Anyone else balancing a PhD with forex trading? Tips/tricks?

Just wandering if anyone else is straddling the same two worlds (phd & forex) as me, just (a) out of interest and (b) if you have any tips or tricks particularly to this challenge?

Obviously having some flexibility with my working hours is great for forex. I’ve instituted some pretty firm boundaries so I’m not switching between the two frequently (and ad-hoc) during the day, more setting aside dedicated time for each, and then scheduling times to check-in on trades etc. Although, the trading app on my phone is a pesky temptation which I sometimes find myself using without realising… I’d delete it but I can see use cases when it could be very helpful.

I normally set aside a few hours in the evening to focus on forex study, but sometimes that can be very challenging after a intense day submersed in complex stuff. Still trying to find a better balance with that.

I [I]was[/I], until fairly recently (finally graduated a couple of months ago).

Everyone’s circumstances are different. I doubt whether any of my own experiences will be particularly helpful or relevant to anyone else. I did my Ph.D. by part-time research and it took me over 5 years to complete it. During most of that time, I was also actively trading forex three days a week (Tuesdays, Wednesdays and Thursdays).

I’ve never done that, because I don’t really leave the computer when I have an open trade (I trade only intraday).

Again, my situation was different, in that I was already (just about) making a living from my trading before I started working towards my Ph.D., so although one’s always learning, I was kind of past the “formal education” stages of trading, at that point.

What’s your academic subject, and how long have you been trading for?

And by the way, welcome to the forum. :cool:

Hey!

Thanks for responding! I figured I couldn’t be the only one treading (or who has treaded) this path! Even though different circumstances, still good to hear some anecdotes.

I had noticed some of your posts had a scholarly grounding to them, the PhD explains it :slight_smile: Congrats on graduating! What was your area of focus?

My PhD sits (somewhere) between Psychology and Technology. I’m particularly focused on non-conscious processes for behaviour change delivered through emerging tech.

Been dabbling with forex for a little while, informally reading and experimenting, but just starting to take it more seriously. My first career was risk management in an investment bank, so hoping my risk centric world view will be a useful asset…time will tell…

1 Like

Medical sociology.

Cool … [I]hugely[/I] interesting subject. I read/follow/view (as a layperson, you understand) as much as I can about neuroscience generally.

I’m sure it will be: if nothing else, you’ll presumably approach everything trading-related instinctively in terms of risk management, and that alone is going to put you ahead of at least 90% of other aspirants. :cool:

im going my high school degree while trading. its really hard :frowning:

Well, what kind if tips are you looking for? Tips on time management and on how to combine your intense studies with stressful and time-consuming trading?
What I can advice you is to switch to medium-term trading like 1-3 week timeframe, instead of day trading which requires more time to sit behind monitor. In medium-term trading you are somewhere between speculator and investor so you may even need to process less information (which impacts can bee seen on intraday fluctuations) and focus on really lly important events such as Central Banks speeches, political changes etc.

Rhodytrader also did a PhD while trading

Just interested bro on how you believe the challenges “studying” might be any different to the challenges we full-time employees face???

Oh yeah, best be adding in a family of two, children under the age 10 and a wife that works opposite hours.

The balancing act depends on how bad you want something.

Ooh, I think the challenges of studying must, overall, be far less difficult and easier to get round than those of a full-time job?!

For a start, a lot of studying involves at least some component of time-flexible work (though this can vary quite a bit, I suppose), and far less routine obligation/responsibility, most of the time?

Overall, I suspect you can’t really compare the “challenges” of studying with those of a full-time job and family responsibilities. I know I wouldn’t ever have managed to trade as I do with [I]either[/I] a job or family commitments - let alone [I]both[/I]. I literally don’t understand how people manage to combine all those things.

A few tips: It will probably take you 6 to 8 years to get a PhD. If you are very successful at Forex trading, you might make even more money at it than in your chosen field. Given that, it would be unrealistic to think you could become successful at forex trading sooner than you could get your PhD. If that were the fact, I doubt there would be any PhD’s in the world.

Next, learn how to trade longer term and don’t overtrade. I took 4 trades two weeks ago. I closed two in the same week near break even. Last week, I just let the other two run, EU short and UChf long, for a nice big fat wad of pips. No new trades taken last week. None needed. I trailed stops behind recent s/r’s once, about a week into those trades to reduce risk. Very little time required.

