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.