Getting a Job as a Day Trader

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education.
    Free Demo Account.
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Recommended Only For Experienced Traders!

Day Trading Jobs

Human capital is a great asset and one of the keys to our success. Our Trading Offices are always looking for smart and disciplined individuals.

Submit your application using the form below. It will be forwarded to the nearest Trading Office. You will be contacted in case of interest.

Make Money by Opening a Trading Office

With DTTW’s Technology, Trading Capital, and Risk-Management system.

How You Make Money

Virtual Trading Office

Day Trading Software

Day Trading Simulator

Day Trading Device

Social

Accepted Payment Methods:

Your ability to open a DTTW trading office or join one of our trading offices is subject to the laws and regulations in force in your jurisdiction. Due to current legal and regulatory requirements, United States citizens or residents are kindly asked to leave this website.

© 2020 Day Trade The World™ All rights reserved.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education.
    Free Demo Account.
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Recommended Only For Experienced Traders!

When to Make the Leap to Full Time Day Trading

There are plenty of day traders and swing traders out there, many of them engaging in the stock market at different levels. Some people utilize day trading for a living, while others just trade for a few hours a day to bring in some extra income. One of the questions I get asked a lot is, “when is the right time to make the leap to full-time day trading?”

Of course, there is no universal answer to this question, however there are a few considerations that come into play. It should be noted that day trading is not as glamorous as it is often portrayed to be. Trading stocks is not about “making bank” or living an exotic lifestyle. For full-time day-traders, trading stocks is a career. This means it requires work – work that entails sitting by the computer for hours a day staring at screens. You are not guaranteed to make millions of dollars. Heck, you’re not even guaranteed to get paid. Day trading is one of the few career choices where you are not guaranteed a paycheck, and you may even lose money after investing hours of your time.

Discouraged yet? Don’t be. This is not intended to critique day trading as a career. I trade every day and I love it. This post is intended to be a reality check that allows you to set realistic expectations that will help you take the necessary steps to achieve your goals. It’s also important to note that this post is targeted towards people who want to know how to start day trading full-time (meaning you are leaving your other job to pursue day trading full-time). Some of these points will not be relevant to those who trade as an extracurricular activity.

So, let’s get to answering the questions.

Day Trading for a Living – A Few Necessary Pre-Requisites

Training – Before you even consider taking the leap towards becoming a full-time stock trader, you should make sure you are properly equipped. You wouldn’t quit your job to become an engineer without any proper training, right? What are your of chances of succeeding? The same logic applies to trading. Start developing the proper expertise before even considering a career in day trading. We have a variety of free and paid resources to get you started on your journey.

Experience – You can read 1000 books on trading theory and still get crushed by the markets. Theory and practice are two different skill sets. Most traders need to spend some time actually trading before they can get a real feel for the markets.

Consistency – If you are even considering becoming a full-time trader, make sure you are trading consistently. This will allow you to set realistic expectations for the future. Consistency is proof that you have actually developed an applicable skillset. For a new trader, there’s more long-term value in making $5,000/month for 12 months than making $200,000 your first month and $0 the rest of the year. Sure, one provides a higher short-term monetary value, however, it is less sustainable in the long run.

There is no “magic number” when it comes to calculating the amount of experience needed. Different traders will learn at different paces. One trader may be able to become consistent in a year, while others may take a few years. It’s important to take these next few considerations into account.

How to Become a Day Trader Full-Time

Both day trading and more conventional career paths have their benefits. A conventional job guarantees you a salary (and, sometimes, benefits), whereas day trading has higher theoretical scalability and allows you to be your own boss. For most full-time day-traders, the biggest benefit is that you get to do what you love at a job that consistently challenges you. Sound appealing? Take the following into account:

As a full-time day-trader, you will have less stability, especially as you start out. You will have good months, bad months, great months, and mentally exhausting months. While this roller coaster of emotions is part of what makes day trading exciting, it can also be stressful if approached improperly.

