The secret of successful part-time traders

[Owen7021990]

         1. Define your method of transaction and style

The biggest problem for part-time traders is the amount of time used for trading. If you can only spend one hour per day for trading, it will be very difficult to make actual profits. You must have a clear plan. What would you do in an hour? Will you trade in scalping or long-term or mid-term? Asking yourself these question, having a detailed plan for trading, then choose the best method.

         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.

     4. Keep your head cool

You are not a robot and you cannot follow the price chart 24/7. If you miss a chance, lets it be and move on. Trading is long-term and opportunity is one thing that market never lack of.

      5. Join the professional Forex community

Due to the popularity of Forex forums, you will not be alone in trading. Take time to participate in forums and learn from professional traders. They may point out things that have yet known. TraderViet.com is a great community. Definitely check that out!

       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, what do you think?

[mast3rm1nd]

all of the points you have mentioned (great post by the way) revolve around the fact that you need to know what you are doing. and so I think as long as you have a clear plan that works for you, you should just stick to it. and it's also important that you learn a lot, because it's a very vast field we're being initiated in here.

[davis196]

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.

[Pursuer]

well this article which seems to be same as OP with different words is explaining the same rules (7 of them) in a better way: https://www.babypips.com/trading/part-time-forex-trading-20180214
but the internet is filled with these stuff: https://www.investopedia.com/articles/trading/10/top-ten-rules-for-trading.asp

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.

[berrygood]

I am really curious about if there is a trader made more money than that a very long term hodler made, I would like to hear from him about this issue. I think it is not simple as it can be explained by certain points. If you hold a coin that rise in value in the long term like btc, there is no a kind of mistake you can make but if you trade btc, there is lots of mistakes you can make even it goes up.

[Furious 7]

5. Join the professional Forex community

I have a community of alt coin traders, but what happens is disputes and some sort of greed. just a kind of forum to share a signal with some friends it might make sense. but large communities do not guarantee success in trade. because everyone has different characters and different trading styles. Maybe in forex community is very important, I do not know it and not interested in forex.

[faithupgrade]

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.

[DavidUS]

Great! It is a useful job in your spare time
  I can recommend it to my friends

[JosephJole]

We need to have basic knowledge. Do not think of it as easy. This is a potential but difficult field

[jsrenthourse]

         1. Define your method of transaction and style

The biggest problem for part-time traders is the amount of time used for trading. If you can only spend one hour per day for trading, it will be very difficult to make actual profits. You must have a clear plan. What would you do in an hour? Will you trade in scalping or long-term or mid-term? Asking yourself these question, having a detailed plan for trading, then choose the best method.

         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.

     4. Keep your head cool

You are not a robot and you cannot follow the price chart 24/7. If you miss a chance, lets it be and move on. Trading is long-term and opportunity is one thing that market never lack of.

      5. Join the professional Forex community

Due to the popularity of Forex forums, you will not be alone in trading. Take time to participate in forums and learn from professional traders. They may point out things that have yet known. TraderViet.com is a great community. Definitely check that out!

       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, what do you think?

I hope that for you to be able to trade publicly, there is no secret, the most important thing is that you must obey the discipline and plan. Greed will not follow the plan will make you fail and will be heavy losses. I believe you will have more effort in planning, and there are always stoplosses to be able to control the damage.

[Sum24]

all of the points you have mentioned (great post by the way) revolve around the fact that you need to know what you are doing. and so I think as long as you have a clear plan that works for you, you should just stick to it. and it's also important that you learn a lot, because it's a very vast field we're being initiated in here.

Yes these are the points which makes a trader powerful but these are not to call as secrets but we can call it as tips for success in trading, as long time traders knows the real benefit of holding for long time so the same way if we will not sell our bitcoin it will get your money higher, to me it is very good and important not to lose your patience while using bitcoin, don’t lose your hope in any conditions as time changes very fast don’t leave bitcoin one day you will become successful for sure.

[tambok]

For those who are really willing to learn, there are tools out there available in the internet and some members of this forum are also willing to share their knowledge without expecting in return, we just need to at least devote our time in doing things that we want and will make change in our life.

[Kambal2000]

In my life, I am learning something and that is to don't just rely in your own knowledge, or that you don't need to keep things secret you must at least share your knowledge to people, we are just so thankful that there are lot of successful traders who are trying to help newbie without expecting in return, so we should give back after we earn to at least share our experiences too.

[whirlcoin]

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.

[supergorg27]

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.

[Lanatsa]

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.

[whirlcoin]

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.

[Mateo123]

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.

[kimochidesh]

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.

[Coin-1]

     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.