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Day-Trading and studying/working

  • #1
  • First Post: Jan 3, 2012 4:08pm Jan 3, 2012 4:08pm
I know many people here day-trade and have a job or study, some question is how can you do it? I'm a student, and I find that if I trade for 2-3 hours or more in the morning (london session), then I find it very hard to study later in the day, because I'm already mentally tired. I don't know what to do now, since I got my trading plan made, I was having success in demo trading, but now I have to study for the university's exams. And when the exams are over, my classes will begin again and it's even worse, because I'd have to trade, go to classes and still study.

How is it possible to do day-trading while studying/working?
  • #2
  • Jan 3, 2012 4:40pm Jan 3, 2012 4:40pm
Hi there, maybe this might not be a good example to overcome your challenge but for me when i was studying, i was also day trading while having classes. As trading gives me the excitement and keeps me up, i find that it is more mentally exhausting than me spending time solving calculus problems.

Though sometime after, i switched over to swing trading over longer timeframe where it is easier for me to plan my trades and execute them without affecting my studies much. As studies was still my main priority at that time.

Day trading will require more attention to your charts and require your presence to be there to execute trade. Therefore, perhaps if you are systematic trader with a trading system that follows a set of conditions to identify opportunities and execute trades, you could look to program your trading system to help you trade while you spend your time studying.

The main question is to ask yourself which is your priority right now. If you find that you find yourself too exhausted to perform your studies, i think swing trading might be a better option to take or look to program your trading system.

Hope it might help you
  • #3
  • Jan 3, 2012 4:49pm Jan 3, 2012 4:49pm
Quoting Jasus
I know many people here day-trade and have a job or study, some question is how can you do it? I'm a student, and I find that if I trade for 2-3 hours or more in the morning (london session), then I find it very hard to study later in the day, because I'm already mentally tired. I don't know what to do now, since I got my trading plan made, I was having success in demo trading, but now I have to study for the university's exams. And when the exams are over, my classes will begin again and it's even worse, because I'd have to trade, go to classes...
I traded for 4 years(every day) in undergrad while taking fulltime credits. I live in EST(newyork) so i would wake up every morning at 4am and trade til 12 or 1pm. On the weeknights I tried to study and get to bed before midnight. I wont lie to you, my grades suffered because of the stress and odd hours. When I had class in the am, I just brought my laptop and traded there. You just gotta sack up bro, its not an easy lifestyle.....now I work in the industry, and I get less sleep than I did when I was in undergrad.
  • #4
  • Jan 3, 2012 5:52pm Jan 3, 2012 5:52pm
Thanks for the replies.

Quote
Hi there, maybe this might not be a good example to overcome your challenge but for me when i was studying, i was also day trading while having classes. As trading gives me the excitement and keeps me up, i find that it is more mentally exhausting than me spending time solving calculus problems.

Though sometime after, i switched over to swing trading over longer timeframe where it is easier for me to plan my trades and execute them without affecting my studies much. As studies was still my main priority at that time.

Day trading will require...

I was thinking of doing swing trading, but I could never profit nearly as much as day-trading. And my trading plan can't definitely be programmed to an EA

As for my priority, I think the studies are my priority. I could live studying what I should and not making much money, but I wouldn't accept making significant money and getting bad grades. But I may regret later, because the money I make now will help me get more money later by compounding...

Quote
I traded for 4 years(every day) in undergrad while taking fulltime credits. I live in EST(newyork) so i would wake up every morning at 4am and trade til 12 or 1pm. On the weeknights I tried to study and get to bed before midnight. I wont lie to you, my grades suffered because of the stress and odd hours. When I had class in the am, I just brought my laptop and traded there. You just gotta sack up bro, its not an easy lifestyle.....now I work in the industry, and I get less sleep than I did when I was in undergrad.

That really looks very stressful, trading for 8-9 hours and still study You're right, it's not an easy life, but I wouldn't be able to keep up with a life that hard

I think I'm gonna start getting up at 4am, study until 8am, and then trade from 8am to 12-1pm. That way I don't affect my studies because I'll only trade after I study, and I still get a free afternoon to relax and get out. When my classes start I might get a smartphone and trade from there... I have to see if this doesn't stress me much...
  • #5
  • Edited 4:39pm Jan 8, 2012 4:17pm | Edited 4:39pm
Quoting Jasus
Thanks for the replies.



I was thinking of doing swing trading, but I could never profit nearly as much as day-trading. And my trading plan can't definitely be programmed to an EA

As for my priority, I think the studies are my priority. I could live studying what I should and not making much money, but I wouldn't accept making significant money and getting bad grades. But I may regret later, because the money I make now will help me get more money later by compounding...



