Do you want to start trading but feel like you don’t have the time? Are you working a full-time job but want to expand your horizons? A lot of people want to trade stocks but have very little energy left after a tiring day at work.
Don’t worry, there are ways through which you can start trading without compromising on your work.
The magic of being a trader is that it’s flexible. You don’t have to answer to anyone else and you can do it straight from your smartphone (or laptop).
In this guide, we’ll deep dive into five ways which can help you practise trading while also maintaining a full-time job.
Be goal-oriented
Your goals will be your biggest motivator. Why do you want to learn how to trade in the first place? Do you feel stuck in your career? Are you in a dead-end job with no scope for upward movement? Do you want more freedom in your life? Do you want to find a way to work from the Andamans?
When you set clear and actionable goals for yourself, you will be surprised by how much is possible.
When you’re struggling, think about your goal as it will give you motivation and purpose. You can start by taking baby steps towards your goal. For example, if your goal is to get more freedom through trading, make it a rule that you spend half an hour practising trading at a fixed time.
Practise time management
Time management is not just a buzzword, it actually works. There are several ways in which you can optimise your time to ensure that you can practise trading while holding down a demanding full-time job.
For example, you can start waking up one hour earlier. This can give you time to prepare your trading strategy and actions for that day. You can cut out YouTube or Netflix hours so that you can have a couple of extra hours to learn about trading during the evening.
Remember that you don’t need to trade while you’re working. If you’re having trouble balancing the two during work hours, then you can trade securities whose markets are open when you can trade. For example, the forex trading market is open 24 hours a day on weekdays. The US stock market is also open after Indian working hours. You can also consider trading cryptocurrencies.
Your company may block access to trading-related websites during work hours. However, there are several apps that you can use and trade through your phone. But make sure you only use it for a few minutes a day when you’re taking a break.
Also, make sure you adhere to your company’s corporate policy and insider trading laws.
Make adjustments to your schedule
Companies are increasingly offering flexible working options.
Your company might offer a hybrid working model which means that you can work remotely for some days and come to the office on others. Other companies might allow you to work for longer hours for four days a week so that you can take an extra day off per week. Also, there are companies which offer structured breaks to employees during the day.
Consider if any of these options are possible for you. Remember that you don’t need hours during the day. You just need some time so that you can make your trades.
These adjustments to your work schedule will need to work in tandem with your time management. You will not get a lot of time during the day to plan and strategize and perform technical analysis. All of that needs to be done either early in the morning before work or in the evening after work.
This will reduce the time you need to spend trading during the day by a considerable degree, making it possible for you to trade as well as work.
Get more organised
Too many people have a “deal with it as it happens” approach to life. This means that activities in your life are not pre-planned, instead you just go with the flow. You cook when you feel hungry, instead of cooking during a fixed time of the day.
When you try to organise your day, you will also realise how much time falls through the cracks. You are not spending 16 hours every day doing important things. It’s very likely that you can find a few hours for your trading.
One of the most effective ways of becoming organised is time-blocking. You can use Google Calendar and simply schedule every hour for a purpose. For example, 8 PM to 9 PM can be reserved for spending time with your kids.
Rather than waiting for the perfect time, you can create blocks of time during your evenings when you will only focus on trading. Make a deal with your spouse that they will handle everything else during these hours, and you will make up for it during other hours.
This will also ensure that you’re focused on learning and practising rather than thinking about one hundred things at once.
Use TradingLeagues
TradingLeagues is a fantasy stock market game app that has been specially designed to help people learn how to trade. The app contains a variety of games that are based on real-world stock movements. You can get a feel for the stock market without even opening a demat account.
TradingLeagues offers games based on US stocks and cryptocurrencies, so you can play these games after work hours as well. The best part? You get access to a huge community of players against whom you can compete and win cash prizes.
Wrapping up
“Where there is a will, there is a way”. This saying applies directly to everyone who wants to learn trading while also doing well at their job. There are numerous ways in which a person can find the time to learn while also working full-time.
