Use the 80/20 rule to trade more efficiently.
Swing trading or day trading.
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Swing trading or day trading.
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If you trade all day, likely 80% of the profits will come from 20% of that time spent.
Trade for 1 hour instead of 5 or 6.
Make 80% of what you were making but save 80% of your time.
Trade for 1 hour instead of 5 or 6.
Make 80% of what you were making but save 80% of your time.
I found this when I started #daytrading in 2005. I traded all day, but nearly all my profit came in the 1st hour. I tended to lose a bit around lunch and then made a bit into the close.
Much more efficient to only trade when the most $$ is coming in. Keep it to 2hrs or less.
Much more efficient to only trade when the most $$ is coming in. Keep it to 2hrs or less.
For #swingtrading, watching positions or watching for entries all day didn't increase profits much.
I now scan ONCE per week, and place trades before the open/after the close to capture nearly the same profit in 1-2 hours/week instead of 10+ hours.
I now scan ONCE per week, and place trades before the open/after the close to capture nearly the same profit in 1-2 hours/week instead of 10+ hours.
Cut out the times that don't pay. Enjoy life.
For many, #trading is about gaining time as much as $$.
Factor both in. If you can make almost as much in fewer hours, do it.
Use those other hours for something more productive.
For many, #trading is about gaining time as much as $$.
Factor both in. If you can make almost as much in fewer hours, do it.
Use those other hours for something more productive.
Each day I write on day trading and swing trading, pulling from 18 years of trading experience.
Follow along: @corymitc
And find loads of free resources on my website: tradethatswing.com
Follow along: @corymitc
And find loads of free resources on my website: tradethatswing.com
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