Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Dinerotrader

How Much Time Do You Spend?

Recommended Posts

I was just wondering how much time others are putting in on a daily basis related to their trading career. I was trying to add up what I spend right now and thought it would be nice to see how much time others are also spending. If you would be so willing, please post your time spent on average per day as broken out below.

 

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

I do expect that number to come down after a year or so more of trading but for now, I have a lot to learn.

Share this post


Link to post
Share on other sites

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

A: 3-5

B: 1-3

C: 0-3

 

As time goes on, I spend less time on C and more on A and B.

Share this post


Link to post
Share on other sites

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

My numbers are as follows:

 

A - 12 hours

B - 3 hours

C - 0.5 hours

 

A and B are overlapping since I am watching the markets during Asian hours all the way to US morning while reviewing stuff throughout the day. C is something I have cut drastically over the past year. I have stopped learning new or other peoples method but instead sharpening my own.

Share this post


Link to post
Share on other sites
Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

That's impressive Dinero, considering you also work full-time (if I'm not mistaken).

 

If you don't mind, would you be willing to share your daily trading/work schedule (which hours you trade, which hours you work)?

 

Thanks,

 

Cory

 

EDIT: I don't mean to be intrusive...I was just curious because you appear to post/trade during the typical work day...I may have to get a full-time or maybe part-time job in the future, depending on how trading's going, so this topic is of particular interest to me...

Edited by Cory2679

Share this post


Link to post
Share on other sites

Previously when longer term trading

A=2 hrs

B=1hr

C=3 hrs (including reading papers, the internet, everything)

 

Now attempting to day trade more.

A=8 -10 hrs

B=1hr

C=8 -10 hrs (same as watching the DOM really)

 

Actual financial results seem to have a negative correlation to the hours spent so far.....which should be telling me something. (I should stick to my longer term trades)

Share this post


Link to post
Share on other sites
That's impressive Dinero, considering you also work full-time (if I'm not mistaken).

 

If you don't mind, would you be willing to share your daily trading/work schedule (which hours you trade, which hours you work)?

 

You forgot to post your own numbers Cory.

 

Yes, I am a CPA working a full time job at a fortune 500 company. I basically just get the work I am required to do completed and trade all other times. I go to work 2 hours early to trade the 1st 2 hours of oil and I can normally trade the 3rd hour uninterrupted as other employees trickle in (I live in Arizona so pit open is at 6:00am my time).

 

I am too risk adverse to quit my job until I am making more than my current income with real money trading. I have 4 sons (twin 5 year olds, a 3 year old and a 1 year old) with another boy on the way and the wife doesn't work so I don't have a lot of room for failure. I have gradually traded more and more over time at work and made sure my superiors knew I was a "do the bare mimimum" kind of employee so they wouldn't give me more responsibilities. Thank goodness for Open ECry because they are the only broker I have been able to download and use on my corporate computer. More info than you wanted but I got on a roll.

 

I hope more traders post their numbers here. I think it is really good for new/aspiring traders to see how much work time is actually put into trading. It also helps me to get motivated to make more time for trading development.

Share this post


Link to post
Share on other sites
Previously when longer term trading

A=2 hrs

B=1hr

C=3 hrs (including reading papers, the internet, everything)

 

Now attempting to day trade more.

A=8 -10 hrs

B=1hr

C=8 -10 hrs (same as watching the DOM really)

 

Actual financial results seem to have a negative correlation to the hours spent so far.....which should be telling me something. (I should stick to my longer term trades)

 

Actually what it's telling you DD is that daytrading is not something that can be mastered in a short period of time. It will take you years to master this trade.

Share this post


Link to post
Share on other sites
You forgot to post your own numbers Cory.

 

Fair enough. :)

 

Week:

 

A: 10.5 hours (Forex - EUR/USD: 8am-2:30pm, 7pm-11pm, eastern time).

