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The Trading Plan: Time Committment

I trade for a living now. When I was in "the real world" working for a living, I recalled an axiom that changed my view on work and life. "Are you living to work or working to live." Psychologists tell us that satisfying work is essential to emotional and mental well being. However, so many of us are attempting to climb the corporate ladder or just slugging it out day to day to make a living. What kind of a life is that?

I spent 25 years in the corporate world and was a loyal corporate soldier until I got wise to what's really important. I was the poster child for corporate commitment. I drank the Kool-Aid. The corporation wanted my blood, my first born and my soul. I was "living to work". OK, so why I am I telling you all of this!? I came to my senses. I realized my personal satisfaction and well being was not the corporation's first priority. You think you have security but you don't, not really. The only real security is relying upon your ability to create your own freedom. Trading can do that for you.

I now call my own shots, which includes defining how I want to handle my trading business. We're talking today about "Time Commitment" to your trading business. There is obviously ramp up time and effort needed to learn the business but once you are comfortable with your knowledge base and the infrastructure of the market, you can then determine your trading style which directly correlates to your "Time Commitment".

I do this full time but I don't trade all day long. I experimented with Day Trading and made money doing it but it didn't fit my personality and what I wanted out of trading. I thought, "Why am I exchanging one high pressure situation for another Bell to Bell job"!? I had to define my willingness to commit my time.

I opted for a much more relaxed style of trading that allowed me to actually have a life and still reap the tremendous rewards of trading. There are those that crave the adrenaline rush of one minute charts with eyes glued to the computer all day long and I say, "If that's for you "Go For It"! My typical trading day comprises reviewing the before market activity and my positions for about 20 minutes in the morning, a quick mid day glance (I really wouldn't even need to do that) and an end of the day assessment of my positions after markets close. If I need to consider adjustments to any of my positions, I will make those plans and execute them at the next day's open.

My aftermarket review takes about 45 minutes. I do most of my due diligence over the weekend and that can take up to 4 hours. I am a voracious reader of market information, so as a matter of course, my reading is market related material which is fun for me. So in assessing the amount of time I spend in my trading business, it's about two hours a day and 4 hours on the weekend. I can live with that. The rest of my day, I go to the gym, I meet friends for coffee, and help my fellow traders learn how to trade successfully. Then there is always the "HONEY DO LIST" at the house to deal with, but it's not too bad.

Your trading plan needs to include the amount of time you are willing to commit to this business. Time is precious. Once it is gone, it is gone and it's not coming back, so plan wisely. My most gratifying times now are the time spent with my wife, children and close friends. I also get tremendous satisfaction in helping others succeed at trading. My life is very different now. I am in control and I can pursue my daily activities without worrying that I am stealing time from the corporate monster. However, I must warn you that you can exchange one monster for another if you do not carefully assess the time commitment that you are willing to give to your trading business. This is a vital part of your business plan. You need to be very realistic, especially in the beginning because it will take an extra amount of time as you learn the business.

In order to become proficient at trading, you must be willing to make a commitment of time and energy. You must align your trading plan to be consistent with your lifestyle and what you want to achieve from your trading business. If you make a commitment to be good at this marvelous business, you will never regret it. The whole idea as far as I am concerned is to create total financial freedom and security and having the time to enjoy it. Be careful not to get trapped into another job. Keep your trading fun. You must ask yourself, "Do I want to live to trade or trade to live?"

Seed Newsvine

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