Financial Considerations

Account for Your Day Trader Salary and Build a Safety Net

Leaving your job means leaving your guaranteed income stream. A day trader’s salary is never guaranteed. Sure, leaving your job means you get to escape the monotony of a 9-to-5, but if you want to day trade for a living, you need to be prepared for what follows. Create a financial plan.

You should save up enough money to cover your expenses for 2 years. This will take some of the stress out of trading. If you’re not trading to pay the rent, you can make much smarter decisions. Of course, this approach relies heavily on your ability to accurately calculate this number. It’s better to overestimate than underestimate.

Make sure to account for everything, including:

  • Rent
  • Utilities
  • Food
  • Toiletries
  • Cell phone bills
  • Insurance
  • Entertainment
  • Etc

Don’t sell yourself short here. It may be easy to say, “I can live without entertainment for 2 years” until you are 2 months into staring at the screens for 12 hours a day. Be realistic, be accurate, and plan accordingly.

If your calculated budget is $3000/month, save up $72,000 and stick to your budget. If you can live off of $2000/month, save up $48,000 for expenses. This budget will vary considerably by person but the end goal is the same. You are covering your expenses for the next few years so that you can detach yourself from financial stress and have the best shot at success.

Your Stock Trading Account

We discussed the importance of saving up enough money to cover your expenses. You will also need to have the capital to fund an account. Once again, the amount of money necessary will vary by person. You will need at least $25,000 to day trade regularly (based on the Pattern Day Trader rule), however you can swing trade with less. Choose a number and setup the accounts.

Choosing a number is about giving yourself the best chance. Sizing up an account too early before learning consistency is only going to put yourself at the risk of losing more faster. Starting small limits what you can do but also limits your risk vs. starting larger.

Keep in mind, that your expense account and brokerage account are completely separate. You shouldn’t have to pull from your expense account to cover your trading costs and you shouldn’t have to pull from your trading account to cover expenses.

Other Considerations

Opportunity Cost

Up to this point, we discussed the financial planning involved in taking a leap into full-time trading. It’s also important to focus on the opportunity cost of the leap. What are you giving up by making the transition?

For example, if you are making $100,000/year + benefits at your other job, you are walking away from a solid salary and entering a career with an unpredictable salary. Will you be able to get a similar job after 2 years if trading doesn’t go as planned? Maybe yes, maybe no. Make sure to account for this before committing to the leap.

Personality Traits

When you become a full-time trader, you enter a world of 100% accountability. Nobody is making you get out of bed every morning and no one is telling you what to do all day. You are the driver of your own income and you are the only one who cares enough to generate it. Make sure you have the discipline and proper organizational skills necessary to make the most of this process. Are you someone who enjoys the autonomy of being your own boss or do you prefer being told what to do? Are you able to keep yourself in check and stick to a schedule or do you veer off and do your own thing? Do you need stability or does risk keep the markets exciting? Be prepared for the lifestyle change just as you are prepared for the financial changes.

Key Takeaways

Day trading stocks is an incredibly rewarding career path with a long list of benefits and perks. This post was designed to help people prepare for the transition. The rewards of day trading for a living can be exciting, causing some people to ignore the work involved in getting there. Let this bring you down to earth and help you take a realistic approach to the transition. Preparation is key. You can get there if you take the necessary steps.

Any questions? Leave them in the comments below.

10 Comments

Most important is to enjoy doing it, not only for the money but also to learn something new everyday and not to feel discouraged by lack of knowledge or age. I Can’t wait to be part of the community so happy I’ve found you guys!!

with my job i can manipulate my schedule a bit but I am nervous as i dont want to study for a year on something just to lose because i cant be in trades during the market hours all the time. Ive learned to check the day gainers and watch them seeing if they hit your levels and hopefully your not busy at work when they do but i figure if i study hard enough and be patient ill find those breakouts that go crazy from 5 to 40 and i can work my day job and get out in a few days or weeks and make 100grand and after doing that a few times quit my job go full time day trading and be good. the only hedge i have for this idea is a stop loss but if all im doing is winning small and hitting stop losses all the time im worried my small starting account will run out before i hit a big one. If anyone has an tips on what im thinking please let me know

