DO’s and DON’Ts When Trading With a Day Job
Alex

LEVEL 10 : SENIOR

REVIEWS 9 | REPLIES 84

#2779

Alex

October 21, 2015 at 2:46 pm

Every trader’s dream is to be able to kick back and have nothing to worry about except having to take a few trades now and then. Wouldn’t that be great? For most traders that is only a dream, at least for now. The reality is that most of us traders have a day job which has a major influence on our trading. Your work hours will more often than not overlap with the best trading hours during the day. The other problem is that your day job will take an enormous toll on your energy. Trading when you are tired is a big no-no. You will make all kinds of mistakes that you normally would not.

This leaves the trader with a difficult choice to make. Do I put my trading first and my job second? You could find yourself without a job if you do this. Should I put my job first and my trading second? If you do this, you might never be able to make enough profits to make a living from trading.

Your answers will depend on the type of job you have. Having an office job will make it so much easier to trade than having a physical job, such as a construction worker. This might not always be the case. It also depends on how much free time you get during the day that will allow you to trade. Let’s have a look at a few things you should and should not do when having a day job.

DON’Ts When Trading With a Day Job

  1. Quit your day job – this is the worst thing that you can do when you are still learning how to trade. Your day job might be in the way of your trading, but at least it is putting food on the table and paying the bills. Having a day job will also provide money that you can use to trade with. At this stadium, you should only focus on growing your trading account and not withdrawing any money from it. You can only start withdrawing money from your account when you can pay your bills and still be able to grow your account.
  2. Neglect your duties – Do not allow trading to come in the way of your job duties. If you do, your boss and co-workers will find out sooner or later. This will put a whole new kind of stress on yourself, assuming you managed to keep your job.
  3. Put too much pressure on yourself – You will be pushing yourself hard, which is a good thing, but you can easily overdo it. When you do, you will burn out yourself. If this happens, you will not be able to do your day job nor trading to the best of your abilities. Make sure you make time to rest. It is better to progress slowly than to burn out and not be able to progress at all.
  4. Tell everybody you are trading – In some workplaces it may be okay to talk about it, but in other workplaces it might not be such a good idea. If bosses find out, they might not like it. Uneducated people might think that you are involved in shady business and may lose their respect for you. Others will be intimidated by the idea that you are a trader.
  5. Lie about what you are doing – Never lie to make time for trading. An example would be when you tell your boss you need to work on a special project for a few hours, and then use that time to trade. These lies may seem harmless at first, but believe me – they will catch up with you sooner or later. When they do, people will not want to trust you anymore, and it could quite possibly cost you your job. Most companies also have software set up so that they can see what their employees are up to. You might think you are safe, but someone could be watching what you are doing without you knowing.
  6. Trade during busy times – Do not trade if there is a lot going on at work. The last thing you want is your job distracting you when you are busy trading. During crazy times at work, it is better to leave your binary options trading for when you get home.
  7. Rely on trading signals and auto trading – Don’t get me wrong, these tools are extremely helpful, especially when you don’t have enough time on your hands to trade yourself. Just remember that you should not solely rely on them otherwise you could find yourself losing money. Use them in moderation and test them before you make any decisions.

DO’s When Trading With a Day Job

  1. Trade on a desktop or laptop – It is generally easier to trade on a larger screen. Use your desktop or laptop if you can. Only use your phone to trade if you really have to.
  2. Trade during dead periods – Most jobs has periods when there is not much going on. Many people admit that they basically only work for 3 to 6 hours of the 8 hours they have to work. These periods are a huge bonus for us, and we should take advantage to trade during such times.
  3. Trade during your lunch break – Everybody needs to get a lunch break during the day. Lunch breaks can range anything from half an hour to an hour. These breaks are great because they allow you to have some time for yourself. Make use of this time to do some trading or research, especially if you don’t get any other time during the day.
  4. Use longer expiries – During work hours it is a wise idea to trade on large timeframes with longer expiries. If you are trading on 1-hour charts, you only have to take a look every hour to see if there is a trade you want to take. By doing this, you won’t have to stare at your charts the whole time, and you will have more time to do your work.
  5. Renegotiate your work schedule – This is another way you can make some time to trade. Some jobs are very flexible – you can do what you want, as long as the work gets done for the day. Other jobs you have to clock a certain number of hours every day. With these kinds of jobs, you can arrange that you come in earlier so that you can go home earlier to still have time to trade, or you can come in later the day and trade in the mornings.

