5 Tips for Part-Time Stock Traders

 

You want to reach your trading goals and boost your portfolio quickly? Just follow these 5 clever tips that we got from pro traders who have been researching strategies and trading for years.

When someone who has decades of success and experience behind them, you can’t argue with that. These are some pro tips that most successful traders swear by. Successful traders like Meir Barak of Tradenet, all back some of the same rules.

1. Develop your “go to” moves

You know that every good athlete has a signature move, and it’s no different when it comes to trading. The very best traders rely heavily on their bread and butter strategies when they want to maximize profit potential. Post earning trades, break out pullback, and trend pullback are among the most popular. You need to master strategies you choose so well, that you know them like the back of your hand. Don’t try to be a jack of all trades, because that will make you the master of none. Choose a few strategies that suit you, focus on them. Don’t let every trend sweep you. Stand your ground, and in time, it will all pay off.

2. Reach profits with swing trade

This means that you will hold stocks for a few days or a few months depending on your strategies and the market. Sure, there are many strategies, but most people look to recognize and capture a “sweet spot” of a trending stock. This is perfect for part-timers, as your goal won’t be precise entry or exit, and you won’t have to look at the ticker all the time.

3. Recognize entry points as well as the exit ones of your main watchlist stocks

When you’re choosing stocks for this watchlist, note down prices that would make you enter those stocks. Also, write down expected stop-out and target prices. Base all of this on your go-to strategies. Consider the amount you’re ready to lose, and target that as your stop-out level. Traders are usually looking for this level to at the very minimum be equal their target level. That means that you don’t risk more than 0.5-4.5% of your portfolio.

4. Have a strong watchlist

Believe it or not, the key to successful part-time trade is a strong, well developed watchlist. Every night, choose 15-20 primary watchlist stocks, stocks that will get the most of your attention the following day. Those stocks should be refined from your main focus list. You will develop that list over time organically, by choosing stock based on your go-to strategies.

5. Make your stop and target levels do your work for you

Once you enter a trade, you’ll be tempted to constantly watch what’s going on. This isn’t the best thing for you, as it can make you over trade, and that can be bad if you’re a swing trader and you want to hit the sweet spot. That’s why part-time traders need to shut down the feed once they make the trade. You did your research of your positions, you set your stop and target levels. Now, it’s time to trust yourself and let the analysis you did work for you. Once you analyzed the risk, and you placed a stop loss order, the chance that your portfolio will suffer a significant loss is minimal. Don’t fret. Lay back, and let it all play out. Or, even better, focus on that full time job of yours!

 

 

Maybe these tips don’t seem like much, but, if you follow them, they will work miracles for your development as a part-time trader, your portfolio, and your capability to manage stress and time.

 

Consider, focus, and start following these – you’ll see improvement quickly!

 

 

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