This is a great opportunity, My journey has begun since february 2020.

lip servicing this is not justice to you Nate. Really, having ran into you at the pennystocking 2020 gig, and then being so grateful to gravitate my way toward your manner of trading, teaching, clean healthy giving back, and mentoring. I’ve been at this learning curve off and on 2.75 years. And having seen changes in the way chat rooms and gurus market, all I can say, is its down to earth at IU. I am glad when I can say ” I can’t trade like you Nate” but that does not mean i can not be consistent or find my own niche, or even have a legit mentor who cares. I really think so highly of this. I am still realizing so much, and as I ‘ve sought to use my subscription wisely at IU, I am making sure I have the time to really give fully to this again, and my set ups well known, and a game as best as I can get, before engaging a luscious engagement with the room again. Anywho, I’ve learned so much from text book trading , and like being in an university testing and studying environment, I hope I can bring that level of focus forward.. I’ve got my rent saved for a few years, and a cash flowing business that I have freedom of choice when I work, so that is legit responsibility.. now with this next go around, my real test will be to see if I can really pursue another level of disciplined trading.. my focus is on what I can control. my effort, my planning, my attitude, my eye-screen skills, my set up recognition, my communication to the IU community, and reaching out, and my patience, my entry, my exit. The outcome: its not my business, per se, thats the markets. and by all mean correct me.

Thanks for sharing this. Very informative.

Thank for sharing, you have given great tips, I will be them in mind.

Tank you so much for sharing this information it’s an eye opener since most people don’t look at losses but highly focusing on the gains forgetting that this game is a rollercoaster ride. I am also planning to go fulltime on trading and I’m working on my consistency at the moment.
Thank you so much

Great article.
I LO❤️E trading, very rewarding in so many ways.

Thanks for sharing! The planning for 2 years portion was extremely helpful. I never even thought of that. Maybe next you can interview ppl who make 100k a year and left their jobs to day trade/do real estate

How To Become A Profitable Trader With A 9 To 5 Job – 12 steps

How To Become A Profitable Trader With A 9 To 5 Job – 12 steps

If you still have a 9 to 5 job, becoming a professional trader in your spare time can be quite a challenge as I know from experience. Pursuing the goal of quitting your day job to become a profitable trader often seems like an unrealistic task for most people but there are certain steps that can help you improve your trading while working 9-5 and finding time for hobbies and your family at the same time.

The problems which keep traders from making the next step are:

  • No structure
    • Most traders are all over the place, always changing their approach, every trade looks different, they jump from one timeframe to the other, change indicators, chase price and so on
  • No vision
    • It is very demotivating if your results are all over the place and nothing you try seems to work. System hopping and the “gambling” mentality are often the consequences.
  • No accountability
    • Trading can be very lonely and if you don’t have people around you that help you grow, trading can become very frustrating. And even if you are in contact with other traders, often it’s not supporting your development as a trader.

My top tips for becoming a professional

Here are our top 13 steps and tips that will help you improve your trading while still working in your regular 9 to 5 job:

1. Find a trading style that suits you

It’s important to have a trading style that fits your personality AND your schedule. The two broad categories and trading styles traders have to choose from are swing-trading and day-trading.

Usually, swing-trading is better suited for traders who have limited time and restricted access to charts throughout the day. As a swing-trader, you do your chart analyses during the weekends and before/after work and you manage and execute your trades when you get back from work. Swing traders also don’t need to observe the markets all day long which can free up even more time.

If you are a Forex trader, you could also fit in a few hours of day-trading in the evenings since you’ll usually always find some active currency markets at any given time – but make sure that you can remain focused after your 8 hours work day.

