Three Tips for the Part-Time Trader Turned Full-Time
Successful traders who trade part-time and then try to do it full-time often experience different challenges, which may produce different results. Just because you were able to successfully trader part-time, does not automatically translate to you successfully trading full-time.
Most successful traders don’t rely solely on stock trading to make a living. They usually have some kind of secondary source of income. For example, some will run stock trading subscriptions or provide lessons on stock trading.
You Start to Over-trade
In any event, it is very easy to start over trading when all you are doing is looking at the stock charts tick by tick. If you ask most traders, the big bucks are made holding overnight and even over multiple weeks and months. Just remember, you make money by holding stocks. Not by trading and paying a bunch of commissions.
Experimenting with different trading time frames
There are a lot of great opportunities out there in stock trading. You’ll find that even more true when you start trading for a living. You’ll be able to see that some stocks may run for a couple days on momentum itself and others will have pulled back and are ready to breakout again. The problem with this is that a momentum trade could last one or two days, while a pullback breakout could last a week. If you start to trade the momentum trade and at the same time go in on a pullback stock, you now need to make sure that you are trading two different time frames.
It’s very difficult juggling multiple time frames. What ends up happening is that you forget that you have a momentum trade and end up holding it for too long and that trade ends up with a loss. Alternatively, you end up selling your pullback stock too quickly.
The best way to make sure you don’t end up selling too quickly or holding too long is to trade only what you are good at. If you buy pullbacks then stick with buying pullbacks. Don’t diversify your “product line” until you know your business is ready for it.
Source: http://www.stockkevin.com/2013/08/three-tips-for-part-time-trader-turned.html
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