The secret of successful part-time traders - page 3.

crazycatwoman03

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Quote from: ylnar123 on April 26, 2018, 07:27:47 AM

Quote from: davis196 on April 20, 2018, 08:30:20 AM

This is my list:
1.For time management and productivity,use the Pomodoro technique or the 5217 technique (google them,if you want).
2.Read the best 3 books about forex trading.I`m not going to recommend you any books,just do some research.
3.Find a mentor,who is willing to provide free info about his trading experience(tips,tricks,mistakes,failures).
4.Learn technical and fundamental analysis.
5.Learn how to overcome the frustration and panic,when the market crashes.

I greatly see myself in your list, I am not a pro trader that's why I'm not closing my door to new strategy and techniques in trading. For me the best thing I do is monitor the market on when to invest and trade.

Everyone must have their strategies of earning in here, whether it is for time management and financial management. For me, the most important thing here is to do our own research. I was once a newbie trader and I am not saying that I am a pro now but for the past year and months, reading had helped me survive in here and in trading. There are people who thinks that earning bitcoin is that easy when the truth is nothing comes easy in here. We do hard work in order to earn
money and like a job, we allot time and effort doing our best in order to comply with the requirements.

crypmike

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The secret is to manage your risks
Learn how to setup right stop-losses and how to find a good entrance/sell points and that's pretty much it
And of course, you should analyze your mistakes every time
But maybe it seems simple, but it isn't
There are a lot of theory and practice here

BitHodler

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Quote from: Dart18 on April 26, 2018, 07:53:58 AM

The good thing about doing it as a part time is you can somehow cool down when you are at your day job. Letting the trade go for a moment to let the orders be filled.
You wont be wasting too much time buy just refreshing or looking at the price over and over every 10 seconds. That is somehow stressful so better do it just only with spare time.

Being at your job doesn't mean much since people have their smartphones with them to either just monitor or trade the market. This market is too interesting financially to just put it down for a while for a trader.

Being a part time trader doesn't make much of a difference here since it's all relative. I am no longer that active as trader, but when i was, it's not as easy as it may seem to just ignore the market as you say.

Cooling down, to use your words, may turn out to be the loss of a great opportunity. People just need to accept that everything that's active and involves money is stressful, especially if you have certain life targets in mind.

Trading is less stressful for those who don't really need the money because they already have plenty of it. Missing out on one opportunity won't be felt then.

entrepmind23

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Good points OP. I believe that the secret of successful part time traders is experience. Through it, they were able to estimate the time needed for them to analyze and execute a trade. Even though they have limited time, they can still do what needs to be done because they know and understand what they are doing and you can only do so through experience.

I do believe that the aim of part-time traders is to be a full time trader someday and for the time being, he needs to jumble all the things he needs to do like doing his job, having time with family and trading even if he has little to no rest. He sacrifice time so that he can have as much free time as he want in the future.

Dart18

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The good thing about doing it as a part time is you can somehow cool down when you are at your day job. Letting the trade go for a moment to let the orders be filled.
You wont be wasting too much time buy just refreshing or looking at the price over and over every 10 seconds. That is somehow stressful so better do it just only with spare time.

ylnar123

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Quote from: davis196 on April 20, 2018, 08:30:20 AM

This is my list:
1.For time management and productivity,use the Pomodoro technique or the 5217 technique (google them,if you want).
2.Read the best 3 books about forex trading.I`m not going to recommend you any books,just do some research.
3.Find a mentor,who is willing to provide free info about his trading experience(tips,tricks,mistakes,failures).
4.Learn technical and fundamental analysis.
5.Learn how to overcome the frustration and panic,when the market crashes.

I greatly see myself in your list, I am not a pro trader that's why I'm not closing my door to new strategy and techniques in trading. For me the best thing I do is monitor the market on when to invest and trade.

BitcoinNational

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You well sum up the rules that every part time trader should follow. Another important point to me your commitment. It's really important to try working on it on a daily basis.

richmcrich

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Quote from: DavidUS on April 24, 2018, 04:47:01 AM

I agree with you on the indexes above.
But I think you should refer to the market before researching into something

You will hardly find so many traders who are busy in doing trade and that too at time when they have some other business or job to do. The only reason behind that is it is very much difficult for anyone of us to do trade and that too for such a short period of time. it is not a wise idea to do trade just for the sake of fun as this won’t help you in making some effective earning and that to make some better earning.

ahoenk

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The key for treaders ia only patience and mental health. If you have good mental health you cant get panic fast and you will clearly see the big picture of movement. After you can see the movement you can analize where the market could posibly move.

kryptqnick

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Quote from: Pursuer on April 20, 2018, 08:56:13 AM

these are all talk and none of them would help any beginner to learn how to become a successful trader. in my experience people have to start trading to actually learning things. if you are trading Forex,... there are always demo accounts you can use to not even use your real money! and in cryptocurrencies you can always start with a very small amount of money and don't risk anything big.

I think it's truly reasonable to state that at first it is important not to spend a lot of money, just to spend time on experiments to see what's going good and where one has some problems. On this market the prices change all the time, but I bet there isn't much use in selling something with less than at least 10% profit, so I guess constant buying and selling doesn't make much sense.
It is also a lot easier to simply invest money long-term and not waste time to daily trading, but there's no regular profit in this case.
I've never tried daily trading, only long-term and short-term investments, because trading requires spending quite some time regularly. I think it's worth trying some time later when there's a certain daily amount of time to spend of that.

b3llsf1l3s

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Quote from: faithupgrade on April 20, 2018, 07:36:27 PM

Hi OP that was a nice list. Parttime trading is another good source of income. Specially if you know what you are doing and the market is in the bull run.

i think its not a quite easy for being a part time trader. those people who want to be part-time trader should be an expert in chart analysis
because a new trader can't hold themselves to not see the market everytime.

and also, part-time trader is usually most of their asset are just for long-term investment.

krauzzer02

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Quote from: supergorg27 on April 21, 2018, 04:44:24 PM

In addition to that isTime management also, if you know how to use your time accurately and focus on what you are doing, then you will achieve your goal, just concentrate.