ForexFactory offers a great tool that helps you understand which markets are active during different times and it also shows how liquidity changes during the day so that you can find the best currency pairs based on your schedule:

Tip 1: Decide whether you want to be a swing trader or a day trader. Audit your weekly schedule and your personality to see which style suits you best. Then, choose the markets and instruments accordingly.

In our premium course, you get access to both a swing trading and a day trading system at the same time.

2. Don’t ride the learning curve

This is the cardinal sin of trading; “system-hopping” refers to traders who frequently change their trading method every few weeks or months – or sometimes even days. Those traders usually never see any real improvements in their trading and profitable trading is impossible if you don’t fully commit to making one thing work.

If you always change your approach and don’t follow any rules consistently, all your trades will look different and you cannot analyze and make sense of your data. The only thing that will become obvious is that you lose consistently but you won’t find out what your greatest struggles are (except for a general lack of structure), what you should work on and what already works well.

You need to get a consistent approach and even though your results won’t look great in the beginning, at least you can start making sense of your trade review and slowly work on becoming better.

Tip 2: For the next 12 months, pick one system and make a contract with yourself that you will not change your method again. No matter what.

3. The money is made by waiting – trade your plan

Your weekend should be your most important day of the week. I personally do 80% of all my trading work on the weekends and then I do very little throughout the week. I mostly just follow my trading plans and do a quick trading plan update every 2 days.

As Jesse Livermore nicely put it:

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”

Most traders easily over-trade because they don’t have a plan and they don’t fully know what to look for in a chart or a good trade. Become clear about your rules, then you can create trading plans and then it’s just a matter of waiting for the price to come to you. No more chasing and impulsive trade execution!

Tip 3: Price alerts are the ultimate time-saver and the most overlooked trading tool. Use them after you have done your weekend analysis. This means you have to do your weekend preparation as well 😉

4. Active improvement as a trader

I mentioned that you should avoid system-hopping at all costs, but the question that then naturally comes up is: “how do I turn my current (losing) trading method into a winning one?” Here are 2 tips and things you should focus on to improve as a trader:

#1 Identify your biggest problems and take responsibility

Traders often mistakenly believe that their lack of trading success is caused by their trading method which then usually leads to system-hopping. However, failure typically comes down to undisciplined trading, a lack of professionalism and a pure gambling mentality.

Unless you trade 100% automated, YOU are the weakest link in your trading routine.

Thus, the first step for you should be to identify your greatest problems and your most commonly made mistakes. Traders who always try to blame their system avoid taking responsibility and look for excuses instead of doing the work that is necessary.

Tip 4: Over the next weekend, review your past 30/40 trades and see what caused your losses. Then come up with a top 3 list with your most commonly made mistakes.

#2 Process-oriented thinking

Most people act from a goal-oriented mindset where they automatically connect winning trades with good trades and see losses as failures. Such a way of thinking shows an amateur mindset.

The professionals, on the other hand, act from a process-oriented mindset where they look at how well they have executed their trades and how disciplined they perform. Thus, for a process-oriented trader, a loss does not necessarily equal a bad trade if they have done everything they could.

Tip 5: Avoid monetary goals and for the next 2 months, stop looking at your P/L. This will be tough but the impact will be huge.

5.В What do you really want out of life?

There is an interesting survey I came across and it shows how people structure their day. The average employed American spends 7:45 hours at work on a regular workday. At the same time, the average American watches 2 hours and 9 minutes TV each day and only invest 25 minutes per day in education.

Also, the average sleep time is at 8 hours and 48 minutes which exceeds the recommended 8 hours per day by almost 1 hour.

When you are working towards becoming a profitable trader, you have to be clear about your priorities and make sure that your actions align with your goals. Are you willing to wake up one hour ahead of schedule every day, stop binge-watching random TV series, skip a night out with friends every now and then and re-invest that time back into your trading? You can easily find 2 hours right there.

Granted, those are tough calls to make and you might say that “you still need to live a little”, but putting in the work now to reap the benefits in a few years will take your life to new heights.

