extensively according to your personality and lifestyle. Once again, it has to feel right and unforced. Hope this helps.

  8. #8
    Join Date
    Jul 2007
    Posts
    55
    pipbull,
    could you explain a little about s/r trading, any links?
    i have been trying to build my trading templates around that for now, any pointers will be appreciated.

    and, i also have the problem of working and trading....my only free hours is when i want to sleep, and the market is crawling at that time...the asian session.

  9. #9
    Join Date
    Oct 2007
    Posts
    476
    Pull up a 240 min chart... that is damn easy... I hardly do any actual daytrading anymore because with forex, hell whats the point of scalping +5 and 10's for a couple hours each day when I can throw on a couple trades off the 240 min charts, set my s/l's and targets and go to bed?

    Last night I went long the GBPUSD, and EURUSD. Woke up to find my +40 pip target in the GBP hit, and my +90 pip target hit in the EUR. It required all of 2 minutes at midnight to glance at a chart and throw on the trade. I made money while I slept, woke up and gave myself the day off.

    Get a broker like oanda that has a web based platform or something if you want to check it or monitor the trades every couple of hours.

    Sound strategies should require 0 effort from you once the trade is put on. You should know where your in at and where you'll be out at for either or loss or a profit. If you know all that before hand and you only can make decisions every 4 hours how much time can it possibly take?

  10. #10
    Join Date
    Oct 2007
    Location
    Florida
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    I would like to trade off the daily's once a day before bed or after work, just set it and forget it, but unfortunately all the systems I have found wait for a signal of some kind and I am never home when this happens. I am in the eastern time zone and get home when the market has flatlined for the day. i guess I may have to figure out if I can take a laptop to work and use their wireless connection.

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