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How to day trade part time while working a full time 9 to 5 job? I explain my process doing so when I was building my small trading account.
1:04 Premarket trading routine on the west coast
5:04 Power hour trading: Research for stocks to buy overnight swing
7:17 Evening studies: Research penny stock runners, earnings, offerings
9:58 Trading with range orders/ bracket order/ OCO order
11:24 Financial stability. DO NOT quit your job to trade
1. When’s the best time to trade stocks as a part time trader with a 9 to 5 job?
When I was working my 9-5 and trading, I would wake up at 5am PST to prepare for my morning watchlist and do my research. Sometimes I’ll do some premarket trading but most times I like to wait to trade at the market open.
Trading the open is the ideal time for part time traders because you get immediate follow through on the morning gappers, both with penny stocks and large cap stocks long and short. After trading for about 2 hours then I will go to work.
I did not like to trade at work because there was no way I could watch the stock movements during intraday trading. So I would research stocks closing strong on the day to buy and swing overnight. If you buy a stock overnight, that does not count as a day trade under PDT rule.
2. Use range orders/ bracket orders/ OCO orders when trading.
Most trading brokers have these order types, that allow you to attach stop loss order and take profit order when you are in a position long or short. And when one order get’s hit, your trading broker will cancel the other outstanding order automatically. Trade zero, Thinkorswim, and Interactive brokers all offer these bracket order types.
3. Keep your job! Make sure to have financial stability.
I would never suggest anyone to quit their job to become a day trader. Day trading is a long term business that requires full time effort. To trade well you need financial stability and finances in control. You should not be relying to day trading income to pay your bills.
Quitting your job to become a day trader full time is extremely stressful. Do not do so until you’ve had consistency in day trading and know the best strategies suitable for yourself. Trading full time requires a lot of market tuition upfront. Keep your job, save up, and learn to day trade part time to slowly grow your small account.
Answering Your Day Trading Questions
How to Grow a Small Account in 2020 Day Trading
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DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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