Tip 6: Audit your week and identify time wasters. Then, just eliminate 1 such time-waster and use it to work on your trading.

“The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term is the indispensable prerequisite for success.”

― Brian Tracy

6. Don’t focus on the when and the how much

I often get the question of how much you can make and how big your trading account needs to be to live off your trading profits. When I then counter with the question how much those people are currently making, it becomes obvious very fast that they are focusing on the wrong things at the right time and they are not even profitable yet.

Don’t try to run before you can walk!

Especially at the beginning of your trading journey, you should not worry about how big your annual return can be and how much capital you need to save to quit your day job and travel the world.

Focusing on those things will get you off track and keep you from making progress – it can also demotivate you when you see how much work is ahead of you and how far away you are from reaching your goals.

Instead, focus on your current problems and struggles. Then you can start making baby steps and slowly (but surely!) become a better trader without all the distractions.

Tip 7: Focus on the immediate task ahead and work on your current problems. Small improvements over time add up.

В

7. The dangers of demo trading

There is a place for demo trading, but most people stay on demo too long.

What I have seen in my own trading and from the traders that I helped is that demo trading often lets people adopt negative behavioral patterns that are then very hard to unlearn. When your actions don’t have any real consequences, you are more likely to repeat mistakes and engage in the bad trading behavior. I typically suggest staying on demo for the first 6 – 12 months (max!) until you have a good understanding of the nuts and bolts and then take make the next step towards live trading.

When there are no consequences of your bad behavior, you won’t learn any lessons and, in the worst case, you won’t be able to unlearn your negative patterns later in your live trading.

Tip 9: The pecking order is: Demo > small live account > decent live account > an account where your winners are impactful

And make sure that you learn your lessons from the first trading account(s) you lose!

8. 4 tips for growing a (small) trading account

If you are like most traders, you probably don’t have the capital to start with a trading account that allows you to generate a decent income right away and that’s totally fine. But you have to make sure that you follow the right path.

Here are our top 4 tips that will help you grow your account and enjoy the process:

#1 Patience and expectations

Let’s start with the most important point: having unrealistic expectations very quickly lead to frustration when those expectations aren’t met. Always keep in mind that what you are doing is creating a new life and a new career for you. You have to get away from the get rich quick mentality and accept that this is a long-term play.

Traders want “to trade for a living” but then act like they need to retire next month. Stay patient, learn the basics, manage risk & enjoy.

Tip 10: Adopt realistic expectations and avoid monetary goals.

#2 Recognize your true edge as a part-time trader

This is often your greatest advantage over full-time traders. When trading is not your only source of income, you can eliminate a lot of the pressure that often causes traders to make mistakes. Also, when you are not glued to your screen all day long, you are less likely to make bad trading decisions just because you are bored or haven’t taken a trade in a while. Maybe you don’t even have to become a profitable trader and just trade a few hours every day and grow your savings or up your lifestyle?

Tip 11: Understand your motives and become self-aware about how you perform best while achieving your life goals.

#3 Honesty with yourself

The cold, harsh truth is that, in the end, no one cares if you make it as a trader. That’s why it so important to be honest with yourself and with your current situation. Analyze your approach to trading realistically, your level of professionalism and whether you are serious enough about it. The failure rate in trading is somewhere around 99%, but it’s not necessarily that high because trading is so damn hard, but because most don’t give it their full attention and just see it as a quick way out.

Tip 12: Are you serious enough about trading? Be honest with yourself and evaluate your current approach to trading.

Below is a message from David who is one of our pro members. After joining our course, he is optimistic again about reaching his goals and becoming a full-time trader.

Disclaimer: The experience reports and comments shown constitute the personal experiences of our users. These are individual results that do not permit conclusions to be drawn about future developments. In particular, we make no claim that these are typical results that can be achieved by our users on a regular basis. Tradeciety can neither predict nor guarantee the occurrence of certain developments or the achievement of profits nor will it do so.

