Trading … it’s high pressure … it’s full on … it’s stressful … it’s high stakes … right? Well, it can be. If that’s how you want to do it. But you can also enjoy trading another way – lifestyle trading can be relaxing and an excellent hobby. It can also be just as effective as all the pressured, stressful trading that other people seem to think is the only way to do it. How can that be?
End of day trading means that you can keep your trading entirely under your control, and you don’t have to spend all of your time doing it – you choose when to trade and how to do it, not the other way around. If that sounds good, here are some ways to prepare.
What To Expect
Remember one important thing about trading: it is only as complicated as you choose to make it. If you want to trade simply, that’s exactly what you can do.
So when it comes to lifestyle trading, you shouldn’t be expecting lots of money overnight, but neither should you be expecting to work long, hard hours to get your rewards. You simply need to have a good trading plan that is logical, simple, and repetitive. That way, your trading will work for you, and you won’t feel as though you are stressed about it either.
Keep It Simple
As mentioned above, simple and repetitive patterns are the ultimate way to ensure your lifestyle trading is effective and stress-free. You just need one great price pattern that you know is going to work, and that’s it; your lifestyle trading is set up and you’re ready to go – without any stress.
You won’t need to look at complicated technical indicators, you won’t need to have your head in a computer screen for hours on end, you’ll just need charts that you can understand quickly and easily and where you’ll see patterns immediately. If there are no patterns, you’ll know you can just wait – patience is hugely important – until one arrives, and then you can trade.
The point of end of day trading is that there is no need to trade every session. In fact, it’s best if you don’t. You should only trade the best set ups for you (everyone is different, so you need your own personal trading charts to know when this is going to be). These are the sets ups that are both highly probably to give you a reward, and give you a reward that is worth your while.
You might only execute a trade once a week, or a every few days. You might have a run where you are trading every day. It will change as your chart moves on, and you need to have more confidence to trust that chart and not trade just because you feel it’s time, or you’re worried because it’s been a while.
Higher Time Frames
When you’re looking to reduce stress in your trading day, try look at the higher time frames instead of the intraday ones – these trades are stressful, and if that’s not something you enjoy, stay away. The higher time frames – weekly and daily ones – are less volatile, meaning that there is far less change of your stops tripping out when the prices change, and that means less worrying about them for you.
Look For The Benefits In End of Day Trading
The more volatile times to trade are in the morning and when there is important economic news. So if you are to trade end of day instead after the news has been heard and the trades have settled down again, it will be less stressful – it will be a smoother process and will give you a more precise entry. Plus, you won’t be hanging on to every work when it comes to the market news; it won’t really matter.
The Work Life Balance – Plus Trading
If you opt for lifestyle trading, you are going to be more able to balance trading, work, and your life. The trading at this level only needs to take an hour (or less) each day, and therefore you can do everything else you need to do – your day job, enjoying your family, taking time off to relax – at the same time. Nothing needs to be compromised and nothing needs to be cut.
The point of choosing lifestyle trading over any other kind is that it will give you more freedom, less stress, and – something that is hugely important – it will be fun. If you’re not having fun with your trading and you’re finding it too stressful then why do it? If you’re changing your life to fit your trading and not the other way around, why do it?
If you want to have more fun, get good returns, and not have to compromise on your own life, lifestyle trading is the way to go. Remember trading is a highly nuanced activity and it makes sense to learn as much as possible about it before you engage in it rather than going in blind. There are many high-quality websites such as Investopedia, Babypips and The Lazy Trader which a comprehensive directory of learn to trade articles and videos for free. Click here for more information.