I use a simple trend following EA to consistently enter trades for me. Entering trades is easy. My cat once did it walking across my keyboard. Exiting is the hard part. Exits are where money is made or lost. I have an emergency stop loss, but I exit almost all trades before it hits the stop by my rules. So, I never have to “look” for trades. I just check now and then when I have time to see if any need exiting. It’s a big time saver.

Finally, start in demo and trade the minimum 0.01 lots per trade until you are consistently profitable, say profitable 3 months IN A ROW. Trade exactly as you would with real cash, with the same leverage, etc. That will probably take years. Then move to real cash and only trade 0.01 lots per trade until you are consistently profitable for at least 3 months IN A ROW. That will probably take more years. By then, you will know what to do. Don’t forget to come back and give back a little to the newbies when you make it big. It’s good for your karma. Best success. - G

Thanks for the response!

Yeah, the timeframes and style of trading has been one of the things I’ve been thinking about recently. I’m instinctively drawn to shorter time frames, intra day trades (more from a controlling risk perspective than the thrill of the chase). But as you suggest, that will probably clash with the demands of my PhD, and particularly as I’m someone who needs to keep the two activities reasonably well ‘boundaried’, for reasons of focus and concentration. I’m definitely drawn to a technical approach for forex, I’m just not convinced I’d be able to build the depth of knowledge and experience to trade fundamentals (and even with that I’m not convinced I’d have an edge). I’ve invested in stocks for 10+ years and dabbled with options too, but I’ve stuck to companies where I’ve had domain expertise so there was at least a small chance I had some valid insight on the fundamentals.

Probably over the next few months, I’ll try out different approaches on different timeframes and see how it ‘interacts’ with my PhD work.

Good question! And I think you’re right some of the generic balancing time challenges are similar. And of course, no doubt, it depends on the nature of the work (and the PhD, given they vary quite a lot). Thinking back to my working days, I’m not sure I could have traded forex as well - so kudos for balancing all that!

Couple of things I’m finding different with a PhD from my working experiences:

  • mostly independent work, so it can be quite isolating for long periods
  • progress is often very slow, so there’s little feedback or sense of accomplishment in the short term
  • it’s more a test of character than capability; self discipline, resilience and grit are the order of the day!
  • I’m really only accountable to myself, there’s no place to hide!
  • …but still part of large bureaucracy with a distinct academic culture that I need to navigate

Some of this is probably similar to some professions, and maybe closest to being self employed (which I did for a couple of years a long time ago - founding a dot com during those crazy days!).

And I think there’s a distinction between being in a deep learning phase (as I am with forex) and perhaps when you’re further down the line and trading has become (at least somewhat) second nature? Some days where I’m delving into some new area of research for my PhD which is way beyond me, it’s tough to come home and study candlestick patterns!

I’m in the UK, and doing a full time PhD, so I’ll be done (or not!) within the next three years (our PhDs tend to be quicker than in the US). I’ll see when I’m coming towards the end of the PhD whether forex is something to to carry on doing, either part time, or trying it full time for a while.

Sounds like some good sensible advice there! My thinking, based on what I’ve been learning over the last 6 months or so, very much fits with your suggestions. Slow and steady will be the order of the day!

I’m very aware of how difficult expertise is to build, it was only in the last few years of my 10 years in risk management where I really felt I was becoming an 'expert and gaining a reliable intuition. And now I’m 4 years or so in my path in psychology, and only just beginning to get my arms around stuff.

Realistic but optimistic!

hello, im new to this forum, i am currently looking for phd supervisor and working as a risk manager in a brokerage company, soo pleasee any help? i busted my head off in applying in france… all i am getting is that they wish goodluck in my search for a supervisor

Everyone’s situation is so different, it’s hard to give examples. But you can be very busy and still do Forex. I work full-time (88hr every two weeks minimum), have 3 kids on my off days (50/50 custody), am working on my master’s degree full-time, and Forex.

How do I personally do it? On the days I have my kids, I use my time during the day while they are at school to get in some trading. After they go to sleep at night, an hour or two of trading for me if I feel like it. I can’t manage my trades while I am at work, but fortunately my job has a lot of down time - so I am able to complete most of my school work during that down time. On the weekends that I don’t work (but do have my kids) can’t trade anyway since markets are closed, so my focus is fully on them and catch up schoolwork if I have any. Is it easy? No, but doable. My style of trading is swing trading so I can open trades up and potentially not do anything with them until they close days later.