Description

My basic trading philosophy can be summed up by one simple quote:

"Trade the ticker, not the company" - Nate Michaud


Wednesday, January 29, 2014

Question: "How much time do/did you put in to be a trader?"

I frequently get this question, but my answer now would be different than it was when I was getting started. Obviously, I am/was in front of the market from 9:30-4:00 (when it is open), but my time outside of that is what has varied. When I first got started, I had to put in a considerable amount of time outside of market hours to develop my skills. I needed the time to pore through video lessons, track my favorite setups to see how consistently they performed, and try to find the latest-and-greatest promoter websites. I think it's safe to say that I would put in 2-3 hours a day outside of market hours on average.

Now that I've matured as a trader, I don't need that time to sift through content. With experience I have found the setups that I'm successful and comfortable with, so I find myself studying much less than I used to. I'm now at the point where I probably spend 20-30 minutes per night getting my watchlist prepared for the upcoming day or tracking new setups that I may want to start trading. The bottom line is that you need to put in the time when first getting started if you want to be successful. However, as you grow as a trader and (hopefully) become successful, the time commitment begins to become a bit less demanding.

7 comments:

  1. Hi Tim! can you show us a sample of your watch list/action plan you make? At least a template or something..

    It would definitely help us a lot.

    Thank you

    ReplyDelete
    Replies
    1. Please check my FAQ page, this is covered in there!

      Delete
  2. This comment has been removed by a blog administrator.

    ReplyDelete
  3. Your blog, has been eternally helpful for me. To think its just a freebie blogspot you decided to make. Thanks so much. I pour my heart into trying to understand everything. Your always so personable when someone asks you a question. Thanks for helping us feel more connected.

    ReplyDelete
  4. Thanks so much Seth! I really appreciate the kind words, and I'm glad you're finding the content helpful! Best of luck!

    ReplyDelete
  5. I've been putting a lot of time into this, a week ago I knew nothing about stocks, today a lot more than I did a week ago, short selling, long selling, brokers, etc, my hardest problem know is the need to know pointers on finding the right looks for the next day that have high potential to spike or crash??

    ReplyDelete
  6. hi there. I would like to know if the strategies you talk about on DVD suitable for swing trades?

    ReplyDelete