Day Job Cramping Your Day Trading?
March 11, 2013 at 5:38 PM (QQQ)(DIA)(SPY)(GLD)(BAC)
Day Job Interfering With Plans To Become A Day Trader?
It's certainly a dilemma for many. Let's review the options, but first let's rid ourselves of one option straight away -
- Quit the Day Job!
That is not an acceptable solution, therefore we won't even discuss it. It always astonishes me to see advertisments that encourge would be traders to do exactly that. If you already have a job, that's an incredible ace in the hole. While others are under extreme pressure to make their daytrading venture payoff immediately, which is a sure fire way not to succeed, you have the luxury of learning the skills necessary to carry you through in an orderly manner as you transition into your new career.
Now for starters, unless you're young and plan to work for a major Wall Street firm or Hedge Fund, you should look at this as less of a career, and more as becoming a small business owner. Careers tend to come with things like a 401K, health care, vacation pay, and a water cooler to shoot the breeze around. If you're opening your own trading firm, you get none of the above. Have you thought about that?
Hopefully you have. It's true that if successful, you can certainly earn enough money to pay for your own benefits package, but it's going to take some time so plan carefully. Now, back to the day job. Today we have the benefit of markets that trade literally around the clock, 5 1/2 days a week. Whether your current employment is 9-5 or 5-1, there are markets moving that you can learn how to trade. The training is more of an issue than the trading. Most successful traders tend to trade the US Wall Street session. If they do offer training, it's often during those hours. So what options do you have?
You could learn from a book. That's a tough go. Michael and I are acutely aware of this problem because rarely a day goes by that someone with a day job doesn't ask us, "Can you help me?" Up until now the answer has been NO. It's not that we don't want to, but we both have our own day jobs running CFRN. We also have other business interests and we have families which include school age children. In other words, neither of us is an a position to stay up all night running a live trading room.
After much thought and consideration, we believe we have arrived at a compromise. We are now recording the Live Trading Room sessions. When a trader comes home from the day job, they will be able to review the session and/or previous sessions. With the video and also the market replay plugin which we will teach you how to use, it will almost be... as if you were there. You turn on the video, fire up your dtPro Platform, load the appropriate day's Market Replay file and you're good to go. The only drawback is that you won't be able to ask questions live in real time.
The good news is, on Thursday nights you will bring your legal pad to the Weekly Partner's Workshop and we will answer your questions one by one. We will also be available to you via telephone, email and if warranted, we can launch a second Weekly Workshop at a different time. Again, this is not the perfect solution, but I believe it will work. Your journey may take a little bit longer, but you also have the benefit of ongoing income and benefits while you're learning. All in all, I think it's a good trade-off.
I know many of you have been waiting patiently for this announcement. We currently have 13 hours of Live Trading Room Video archived, and we will be adding to the library on a daily basis. Of course you will also have access to the entire CFRN Video Library which currently holds about 250 hours of training. To get started, send an email to support@cfrn.net with Day Job in the subject line. Include a telephone number and the best time to reach you. The first 10 "Night Students", will receive a special incentive "crash test dummy" discount. These 10 slots will probably go fast so if you're serious, let us know as soon as possible.
Gold Trade - Daily Goal In 5
Thanks to the CFRN Slingshot® today was "one and done". This short video shows a Gold trade that Michael called in the Live Trading Room. This video will allow you to see how I entered the trade and also how I managed it through to completion. The entire trade lasted about 5 minutes.
CFRN Slinghot Gold Trade
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