That really looks very stressful, trading for 8-9 hours...
i guess it'll depend on how you daytrade. i have to work fulltime but spend fair amount of time trading as well. I trade the higher timeframes, so I get more time to look around. When a setup gets close i stay glued to the screen and focus even sacrificing sleep. These are the chances i wait for but remembering to balance family, health and lifestyle is important! its tricky but worth it
  • #6
  • Jan 8, 2012 4:27pm Jan 8, 2012 4:27pm
imho... set your priority right?
go for PA and Daily or the least H4 tf trading.
it should solve your problem.
cheers
  • #7
  • Jan 8, 2012 4:34pm Jan 8, 2012 4:34pm
What about trading 4h charts? You will get lot of flexiility.
  • #8
  • Jan 8, 2012 5:37pm Jan 8, 2012 5:37pm
I think trading is a very stressful, demanding and exhausting activity.
Even more than taking a test at university. Trading is for real, at school you know you can make mistakes that won't harm you compared to losing money by trading.
I think you should go for higher timeframes maybe 4H or Daily, you'll have time enough to study without losing focus on your trades.
let's skype: @elchinoazul
  • #9
  • Jan 8, 2012 5:49pm Jan 8, 2012 5:49pm
Quoting Jasus
I know many people here day-trade and have a job or study, some question is how can you do it? I'm a student, and I find that if I trade for 2-3 hours or more in the morning (london session), then I find it very hard to study later in the day, because I'm already mentally tired. I don't know what to do now, since I got my trading plan made, I was having success in demo trading, but now I have to study for the university's exams. And when the exams are over, my classes will begin again and it's even worse, because I'd have to trade, go to classes...
Hey Jasus,

I too am a student so I understand your pain! I personally find that the only sensible way to trade in our situation is to trade the larger timeframes such as the 4 hour and above. Alternatively you could just trade the openings but, as you say, this is tiring! Much as I'd like to day trade it just isn't possible, and exams come first. There's plenty of time to day trade when we have a degree to fall back on!

Good luck with your exams!
  • #10
  • Jan 8, 2012 6:21pm Jan 8, 2012 6:21pm
Quoting Jasus
How is it possible to do day-trading while studying/working?
During my Bachelor-degree I managed to trade while being on school most day by making as much of the analyzing part automatic, using smart-phones to connect to my home-computer few times every hour to quickly see what's going on. It might sound painful but having x4 screens at my home-computer showing 18 different currencies at all time, combined with remote desktop-programs, truly helped - even when I'm on vacation. So if you have profitable system, try and make the analytic part as easily recognizable as possible.

Since the human brain can't multitask by nature, be prepared to sacrifice some grades as trading becomes far more exciting than school and exams

Good luck!
Measure twice, cut once
  • #11
  • Jan 8, 2012 6:41pm Jan 8, 2012 6:41pm
Working + day trading can be a real challenge. I am in western australia and thankfully the london open is only at 4 PM my time. I trade with a laptop which is far from ideal but I am fine with it.

It doesn't help when I have a boss that say that he doesn't want anyone involve in money making schemes while working.(but I do it anyway) What I do is, during busy times, i try to finish as much work as I can early in the day so that at 4 PM I can concentrate.
Riding the order flow
  • #12
  • Jan 8, 2012 6:46pm Jan 8, 2012 6:46pm
Hi Jasus, and everyone else here. I have the same problem, I'm a student and I'm right in the middle of my exams. It isn't easy! I get up for London open analyse the market and eat my breakfast at the same time.. If my analysis serves me well I make a small profit from it. I generally leave my computer with a stop at BE so I have nothing to lose. Other than that I only get to trade the last few hours of NY. Not very profitable but I have no choice!

Its tough really but I think now is the time to build up equity so we can comfortable trading for a living after we get our cellege degrees.. At least thats my plan anyway!
  • #13
  • Jan 8, 2012 7:21pm Jan 8, 2012 7:21pm
Quoting Binyamin
Working + day trading can be a real challenge. I am in western australia and thankfully the london open is only at 4 PM my time. I trade with a laptop which is far from ideal but I am fine with it.

It doesn't help when I have a boss that say that he doesn't want anyone involve in money making schemes while working.(but I do it anyway) What I do is, during busy times, i try to finish as much work as I can early in the day so that at 4 PM I can concentrate.
Interesting. I live on the east coast of Australia and have tried on several occassions to trade during working hours but have found it virtually impossible. My trading window is now is hour before the London open until I feel tired. I actively manage all my trades so set and forget not an option. I also only trade 3 days; Tues, Weds and Thurs. I have to be fairly disciplined to stop myself over trading due to my relatively small trading window.