How to Trade Successfully With a Day Job

If you’ve been following my Forex trading lessons for any length of time you undoubtedly know that I pride myself on providing honest and practical trading insight. So, let me cut to the chase early in today’s lesson and just tell you this now: you can successfully trade the market while keeping your day job and without having to drastically change your daily routine.

Many aspiring traders seem to think that they won’t be able to trade successfully or take advantage of potential trades if they are not in front of their computers 8 hours a day. However, this line of thinking is fundamentally wrong and I am going to explain why for you in 6 simple steps:

1. Keep your day job while mastering the art and skill of trading

Do not view your day job as an impediment to successful Forex trading, instead, you should understand that having a day job and a daily routine can actually help you stay away from the markets, and this is a good thing. Many traders are too involved with their trading, whether it’s reading endless economic news articles or staying up all night analyzing their charts, the fact is that absorbing too much information on the markets is only likely to confuse you and (or) cause you to trade too frequently. A job gives you something to take your mind off the markets and let them do their thing without you interfering, and this will work out in your favor in the long-run.

It’s also important to have a stable income while you learn to trade, this way you will not feel the emotion and pressure of ‘needing’ to make money in the markets. I get a lot of emails from aspiring traders who tell me they ‘need’ to make money in Forex for X,Y,or Z reason, and I respond to them all the same way; until you figure out how to remove your ‘need’ to make money in the markets, you will never make the money you so badly desire. Making consistent money in the markets takes a clear and calm mind, and if you are preoccupied with making money in the markets to quit your job or pay your rent, you are unlikely to have the proper trading mindset.

2. You only need 30 minutes a day for market analysis

Contrary to what many traders believe, you don’t need to analyze your charts for hours upon hours each day. You really only need 30 minutes a day to properly analyze the markets once you know what you are looking for. After you have mastered an effective trading strategy like price action trading, you can then develop a trading plan based off of it and this will give you the ability to analyze the market very quickly each day.

Ideally, you will dedicate 15 minutes in the morning (before you go to work) and 15 minutes in the evening (after work) to analyzing the markets. You see, once you know what you are looking for in the markets, you simply check for your trade setup and either enter a trade or do nothing until the your next market analysis time. Trading off the daily charts is especially suited for start of day / end of day analysis. If you focus on the daily charts you can focus on checking the markets after the New York close each day (5pm NY time) and then again about 8 to 12 hours later, depending on your schedule.

3. Being away from the market can help develop good trading habits

Trading habits are what determine whether or not you make money in the markets. If you are over-trading and over-leveraging your account, then you have the wrong habits that are the result of the wrong trading mindset. Now, how does your day job play into developing proper trading habits?

Well, if you let the market do its thing while you are at work, you are going to avoid ‘suffocating’ your trades by watching them too long and generally analyzing the markets too much. Too much analysis of the markets usually results in over-trading, so by removing yourself from the markets when you go to work, you will remove a lot of the temptation to trade too frequently.

Yet, many traders ask me, “Nial, will I miss out on trading opportunities while I’m at work?” The answer to this is yes, you probably will. But, you need to ask yourself why are you in such a big rush? The answer to this question is that you feel that ‘need’ to make money which we discussed before and until you remove this need you will not harbor the proper trading mindset. So, by just relaxing a bit while you are away from the markets, and realizing that you don’t need to take every single trade that manifests in the market, you aren’t hurting your long-term chances at trading success, in fact you are improving them.

Once you start to see that taking a longer-term approach to the markets pays off, it will begin to reinforce the positive trading habits of patience and discipline, and then you will begin to develop the proper trading mindset more and more, until eventually you are a trader with positive trading habits and the correct trading mindset, at which point you cannot be stopped from making money consistently.

4. Don’t put all your eggs in one basket

It’s important to have a back-up plan in case you do not end up achieving the level of trading success you desire. You should never put all your eggs in one basket when comes to investing your money, everyone knows this, and trading Forex is no different. You should view your Forex trading activity as another way for you to diversify your overall investment strategy, it should not be the only way you plan on making money, at least not while you are new to the markets.

