5 tips for part time traders – become a successful fulltime trader
We all know what a drag a day job can be. When you come home at night you barely have energy left to talk to your partner, let alone start up your trading platform and pull yourself together in order to have the patience and discipline to make good trades. Additionally, all the time you spend at your day job is opportunity cost – and the currency is called trading experience. It’s a vicious circle.
Without a day job you do not have an income, but with a day job you do neither have enough resources nor time at your disposal to become a profitable trader. And how the hell is a trading journal going to help you with all this, because it takes even more of your trading time away? Well, whether you want to keep your day job and make trading an additional source of income or you want to go fulltime one day, Edgewonk will help you reach your goals in trading. How? Let’s take a look.
Edgewonk Doubles And Even Triples Your Trading Experience
When entering your trades into the trading journal you actually have to go back to the charts and relive them. You will remember how you felt and what you thought before, during and after the trade. But you will be able to evaluate your past actions with a much clearer view because the trade is over and done. This automatically translates into a better learning effect.
Most traders never look at their trades again after they are out of them which is probably the single biggest mistake a trader can ever make (apart from over-leveraging). There is zero learning effect because while in a trade, you are exposed – you can’t think clearly. Your brain is in flight-or-fight mode and your logical thinking is mostly overwhelmed by emotions. How do you want to learn anything in that state?
Entering a trade into Edgewonk takes 1-2 minutes. The benefits you receive out of doing that greatly outweighs your investment.
Your day job does not grant you with a lot of time in order to improve your trading –thus, you should make the best out of it. This means using a professional trading journal and a trade plan. Both in combination will make you a better trader than any person that has no day job but does not use either of those tools.
Edgewonk Improves Your Commitment, Confidence And Outlook
It’s simple, really. When you start treating your trading as a business, you automatically reinforce positive behaviour. Edgewonk is your personal trading mentor. When you start using it and put it to its full potential, you will start to feel like a professional trader. You will automatically make better and more patient trading decisions because you don’t want to ruin your track record.
Plus, confidence is vital to win in this game – 99% of confidence comes from being prepared and knowing your craft. When you start using Edgewonk, you will boost not only your knowledge but also your confidence and thus performance – increasing your outlook, reinforcing your positive thinking and thus leading to even better trading decisions. It’s an upward spiral that easily makes up for the time you cannot invest into trading due to being at your day job.
Edgewonk Shortens Your Learning Curve Because You Know What To Look For
One of the reasons why people with a day job cannot make their dreams of going fulltime true is because they lack the patience. They hate their day job and want to escape it asap, and the faster they want to realize their goals, the further away they seem to drift.
This is because in order to realize their goals they increase leverage, trade with money they can’t afford to lose, and so on.
But the only viable way to reach trading success faster is simply to learn faster. There are many ways to skin a cat, and there are also dumb and smart ways to learn. Learning by doing for example is a not so smart move in trading, but 99% of traders seem to think that it is an awesome thing to do.
Learning by analysing, on the other hand, is the best you can do. Find out what works and what doesn’t by crunching numbers on the weekend and you will reach trading success much faster than you might think.
Edgewonk Helps You Stick To Your Trading Plan Because You Know It Works
Seeing that you do not have the time to trade all day, unless you are an end-of-day trader, you will get less entries, simply because you cannot watch the charts all day. This means smaller sample sizes over time and, thus, it will take longer to ride out variance. You will be exposed to recency bias much longer than traders that can invest more time. Sometimes a downswing in your balance can take weeks. This will make it incredibly difficult to stick to your strategy, if you cannot back it up with a solid foundation.
Edgewonk does just that. Edgewonk will be the backbone of your trading, helping you through rough times. If your trading strategy has been profitable over a large enough samplesize, you know that it works. And the Edgewonk trading journal will show you the variance you can expect, the largest drawdowns you had and could have, the longest losing and winning streaks, and so on. This will increase your discipline immensely simply because you know that what is going on is still inside the normal boundaries for your strategy.
Edgewonk Will Ultimately Become Your Personal Blueprint To Making Money And Going Fulltime
Your Edgewonk Trading Journal will become the most important tool of your trading. It will be so precious that you don’t even want to think about possibly losing it (thus we recommend always having a backup).
Once you know that you are going to make an average amount of money every time you put on a trade because Edgewonk tells you so – what is holding you back from going fulltime? Nothing we’d say. Enjoy.
Conclusion: Trading With A Day Job Becomes Much Easier When You Know You Are Improving
Trading and not going broke is damn hard. Trading profitably is even harder. Trading profitably with a day job might seem impossible. But it’s not. You simply have to leverage the little time you have to extract the highest possible value from it. Crunch numbers when the markets are down. Shorten your learning curve. Preserve your capital. Increase your confidence and motivation, improve your commitment and patience by taking your trading to the next level.
All this and much more can be done with the Edgewonk trading journal. Good luck on your journey!