5 Tips for Trading Binary Options with a Full Time Job
Wouldn’t it be awesome if you could trade binary options for a living and quit your day job? Well, if you want to be able to do that, you’ll have to get good enough and be making enough money to consider doing it rationally—or you will be very sorry. Sadly there are a lot of binary options affiliate advertisements which tell would-be traders to quit their day jobs, but this is a really bad idea for someone just starting out who does not have a ton of capital and a reasonable amount of experience and profitability. If you want to see an example of one of these terrible ads, watch this video and read the accompanying article to understand why it is so bad.
The difficulty with trading while working a full-time job arises from the fact that trading itself is a full-time job. This is true pretty much regardless of how you structure your trading hours, because you will be spending a lot of time researching and testing. Hopefully you enjoy trading! This will keep you from burning out. Trying to actually place your trades can also pose a challenge if those trades overlap with work or sleep hours.
https://www.bestfxbrokers.com/binary-trading/guide/balancing-options-trading-with-life/ for balancing tips
Here are some tips for trying to balance a full-time day job with a full-time trading job.
1. Choose a market with hours that do not interfere with yours.
Binary options brokers allow traders to work with stocks, indices, currencies, and commodities. You might prefer to trade something like Forex or commodities because that way you can trade after work, even in the middle of the night. This may be a bit more difficult for traders in the US, unfortunately, since many binary options websites restrict US traders to stocks and indices (no, trading FX and futures is not illegal in the US; but you may have a difficult time finding a way to do it using binary options).
2. Choose expiry times which give you time to manage your trades.
While 60-second options and other “fast” trades may look attractive to you, they may not fit as well into your schedule. You will probably spend less time each week managing swing trades (trades that span a few days), or longer-term trades which you hold for a week or longer. You will need to look at those trades regularly to make sure you do not need to take action (early closure, for example), but they may still be easier to deal with. This post gives pros and cons on 60 second trades
3. Try to set aside time for trading.
This may not be possible, but if you have a job with flexible days and hours, you could for example request that you be given hours or days off which would allow you to spend time trading. This also may make it easier to place “faster” trades if that is something which you are really interested in doing. You could even do this while still working full time hours in some positions.
4. Don’t succumb to the temptation to auto-trade.
There are some good automated trading systems out there, and they can be helpful, but when you are just starting out, it is a good idea to stay as involved as possible with your trading. There is nothing which can replace your own abilities as a trader, and if you rely on automated binary trading software, there is a good chance you will fail sooner or later, and never develop the skills you need to be adaptive, flexible, and successful trading binary options. Alert services can help you to spot good trades while you are busy, which is great. But you are an irreplaceable part of your trading plan. It might sound like a wonderful idea to make a living off of someone else’s hard work, but if it were really that easy, wouldn’t everyone be doing it?
5. Choose a broker which offers mobile trading.
“Bring Your Own Device” is a growing trend at workplaces around the world, and there is not a whole lot that employers can do about it. Not all positions give you enough freedom to be checking your mobile device and placing binary options trades throughout the day, but there are many jobs which do. If you are fortunate enough to be in one of those positions, consider bringing your mobile with you and trading with a broker who offers mobile trading. You can trade on the job and at your commute this way. Find a mobile binary options broker here.
Balancing two full-time jobs can be very difficult, and at times, downright overwhelming. But you will be grateful in the long run that you did not quit your day job before you were ready. You want to be putting money in to your trading account, not taking money out of it to pay your bills! Only by balancing your finances can you grow your account. Support yourself with your day job, and think of your trading as an investment in your future, because that is exactly what it should be—until the day comes when you are truly profitable enough to break free from the corporate life.
Discover Our Top Binary Option Brokers
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