B/C: about 1.5 hours

 

Weekend:

 

B/C: Varies a lot...on average, probably about 6 hours per day.

 

I would work from sun-up to sun-down every single day, except for my girlfriend...I sacrifice some of my trading time for her.

 

Some may see that as a lack of dedication, but we have been together for 7 years and it's a relationship I wish to maintain...even if it means that success in trading is put off just a little longer.

 

-Cory

Share this post


Link to post
Share on other sites
Actually what it's telling you DD is that daytrading is not something that can be mastered in a short period of time. It will take you years to master this trade.

 

Very true - after years of market making doing sometimes 200 trades a day, then trading longer term trend trading, you would think it might be easier, however I sometimes think I have more habits to break - I have to get into the habit of taking profits. Not usually a problem for many people. Its a very different discipline, related but different.

 

I certainly wish I had the dedication of Dinero - good luck - give my best to your wife - I come from a family of 5 boys so I can sympathise with you. :)

Share this post


Link to post
Share on other sites
Fair enough...

 

I added up the hours I posted to 72 hours per week...it's really probably more like 80 if I factor in all the time I spend working on trading (for example, I'm up now, almost an hour past "quitting time").

 

I was talking to my girlfriend about it...I think it'd be interesting to essentially keep a time card for a week for any time spent working on trading. I figure I'd probably average around 80.

 

I think that's reasonable...when Goldman Sachs was at my school, one of their recruiters told me that the analysts work, on average, 80 hour weeks (but some weeks as many as 120!). I can safely say that I never work 120 hour weeks, but I do probably average around 80.

 

I am too risk adverse to quit my job until I am making more than my current income with real money trading...

 

Plus, if you ever want to be pulling down the big numbers, you're going to have to compound your returns and let your account grow. For me, even when/if I'm making decent money, it'll probably be a good long while before I'm willing to spend any of it.

Edited by Cory2679

Share this post


Link to post
Share on other sites

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Full time job as an owner/physician of an ER group. So my trading goes in spurts & fits. When home (and not tending to the 1 year old, or getting the other 2 girls off to school)

A: 4-8 hours

B: 0.5-1.0

C: TL has upped this a bit lately. 1.0-1.5 including 1-2 books usually being read at any given moment.

 

My glaring inability is category B - which to me means keeping that daily journal with (its better , but still only 60-70%) all of the trades. If I cant get my act together on that process (trade in AZ - so market closes = kids home from school = afternoon activities, then dinner, then inability to walk into office and do the hard work which is critiquing the day) If I cant get any better on keeping the diary up I may start to enact a 2 hour doldrum rule. Automatically turn off the feed on TS/T4 around 9AM local and log the AM trades as well as update the trade diary.

 

As someone who used to work 110-120 hour work weeks during my residency - I have found that trading is much more difficult mentally but alot easier physically. I do see the correlation that it takes a good 10,000 hours to become adept at this profession. That would leave another 4 years at this rate. I do enjoy the hours - and think the camaraderie that is found here in TL is very similar to that of a residency. Consists of alot of varied people taking their licks - seeking advice from the more experienced - and returning day after day to perfect their craft despite what curveball got thrown their way 24 hours earlier.

 

Weeks that I am working a fair # of shifts are typically no-trade weeks or perhaps having one glorious day in front of the screens. (Massive disappointment if that happens to be a quiet day!) So the hours can vary, but thats a good average.

 

I haven't entrusted myself enough to frequently trade the "set & forgets" - but do think that will be the next step in the evolution over the next couple of years. Which leads me to another question for the group - how many say they successfully swing & day trade? Or due to the mindset - are they mutually exclusive? (Perhaps for another thread).

Share this post


Link to post
Share on other sites

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

A - 2. I only trade the first two hours of the session

B - 1 including pre-trade prep

C - ??? 1 or 2 not really something I do 'every day', more when I have free time.

