This title may be bothering most of the traders. All the articles and blogs tell you to start as a side job in the trading business. Or you might already have a day job and this (trading) is only for the side income to your bank balance. Now your brain might be thinking whether to keep both jobs (trading and your main job) or let go of one. Don’t worry we are not telling you to let go of any of your main profession or the trading business. In this article, we are going to talk about the statement in the title of this article. We will make it clear about the meaning of making trading your day job. To give you a hint, it is not a fully-fledged day job.
The daily market analysis is necessary
If you want to trade good, the markets have to be familiar to your brain. Because the trades are going to happen in those. If you know the behavior of the markets, it would be easy to find the right position for a trade. So, your brain needs to learn about how to read the markets. For that different strategies and tools are useful. The key swings and price trends are the common indicators for placing a trade. Then there are some more advanced level strategies too. The support levels and pickup or resistance points are better indicators for placing a trade. Or you can use the Fibonacci charts for future assumptions of a market. But, all these tools and strategies have to be used every day in your trading career. Only for teaching you about using proper strategies, this is needed.
Keeping things organized
Being an independent trader it’s very normal to start leading a haphazard life. But Wwhen you do things in a haphazard way, the chances are very high that you will make mistake. The successful Singaporean traders always focus on their personal discipline. In order to find good trades in the exchange traded funds industry, you must maintain some protocols. For instance, assessing the market trend and sentiment along with scheduled news release is one of the key processes of finding great trades. And without having a clear plan and discipline, it will be really hard for you to follow all these basic rules.
Following a daily routine
We told you, the concept of making the trading business a sort of day job will be clear to your brain in just a few minutes. Well, we didn’t write a large sentence like the previouslast one of this article (before this sentence). But, we are going to make the concept clear. You have to make a trading routine for your business and it has to be a daily schedule. Because Llike getting familiarized with the trading strategies, you have to learn the process of trading properly. And Wwhen you are participating in this business regularly, all of the procedures are going to be set in your brain. The plans for your trades and money management will be improved. Within a short period, you will be able to create a solid ground with your trading plans and strategies. Then the income will be a solid amount and nothing will bother this state of your career.
No need to trade every day
We told you to participate in the trading business regularly. But thisit does not mean thatindicate, you have to trade every day. In the trading career, the high frequency of your trading is a fact. However, Because it can affect your performance too. When you are trading too frequently like like in the scalping or day trading, your trading sessions every day will be very busy. The most amount of time will be spent on placing trades. And there will be no time left for your trading strategies and plans, you will not be modifying them for improving your trading performance. ThusSo, you have to be careful about your trading frequency.