Some situations can be difficult to overcome, but not impossible. You should be willing to make some changes to your daily schedule to make time for trading. It is important that you find a balance between trading and your regular job.

What Can You Do If You Can’t Trade During The Workday?

  • Consider joining a different company in the same line as your current job that will allow you to be able to be a part-time Binary Options trader. You can also look for an entirely different career with more flexibility than your current job.
  • Look for trading opportunities outside your work hours. You can choose to trade short expiry times like 60-seconds to 5-minutes. These setups occur quite frequently, so you don’t have to sit in front of the computer for hours on end. The other thing you could consider doing is setting alerts to trade throughout the night and still get in your sleep. This is an extreme way to trade, and there are a few people who are making a success by doing this.
  • If you can’t find a suitable time to trade, rather focus on doing research and testing outside of your working hours. Focus on saving money to trade with when you finally have enough knowledge and time to trade.
  • Start out slow. Take a few trades a month when you get time. Don’t be hard on yourself if you did not get time to trade. Over time, your account will slowly grow, and you will be able to take bigger trades. At some stage, all you will need is a few trades a month to make enough profits.

Being there myself, I know it is not easy to trade while you have a full-time or part-time job. Even if your job allows you some freedom, it is still challenging to give your full attention to the markets. It is even harder if you have to work all 8-hours of the day and always being monitored. The moral of the story is with some determination and creativity; you still may find some time to trade during the day. If you cannot now, you may be able to find some time in the future. Make sure that you are ready when that time comes so that you can capitalize on it.

Ethan Weigand

LEVEL 2 : NOVICE

REVIEWS 11 | REPLIES 4

#2862

botzz

October 31, 2015 at 6:33 am

Trading with a day job is really hard. You just can’t give your full attention like one would like to. That being said if you really want to, you WILL find a way to trade – like I do. I have a normal job that starts at 9 and ends at 5. I trade on a bigger timeframe like the one hour and up when I’m at work and when I get home I focus on shorter expiry times.

Some days I don’t get any time to trade at work. In the beginning I made trading a top priority… I would not do some of my work to make time to trade. I was constantly in trouble for not getting my work done. If I look back I could have lost my job if they found out why my work wasn’t done. Lucky for me, they did not. I have since made trading a second priority and I feel much more comfortable when I’m trading now. I actually like trading on the larger timeframes. So I try to make enough trades during the day that I don’t have to trade when I get home because I’m always tired at that time.

Nickolas Witt

LEVEL 2 : NOVICE

REVIEWS 7 | REPLIES 4

#2948

tradingmachine

November 11, 2015 at 1:06 pm

My advice would be to rather trade BEFORE or AFTER work. Obviously it depends on what job you have, but in most cases this is the best thing that you can do for both your trading and your job. The thing is if you trade at work, you will constantly be thinking of what is going on in the market or with the trade that you entered. You can also feel depressed because you just lost a trade. This can negatively affect your job in many ways. You will not be able to give your full attention to your work.

The situation could also be vice versa. You could have so much on your plate at work that it is impossible for you to give your full attention to your trading. This can be catastrophic to your trading success… I have been there and it is no fun at all, trust me. Anyway I just wanted to give my 2 cents on the matter. Happy trading guys!

Glayds Mcfall

LEVEL 2 : NOVICE

REVIEWS 8 | REPLIES 3

#2949

centipede22

November 12, 2015 at 10:48 pm

That makes a lot of sense what you are saying Tradingmachine. I mean it is a total different story when you are sitting in a shop and don’t get many customers. But in my line of work there is almost no time for trading. I did try trading the higher timeframes with longer expiries, but it just did not work for me. I did not feel connected to the market at all. I have since just made time after work to trade for 1 or 2 hours. It has made a huge difference to my trading and I can give all my focus to my work which is a good thing.

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