I’ve said it time and time again, that if you have a winning strategy (including this site’s recommendations), you can take pocket change and turn it into a substantial amount of money. While this is very much possible, it does require time. And in life, if you’re not spending money, you’re spending time. More than not, you’re doing both.

Spending time is something we do whether we like it or not. We can stop spending money whenever, but time will keep on going with or without us. As a result, people want to leverage their time as much as possible.

A common thing I hear from traders is that they do not feel they have the time to trade. When you feel rushed in trading, this can lead to disaster. Instead of letting trades come to them, they force the trade. They enter the market and take chances. Essentially, they have become a gambler.

Trading takes time, especially if you are serious about building sizeable wealth. It’s foolish to think you can turn wealth overnight. So while we cannot control the passing of time, we can control how we spend it.

Perhaps you are a family man with a full time job. It is difficult to juggle the time constraints of work, as well as the obligations you have as the head of the household. You know you want to pull yourself ahead of the financial game, but you fear you do not have any time at all.

Focus on a longer time frame. It’s a common error for people to think that if they have little time on their hands that they must scalp. While scalping can take you in and out of the market in a small amount of time, it does take a lot of chart watching to find set-ups. This is time you might not have.

If you have time throughout the day, watch the 4HR charts. You’ll only need to check the charts at most 8 times a day. Perhaps you do not have the means of checking charts while at work. That’s fine. There’s still a solution for you. Move up a timeframe and focus on the daily charts. If you’re trading off the daily charts, it’s quite feasible to spend 15 minutes a day and become a profitable trader.

When trading off of larger time frames, it’s quite possible that you could go an entire week without entering a trade. You know what? That’s entirely fine. It is not your job to be in the market. It’s your job to monitor the market. And when you see an edge in the market, that’s when you enter.

The trade off is that while you get fewer trades, the trades you enter will allow you larger pip gains. As long as you adhere to proper bankroll management, pay no mind to having larger stop losses.

So go out. Enjoy your family. Focus on your career. Just allow yourself 15 minutes a day to sit down and study the charts. Be joyful in the knowledge that you can obtain a secure financial future for your family in your spare time.

No related posts.