The secret of successful part-time traders

[DavidUS]

I agree with you on the indexes above.
But I think you should refer to the market before researching into something

[Sanjida]

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.

[Slow death]

Trading is long-term and opportunity is one thing that market never lack of.

I agree, and it is more practical to buy and hold for many years than to do day trade, day trade is much more risky, which is why I prefer to buy and hold for years, I see it as a retirement

 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

but it is not so simple to make this plan, the market is volatile and we have pump and dump groups, we have regulations, we have several problems that can cause the price to drop suddenly, so creating a plan is not an easy task

what do you think?

well, people should do their own research before investing in anything and should develop their own strategy based on their own needs and objectives

[vv181]

This is my list:
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).

I believe these two suggestions really cut the learning curve. I suggest all people take it seriously because it will make a big leap ahead for us. Especially the third option, A mentor is a really valuable person once they willing to help us, they will definitely share his/her a long tedious and steady experience to help us to be better.

[krauzzer02]

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.

That's right it is both suitable for a full-time and part-time traders, most of the traders have their own jobs and businesses that they need to attend and it's pretty tough to make up with those routines if you have to monitor the flow of the market regularly cause your going to buy low and sell high or it needs to hold for a while cause it is more beneficial, Time management is the key to utilize both trading and daily activities, you may have to consider the crypto that you want to trade and it also falls for the research part, failure to determine may end losing your capital, so diversify the right coins.

[b3llsf1l3s]

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.

i think its not a quite easy for being a part time trader. those people who want to be part-time trader should be an expert in chart analysis
because a new trader can't hold themselves to not see the market everytime.

and also, part-time trader is usually most of their asset are just for long-term investment.

[kryptqnick]

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.

I think it's truly reasonable to state that at first it is important not to spend a lot of money, just to spend time on experiments to see what's going good and where one has some problems. On this market the prices change all the time, but I bet there isn't much use in selling something with less than at least 10% profit, so I guess constant buying and selling doesn't make much sense.
It is also a lot easier to simply invest money long-term and not waste time to daily trading, but there's no regular profit in this case.
I've never tried daily trading, only long-term and short-term investments, because trading requires spending quite some time regularly. I think it's worth trying some time later when there's a certain daily amount of time to spend of that.

[ahoenk]

The key for treaders ia only patience and mental health. If you have good mental health you cant get panic fast and you will clearly see the big picture of movement. After you can see the movement you can analize where the market could posibly move.

[richmcrich]

I agree with you on the indexes above.
But I think you should refer to the market before researching into something

You will hardly find so many traders who are busy in doing trade and that too at time when they have some other business or job to do. The only reason behind that is it is very much difficult for anyone of us to do trade and that too for such a short period of time. it is not a wise idea to do trade just for the sake of fun as this won’t help you in making some effective earning and that to make some better earning.

[BitcoinNational]

You well sum up the rules that every part time trader should follow. Another important point to me your commitment. It's really important to try working on it on a daily basis.

[ylnar123]

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.

I greatly see myself in your list, I am not a pro trader that's why I'm not closing my door to new strategy and techniques in trading. For me the best thing I do is monitor the market on when to invest and trade.

[Dart18]

The good thing about doing it as a part time is you can somehow cool down when you are at your day job. Letting the trade go for a moment to let the orders be filled.
You wont be wasting too much time buy just refreshing or looking at the price over and over every 10 seconds. That is somehow stressful so better do it just only with spare time.

[entrepmind23]

Good points OP. I believe that the secret of successful part time traders is experience. Through it, they were able to estimate the time needed for them to analyze and execute a trade. Even though they have limited time, they can still do what needs to be done because they know and understand what they are doing and you can only do so through experience.

I do believe that the aim of part-time traders is to be a full time trader someday and for the time being, he needs to jumble all the things he needs to do like doing his job, having time with family and trading even if he has little to no rest. He sacrifice time so that he can have as much free time as he want in the future.

[BitHodler]

The good thing about doing it as a part time is you can somehow cool down when you are at your day job. Letting the trade go for a moment to let the orders be filled.
You wont be wasting too much time buy just refreshing or looking at the price over and over every 10 seconds. That is somehow stressful so better do it just only with spare time.

Being at your job doesn't mean much since people have their smartphones with them to either just monitor or trade the market. This market is too interesting financially to just put it down for a while for a trader.

Being a part time trader doesn't make much of a difference here since it's all relative. I am no longer that active as trader, but when i was, it's not as easy as it may seem to just ignore the market as you say.

Cooling down, to use your words, may turn out to be the loss of a great opportunity. People just need to accept that everything that's active and involves money is stressful, especially if you have certain life targets in mind.

Trading is less stressful for those who don't really need the money because they already have plenty of it. Missing out on one opportunity won't be felt then.

[crypmike]

The secret is to manage your risks
Learn how to setup right stop-losses and how to find a good entrance/sell points and that's pretty much it
And of course, you should analyze your mistakes every time
But maybe it seems simple, but it isn't
There are a lot of theory and practice here

[crazycatwoman03]

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.

I greatly see myself in your list, I am not a pro trader that's why I'm not closing my door to new strategy and techniques in trading. For me the best thing I do is monitor the market on when to invest and trade.

Everyone must have their strategies of earning in here, whether it is for time management and financial management. For me, the most important thing here is to do our own research. I was once a newbie trader and I am not saying that I am a pro now but for the past year and months, reading had helped me survive in here and in trading. There are people who thinks that earning bitcoin is that easy when the truth is nothing comes easy in here. We do hard work in order to earn
money and like a job, we allot time and effort doing our best in order to comply with the requirements.

[leetlezee]

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.

I think it's truly reasonable to state that at first it is important not to spend a lot of money, just to spend time on experiments to see what's going good and where one has some problems. On this market the prices change all the time, but I bet there isn't much use in selling something with less than at least 10% profit, so I guess constant buying and selling doesn't make much sense.
It is also a lot easier to simply invest money long-term and not waste time to daily trading, but there's no regular profit in this case.
I've never tried daily trading, only long-term and short-term investments, because trading requires spending quite some time regularly. I think it's worth trying some time later when there's a certain daily amount of time to spend of that.

I would say that daily trading is probably one of the hardest to become successful at. Most of my most profitable trades had a holding period of 2 weeks to 2 months. But I think one of the most helpful things is actually committing a little bit of money and trying things out.

You do have to be careful picking the platform you trade on. Some of the exchanges have a lot more issues. For example, I was trading some crapcoins on coinsmarkets when they pulled an exit scam. Or an exchange I've steered away from is Yobit, I've heard and seen lots of complaints that they won't update wallets and will be on the wrong chain for lots of coins.

Ultimately, short-term trading has a lot of the same mindsets as long-term trading, you're just taking profits earlier and trying to bump up the compounding effect. You're looking for coins with real potential, not coins that fall in the "yet another clone" camp. Also make sure you don't get caught in coins with very low trading volume, or you can wind up thinking you've doubled your money, but find out that your sell orders aren't filling.

[pattern_crypto]

I have been trading for decades.  Before cryptos it was stocks.  There is no clear cut formula.  Some people have what it takes and some don't.  But there are tools which can increase your chances for success such as:  https://www.patterncap.com/product-page/gdax-trader

[cryptobluemoon]

the points mentioned are really valuable suggestions every newbie and part-time trader should follow at all times especially point 2 and 5 are very important to remember and follow

[truongmot]

The secret of successful part-time traders.