That's right it is both suitable for a full-time and part-time traders, most of the traders have their own jobs and businesses that they need to attend and it's pretty tough to make up with those routines if you have to monitor the flow of the market regularly cause your going to buy low and sell high or it needs to hold for a while cause it is more beneficial, Time management is the key to utilize both trading and daily activities, you may have to consider the crypto that you want to trade and it also falls for the research part, failure to determine may end losing your capital, so diversify the right coins.

vv181

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Quote from: davis196 on April 20, 2018, 08:30:20 AM

This is my list:
2.Read the best 3 books about forex trading.I`m not going to recommend you any books,just do some research.
3.Find a mentor,who is willing to provide free info about his trading experience(tips,tricks,mistakes,failures).

I believe these two suggestions really cut the learning curve. I suggest all people take it seriously because it will make a big leap ahead for us. Especially the third option, A mentor is a really valuable person once they willing to help us, they will definitely share his/her a long tedious and steady experience to help us to be better.

Slow death

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Quote from: Owen7021990 on April 20, 2018, 05:57:15 AM

Trading is long-term and opportunity is one thing that market never lack of.

I agree, and it is more practical to buy and hold for many years than to do day trade, day trade is much more risky, which is why I prefer to buy and hold for years, I see it as a retirement

Quote from: Owen7021990 on April 20, 2018, 05:57:15 AM

6. Clear trading plan

A trading plan can maintain a relaxed and prepared state in trading. As planning ahead, you will likely to have a wider and further vision of the market, wasting less time on monitor price charts. It helps keep you calm and abides by the rules you set. A complete trading plan will help you accumulate more profitable and faster on the way to becoming a professional trader.
That’s all of my secrets

but it is not so simple to make this plan, the market is volatile and we have pump and dump groups, we have regulations, we have several problems that can cause the price to drop suddenly, so creating a plan is not an easy task

Quote from: Owen7021990 on April 20, 2018, 05:57:15 AM

what do you think?

well, people should do their own research before investing in anything and should develop their own strategy based on their own needs and objectives

Sanjida

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This is my list:
1.For time management and productivity,use the Pomodoro technique or the 5217 technique (google them,if you want).
2.Read the best 3 books about forex trading.I`m not going to recommend you any books,just do some research.
3.Find a mentor,who is willing to provide free info about his trading experience(tips,tricks,mistakes,failures).
4.Learn technical and fundamental analysis.
5.Learn how to overcome the frustration and panic,when the market crashes.

DavidUS

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I agree with you on the indexes above.
But I think you should refer to the market before researching into something

Coin-1

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Quote from: Owen7021990 on April 20, 2018, 05:57:15 AM

2. Maximize your transaction time

As mentioned, time is the key. Time management is an important skill for traders, especially in the early stages. In addition, you must have a specific plan to improve your trading skills such as review charts, backtest tools, and tracking basic economic information to make a critical analysis. Even in the bear market, maybe all it needed is to sit down and do those things above because you would not trading anyway. Be patience and chances will come.

3. Improve your specialized knowledge

Because your transaction time is limited, you need to gaining trading knowledge and experiences by reading a book or consult an expert analysis.You need to build scripts for your strategies from different perspectives and always control your emotions when making forecast.

I think that the second and the third paragraph are connected, because a profitable trading strategy should be depended on the world economic information too. Moreover, the world political news are important for prediction the price of crypto currencies.

kimochidesh

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There are many points that a traders should consider in order to be successful. As there is time shortage in part-time trading, one should manage his time effectively. He should study the market trends, technical analysis, graphs and charts carefully. But in order to become successful in something one needs to have adequate experience in that field. Similarly in part-time trading, expertise comes with some experience.

Mateo123

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Quote from: supergorg27 on April 21, 2018, 04:44:24 PM

In addition to that isTime management also, if you know how to use your time accurately and focus on what you are doing, then you will achieve your goal, just concentrate.

Yes true,time management matters in order to reach ones goal, despite of our busy schedule ,if we know how to manage our time properly then it makes our work easier and comfortable.

whirlcoin

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Quote from: Lanatsa on April 21, 2018, 04:47:29 PM

Quote from: whirlcoin on April 21, 2018, 04:23:39 PM

Part time or full time the skill is the key to make money if yiu just doing trading without any knowledge or specific plan then he can't be a successful trader.So the one who do trading with all the strategies known then he will be a successful trader but mostly lart time traders are being successful due to the luck.

On general means , knowledge and skills would always be the key to success either on part time or full time but we know the difference of skills will really be there. The more engagement to trading the more capable he is on the actual scenarios that do happen into this very volatile market unlike on part-time which do have lesser.All necessary things to succeed into this field is the capability on adopting situations.

If you are a part time cryotocurrency trader you can't have much engagement as full time traders do so the chance of losing or gaining the money also less.But what I have tried to say is skill is important to stay in this field.
But we need to do crypto trading as our part time job onky we need to have something as our primary income because the earnings from cryotocurrency is not stable.

Topic: The secret of successful part-time traders - page 3. (Read 592 times)