I am not sure I would ever like to trade full time. Fairly lonely and mostly boring existance. I have a great job, well paid, meet heaps of interesting people and travel a bit with it. Think you need a balance in life. For me at present, that does not mean trading full time.
Audentes Fortuna Juvat
  • #14
  • Jan 8, 2012 8:39pm Jan 8, 2012 8:39pm
Quoting Jasus
I know many people here day-trade and have a job or study, some question is how can you do it? I'm a student, and I find that if I trade for 2-3 hours or more in the morning (london session), then I find it very hard to study later in the day, because I'm already mentally tired. I don't know what to do now, since I got my trading plan made, I was having success in demo trading, but now I have to study for the university's exams. And when the exams are over, my classes will begin again and it's even worse, because I'd have to trade, go to classes...
i think maybe give up day-trade is a good idea.
or you can creat a ea that take up what you did
  • #15
  • Jan 8, 2012 8:48pm Jan 8, 2012 8:48pm
I'm in Australia, so in the day time there's the Asian session, which I don't really like anyway. If I get a chance, I may do some charting.

I usually wait until I get home and at around 6:00pm or so, I get Central Europe, then London opening where liquidity picks up.. I can then trade London for a few hours before bed.

Recently whilst on break, I stayed up a couple of nights to catch for the first time the London/NY overlap.. I wish it wasn't so late at night.

So on the upside, I can trade London open when I get home from work, but I miss NY.
  • #16
  • Jan 8, 2012 9:28pm Jan 8, 2012 9:28pm
Quoting SYNeR
Recently whilst on break, I stayed up a couple of nights to catch for the first time the London/NY overlap.. I wish it wasn't so late at night.
Have done this a few times myself and paid for it next day at work - very tough. Also, missing the Asian sessions used to worry me but now I am resigned to my trading window is what it is.
Audentes Fortuna Juvat
  • #17
  • Jan 8, 2012 10:30pm Jan 8, 2012 10:30pm
Quoting SYNeR
I'm in Australia, so in the day time there's the Asian session, which I don't really like anyway. If I get a chance, I may do some charting.

I usually wait until I get home and at around 6:00pm or so, I get Central Europe, then London opening where liquidity picks up.. I can then trade London for a few hours before bed.

Recently whilst on break, I stayed up a couple of nights to catch for the first time the London/NY overlap.. I wish it wasn't so late at night.

So on the upside, I can trade London open when I get home from work, but I miss...
i am in china and i can't trade in NY
but i don't trade in london, too
when i studied in college i faced zhe same problem ,so i gave up day-trade and turned to week-trade ,
less trading make me better,

i
  • #18
  • Jan 9, 2012 12:21am Jan 9, 2012 12:21am
Try trading daily charts, it can be great and less stress
  • #19
  • Jan 9, 2012 7:02am Jan 9, 2012 7:02am
I think that, like anything, Forex trading gets easier and more natural with practice, so I do think there comes a point where a couple of hours' trading during one part of the day does not need to leave one so drained that study or a job in another part of the day is adversely affected.

If you are finding that trading intraday and studying during the same day is too much, then I would echo some of the other posters and recommend trading off a higher timeframe while you learn your craft. For one element of my trading I enter trades off the Daily chart, which needs just a 30 minute scan of the key Pairs I study once a day. The trades are then pretty much 'set and forget', so any trades I leave open don't get in the way of anything else I want to do that day. I just check in on each successive 24 hour 'anniversary' of placing the trade to manage the trade(s).

ST
  • #20
  • Jan 19, 2012 12:59pm Jan 19, 2012 12:59pm
Quote
During my Bachelor-degree I managed to trade while being on school most day by making as much of the analyzing part automatic, using smart-phones to connect to my home-computer few times every hour to quickly see what's going on. It might sound painful but having x4 screens at my home-computer showing 18 different currencies at all time, combined with remote desktop-programs, truly helped - even when I'm on vacation. So if you have profitable system, try and make the analytic part as easily recognizable as possible.

And how did that work out? Could you still study and not get stressed every day?

I could use a smartphone to trade, but if I have classes in the morning I'll have to trade during classes, and that'll make it hard to concentrate on classes and trading. And if I only have classes on the afternoon, I wouldn't want to have the ordeal to trade in the morning and still go to classes in the afternoon... And I'd have to spend 500€+ to buy a smartphone to test if this could work or not... I'll wait until the next semester begins, see my classes hours and then decide on what I'll do next...
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