Trading is a time-consuming job that demands having to check the market for good entries and exits. Unfortunately, not all of us have the luxury of time. Some of us may be preoccupied with other things, such as day jobs, school work, chores, etc. The easy answer here is to go for the long term and to invest instead of trade. However, trading can still be feasible even with a busy schedule as long as you keep the following habits in mind.
Know your own time
As a first step, it’s important to know your own time, when you’re at your busiest, and when your free times are. This entails for you to plot when should you plan for the week’s investments and possibly analyze the market for the time being.
For example, weekdays are busy days and often are non-negotiable, however, weekends are free. Then you should allow a few hours of your day and look into the market!
Create a Plan
Now that you’ve set a time, create a plan. This includes analyzing and predicting your market. Given that you barely have the time, it’s important to already anticipate both the best and worst-case scenarios. Knowing at what price your entry and exit points are, as well as your cut loss, and scheduling it beforehand through your online broker is an easy way to do this.
Plotting all these in your notes or better yet, in an excel sheet could keep these organized and give you easy access to the plan you’ve made.
Download Apps (like Investa)
Lastly, maximize all the resources available to you and use an app to monitor your stocks! Investa has a watcher feature that could give you alerts every time a significant indicator is triggered or a certain price level is hit. This lessens the amount of time you constantly have to allot to trading while still getting its perks.
Time is indeed a trade-off, however, a few simple habits and techniques are the key to including trading in your schedules. After all, allotting just a few hours of your day and getting the returns that you expected are what make all the difference.