 

I reserve most of 'B' to the weekends. Maybe 8 hours over the weekend.

Share this post


Link to post
Share on other sites
I was just wondering how much time others are putting in on a daily basis related to their trading career. I was trying to add up what I spend right now and thought it would be nice to see how much time others are also spending. If you would be so willing, please post your time spent on average per day as broken out below.

 

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

I do expect that number to come down after a year or so more of trading but for now, I have a lot to learn.

 

How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

Share this post


Link to post
Share on other sites
How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

 

No inclusion of lunch, coffee, cigs, pot, heroine, etc. Category A would be actually monitoring positions or watching for entry/exits. Don't get too hung up on the details.;)

Share this post


Link to post
Share on other sites
How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

 

If this is the lbj that I know locally, please stay! We love you in Cleveland!

 

:thumbs up:

Share this post


Link to post
Share on other sites

Nice comments all.

 

A- 2 hours morning session, 2 Hours late day some days, not all.

B-1 hour per day M-F. Then i do a top down review on Sunday for 1 hour

C- I like to read or re-read some books, once every other week.

 

Try not to absorb any other traders systems or look at this or that ideas. Once you master Basic Price Action, market Phases, and know how to use a FIB your set. like Bathrobe said............ KEEP IT SIMPLE!

 

Happy 4Th.

 

Ed.

Share this post


Link to post
Share on other sites
If this is the lbj that I know locally, please stay! We love you in Cleveland!

 

:thumbs up:

 

I smoke, so nothing to do with Cleveland! Do any soccer players still smoke?!

Do any soccer players now trade (not sure they need the money)?!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • CARDANO PRICE EXPOSES TO $0.98 SUPPORT LEVEL ADA Price Analysis – January 25 When the sellers increase their momentum to push down price below $0.98, the support level of $0.83 and $0.73 may be tested. In case the Support level of $0.98 holds, the buyers may push up the price towards $1.11, $1.30 and $1.46 levels. ADA/USD Market Key Levels: Resistance levels: $1.11, $1.30, $1.46 Support levels: $0.98, $0.83, $0.73 ADA/USD Long-term Trend: Bearish Cardano is bearish on daily chart. Buyers and sellers are struggling over the crypto. The sellers are trying to overpower the buyers. Former support level of $1.30 and $1.11 has been penetrated downside by the sellers and the price exposes to $0.98 support level. There is tendency for the price to decline further if the sellers maintain their pressure. ADAUSD Daily chart, January 25 Cardano has crossed the two EMAs downside, currently trading below the 9 periods EMA and 21 periods EMA at distance which indicate a bearish movement. When the sellers increase their momentum to push down price below $0.98, the support level of $0.83 and $0.73 may be tested. In case the Support level of $0.98 holds, the buyers may push up the price towards $1.11, $1.30 and $1.46 levels. The relative Strength Index period 14 is at 40 levels with the signal line pointing downside which indicates sell signal. ADA/USD Medium-term Trend: Bearish Cardano is on the bearish movement on 4-hour chart. The bullish movement could not continue when the buyers pushed up Cardano to test the resistance level at $1.64. The bears reacted against the price increase with the formation of bearish engulfing candle. The price started decreasing and the support level of $1.30 is broken downside. Further price decrease envisaged as the price is below the two dynamic resistance levels. ADAUSD 4-hour chart, January 25 The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 40 levels and the signal line pointing down to indicate sell signal. Source: https://learn2.trade 
    • SOLANA REACHES OVERSOLD REGION AS THE ALTCOIN MAKES DEEPER CORRECTION Solana has fallen to the low of $87 SOL/USD has reached the oversold region Solana (SOL) Current Statistics The current price: $90.94 Market Capitalization: $46,528,296,188 Trading Volume: $4,555,783,625 Major supply zones: $280, $300, $320 Major demand zones: $160, $140, $120 Solana (SOL) Price Analysis January 24, 2022 Solana’s (SOL) price has fallen significantly to the low of $87 as the altcoin makes deeper correction. The crypto’s price corrected upward but faces resistance at $104. If the crypto is facing resistance at $104, it implies that the selling pressure will resume to the downside. Presently, the altcoin is fluctuating between $80 and $104 price levels. The crypto will resume trending when the range-bound levels are breached. For instance, if the bears break below the $80, the market will decline to $68 low. SOL/USD – Daily Chart Solana (SOL) Technical Indicators Reading Solana is at level 23 of the Relative Strength Index for period 14. The cryptocurrency is seriously in the oversold region. This is an indication that the current downtrend has reached bearish exhaustion. SOL/USD is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region of the market. Since December 29, the altcoin has been trading in the oversold region of the market. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. Conclusion Solana is in a downward move as the altcoin makes deeper correction.. The current price action and Fibonacci tool analysis are closely related. The cryptocurrency has reached the oversold region and there is a possibility of price reversal. Meanwhile, on December 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.618 Fibonacci extensions or $79.34. SOL/USD – Daily Chart     Source: https://learn2.trade 
    • Date : 25th January 2022. Market update – January 25. A flight out of equities and into the safety of bonds was the opening theme yesterday – Could we see this repeated? US futures are under pressure once again, alongside a broad sell off across Asian equity markets. Tensions over the Ukraine, virus developments in China and the prospect of reduced central bank support all continued to weigh on sentiment overnight. The rise in Omicron cases ahead of the Lunar New Year holidays and of course the Olympic Games is adding to nervousness over slowing growth.   Australia’s inflation rate came in higher than expected, which added to growing conviction that the RBA will end its quantitative easing program at the February 1 meeting. Singapore surprised with a move to tighten policy outside of a scheduled review USD (USDIndex 95.90) saw a pullback after breaching 96.11. Treasury rates dove lower with a strongly bid 2-year sale extending the slide. The just auctioned 2-year rate dropped 7 bps to hit 0.970%. Equities – Hang Seng and CEI 200 expected to drop more than -1.8% today. The Nikkei closed with a loss of -1.7%, the ASX plunged -2.5% after the hot inflation report. Yesterday, USA100 crashed -4.9%, with the broader indexes over -3% lower before hitting bottom and paring losses. But a late buy the dip rally saw the USA100 rally 0.63%, with the USA500 and USA30 up 0.29%. USOil – back to $82.00 territory, – recovering some of yesterday’s losses, as growing tension in Eastern Europe and the Middle East fuelled concerns over possible supply disruptions. Lower US oil inventories are also providing support. Gold – held on to gains at $1841 as investors sought safety. Bitcoin steadied to $35,000 handle. FX markets – The Yen was supported as risk aversion picked up and USDJPY dropped to 113.66. EURUSD at 1.1306 & Cable below 1.3500. European Open – European stock futures are signalling a bounce back from yesterday’s sell off, with the GER40 and UK100 currently posting gains of 1.1% and 0.8% respectively. EGB yields are set to rise today, as stock markets bounce back from yesterday’s sell off. The German 10-year Bund yield is up 1.4 bp at -0.097% in early trade, the French 10-year up 1.3 bp, both underperforming versus Treasuries, which have moved higher overnight, as Asian stock markets sold off. Today – The FOMC meeting starts today, with an announcement due tomorrow, ahead of the ECB and BoE meetings in February. Geopolitical risks will remain in focus today, while the data calendar highlights are the German Ifo readings and the UK CBI manufacturing survey. Biggest FX Mover @ (07:30 GMT) Cocoa (-3.22%) Huge dive to 2488 from 2684 highs seen last week, breaking all daily SMAs (20-, 50-, 200-day). Fast MAs aligned lower intraday with all momentum indicators pointing further lower. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • How much is the minimum deposit to trade with this broker?
    • I first time hear about Ocata 😂 All others are well-known.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.