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Trading Or Full-time Job?

Get More Time in 2022

Trading isn’t supposed to be a full-time job. Your time shouldn’t be spent looking at charts and monitors all day long. In fact, too many traders waste their time staying glued to their computers.

Spending hours in front of your monitor does not make you a better trader. 

This is how to trade smart…

Build a solid watchlist. Seek to understand the indices and their significance to the broader market. Yes, we all know what’s contained in each index, but we don’t really stop and think about what each of those stocks means to the market.

For example, if you see a setup on the NASDAQ, that means there’s really a play on healthcare, energy, financials, industrials, and transports. If you’re thinking of a setup on the Dow, then there’s a tech play with a little bit of consumer discretionary mixed in. 

Once you begin paying attention to the stocks and ETFs within each index, you’ll then be able to scan the market for opportunities.

There are loads of symbols in the markets. 

On average, there are about 3,000 relatively liquid stocks. However, depending on your idea of liquidity, you can bump that number up to almost 6,000 to 9,000. There’s no way to look at that many names nor is there any value in trying to do so. 

Looking at more symbols and thinking you need to monitor the market and your trades all day long won’t help you succeed.

You want to be scanning within a very specific liquid, pre-curated group of names. I use the ETFs as a way to let the market tell me where the interest, the volatility, and the volume is happening. 

Don’t make it complicated. 

I look at daily time frames for about an hour a day, put in my alerts, wait for the alert to fire off, and put in my trade.

Stop looking for a “shiny and new” setup.

Far more often than you probably realize, there are multiple opportunities within a symbol you’re already trading. If you have something that’s working because the structure is really good — stick with it. The allure of “shiny and new” is very tricky and often deceiving in trading. 

Before you start going about setting up a trade in a particular stock, ask yourself, “What’s the edge? What’s this particular stock giving me, why do I want to trade it?” It’s a new year and a great time to start with some new skills. Join us in Sector Secrets Mastery to get your time back and make 2022 a year of profitable trades.

Keep up with the volatility!

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