You should view trading as a way to supplement your day job income, this will work to relieve the pressure of ‘needing’ to make money in the markets, and if you take the pressure and the ‘need’ to make money away, you will also eliminate most of the emotion involved with trading, and this will then open the door for you to be able to make consistent money in the markets. Essentially, the more you feel an emotional ‘need’ to make money in Forex, the less likely you are to attain it.

5. End-of-day data is key

Analyzing end-of-day chart data essentially just means analyzing the daily charts after the New York close. It’s important to try and analyze the daily charts each day between the New York close and the European open. To learn more on Forex trading times, check out my article on the best times to trade Forex. The reason why analyzing end-of-day is important is because it is at the end of New York trading when the final day’s settlement takes place between the bulls and bears. Thus, at this time many price action setups form and we also can see a clear picture of who won the battle between bulls and bears for that day.

By simply waiting to analyze the charts until the end of New York trading and the close of the current Forex trading day at 5pm New York time, you can significantly simplify your trading while simultaneously getting the most important view of each day’s price action. Many traders spend countless hour micro-analyzing the intra-day charts when the daily chart provides us with the most accurate reflection of the overall market picture. Thus, by focusing our market analysis efforts on the daily charts we are naturally going to take higher-probability trades with a lower quantity of trades taken each month.

You can think of trading end-of-day charts as the perfect overall trading approach since it allows you to maintain your regular day-job schedule while also freeing you from the temptation to over-trade and over-analyze the market, while focusing your efforts on the most pertinent view of the market, which occurs on the daily charts.

6. How trading less can help you make money faster

Trading less is a natural outcome of focusing on end-of-day data and on the daily charts. You need to understand that trading less is a good thing, unlike many aspiring traders seem to think. By trading less than the masses of struggling traders, you will gradually improve your consistency over time and you will also reinforce the positive trading habits of discipline and patience. You can focus on a handful of major Forex pairs each day like the EURUSD, GBPUSD, AUDUSD, USDJPY and others, to see the other pairs that I focus on, check out my article on the best Forex pairs to trade.

When you focus on the daily charts and the major pairs, you can expect anywhere from 4 to 12 solid setups each month, on average. Some traders are trading 12 trades a week or even per day, this is just lunacy and is more characteristic of a drunk gambler at a casino than a skilled and calculating price action trader. Once you learn to embrace the patience and discipline that comes with focusing your efforts on trading the daily charts, you will begin to see a positive change in your trading account, you just have to find the willpower to stop looking at those 15 minute charts and start understanding that by not trading you are also not losing any money. Not trading too frequently ties in with my concept of learning to trade like a sniper and not a machine gunner.

Finally…

The common theme in this article is that you do not have to trade a lot to make money in the markets and become a successful trader. There is no direct correlation between quantity of trades entered and an increase in the value of your trading account. In fact, it is widely known that traders who trade less frequently tend to do better on average than day-traders and traders who enter larger amounts of trades each month. The point of this article is that you should not think your day job is going to inhibit your chances of Forex trading success, but you should understand that having a daily routine and time away from the markets can actually increase your long-term potential to make money in the markets.

If you are looking for a concrete approach to trading the daily charts and spotting end-of-day trade setups, you should check out my trading course and members’ community. In my daily members’ commentary I essentially do most of the ‘hard work’ for you by helping you spot potential trade setups and analyzing the key levels in the major Forex markets each day. Using my members’ commentary as a guide to analyze the markets can allow you to further reduce the time you spend analyzing and trading the markets. You can simply login each day shortly after the New York close and see what major price action events on the charts have occurred. If you are interested in joining up now is as good as time as any because I am offering a special Christmas discount on lifetime access to my Forex trading course and members’ community.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education.
    Free Demo Account.
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Recommended Only For Experienced Traders!

Like this post? Please share to your friends:
Binary Options Brokers, Signals and Strategies
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: