There’s a misconception that trading is a full-time business, and it is if you happen to be a broker. But in the cryptocurrency market, unless you’re a crypto whale whose livelihood depends on influencing the market, you’ve probably got a full time job or a couple of part time jobs to make ends meet.
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There’s an even more dangerous school of thought that traders believe the only way they are going to succeed is by quitting their jobs to become full-time traders.
Let’s just say that 99% of the time, this is a bad idea.
Trading is challenging and may not work out for you in the first few months. Have you got a nest egg that will pay the bills while you’re poking around in the crypto markets? Have you seen the volatility lately? Can you actually sustain yourself with the funds at hand and still risk a portion of your money to the market?
Maybe the younger generation has the time and resources to put some full time hours into trading, analysis, and trolling the internet for the next investment. Let’s just say quitting your job is not an option, but you still want to get into the crypto markets. You can! If you’re smart about it.
Let’s list five ways you can juggle the job and grow a productive, potentially lucrative crypto portfolio.
Plan Your Trade Day with Consistency
I guess the first important question to ask is: What kind of trader am I? Then plan your trades accordingly.
Long position traders can put in orders based on trends, market history and the analysis and put in buy or sell orders then go about their day. Day trading requires more time and attention.
Have your strategy, setups, triggers, look at your charts, and do the things that standard traders do then schedule yourself trade time. Is it going to be early in the morning before the work day, or after the kids are asleep so you can dedicate an hour or two to trading?
Be consistent and develop a good trading habit.
Lunch Time and Days Off
Living by a punch clock is difficult, but unless you’re literally chained to your desk, you do have some free time from the grind.
Remember what I said about consistency. If you take lunch at the same time every day, you might want to use that time to take a ten minute walk, and 20 minutes to trade while shoveling a burrito – err, salad in your mouth.
Most people work an eight to nine hour day with two days off a week.
Take advantage of the free time you have from the work grind to be an effective and efficient trader.
Now, just because you have a weekend off doesn’t mean you have to spend all your time chained to the desk at home. Serious traders still need to be kind to themselves and find work/life/trading balance. Make a schedule and stick with it.
Flexible Work Hours?
As more and more jobs are becoming remote, it may be within your power to have a flexible work schedule. In many cases, it’s a full time job as long as you put in your solid 40 hour work week.
This still requires a good schedule to make sure you’re logging in your hours, but it also helps if you have a little more control over your day. Traders with young families often need the mornings to send the kids off to school, and dedicate a portion of the evening to dinner and homework.
Find the distraction-free time zone in your day and work around that full-time schedule. In essence, there may be creative ways to get your trading done if the boss is flexible enough to see the value in shifting your schedule to accommodate you.
Take a Sabbatical
This is not as common because a sabbatical suggests that you are taking a lump of time away from work. In many cases, family leave due to a birth or death in the family justifies time off; maybe not so much that you want to pursue trading.
But, if you can, this time off can be used to really hone your trading skills and give you some unprecedented time to research and analyze the markets you want to invest in. The benefit of doing this is having that real life experience of being a full-time trader.
If you are doing well with that dedicated, yet limited amount of time, then the reality of being a full-time trader might eventually become a reality. If, however, you use the time to give full-time trading a dress rehearsal and you’re not doing that well, then you might want to go back to your day job. Just sayin’.
Trade at Work
Now, this depends on your line of work. If your job requires your undivided attention then, obviously, having a laptop open with your market charts and notifications pinging every other second is not a good idea.
But if your workplace is favorable to having a personal laptop at your desk and you can incorporate that into your day without affecting your duties or your deadlines, then by all means, see if it’s feasible to do.
It’s really about structuring your day and finding balance with the rest of the life things that happen every day.
You don’t have to be a full-time trader to be a successful one. Harness what time you have, make a trading schedule much like your work schedule, stay consistent. Who knows? You might have the best of both worlds.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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