subject: Chart Reading Talents Are Vital For Effective Day Traders [print this page] Studying how to day trade can take varying lengths of time to master, relying on the skill and dedication of the individual trying to be taught how to trade. That having been said, I'm regularly questioned if it is possible to day trade on a part time basis. Of course, in the learning phase I strongly suggest not giving up your day job because you may find that you do not enjoy daytrading or you may not have the attitude or perspective to day trade.
On the other hand, there are those individuals who want to day trade permanently on a part time basis, and this is a different demeanour. I think an extremely talented individual might be quite profitable trading on a part time basis. While the ES e-mini trades 23+ hours per day, the prime trading times are when the exchange is open and actively trading. If you chance to have a job that requires you to work eight to 5, you may miss out what's potentially the best trading. While there's some activity after hours, it can regularly be slow with very little volume to speak of.
Another trading chance is the pre-session hours from 6 AM Central standard Time till the market opens. I regularly trade this time period and find profitable trades. So for a part time trader, the pre-session hours offer some real probabilities. Of course, trading the pre-session hours requires awakening awfully early and a few of the people more amenable to this requirement than others.
But the real problem, I believe, with part time trading isn't getting sufficient screen time. To become a good trader, especially in the scalping style, a trader needs to be completely familiar with the contract he is trading. Familiarity begets talent, so it is really important to get masses of time forex demo trading or basically trading small contract numbers to reach a certain point where your skill set is above competent. I know of no other way to improve a trader's results than to spend time trading which ever contract the trader has decided on. In a part time trading situation, I fear it would probably take a long time to get to a point where the trader has the confidence and skills to be totally effective. That's's not to say it can't be done, only to point out that it would most likely take a vast amount of zeal an additional effort to be successful trading part time.
But there are possible choices, I know several forex traders who work a third shift job just so they can trade the morning ES e-mini session. I consider these guys full-time traders, though I wonder how they do it because they surely must have sleep deprivation. On the other hand, this would be a way to learn how to trade if you're considering a transition from a full-time job to full-time trading.
I feel a bit like the point I'm making an attempt to make is a bit debatable. An extremely gifted individual could trade part time very successfully if she had an incredible quantity of dedication and better than average skills as a trader. On the other hand, someone who doesn't want to put a full effort into learning to trade will probably be disappointed if he or she makes an attempt to trade with a halfhearted effort and part time. Some of the finest traders in the world trade the ES e-mini contract and the exchange is no place for anything but your best. I think my best answer to the part time trading question is this : part time trading is great while you are endeavoring to learn to trade, but might not be the optimum answer on an enduring basis. The reason i believe this is the skills needed to trade ; traders need constant sharpening of the day trading skills to stay current. Trading is a bit like exercise, if you exercise each day you stay in reasonably good shape, but when you take two weeks off your return to exercise can be troublesome and you wonder where your staying power went.
by: Jonny-Forex Trade
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