As of 06/06/2023   Indus: 33,573 +10.42 +0.0%     Trans: 14,061 +71.28 +0.5%     Utils: 902 -1.73 -0.2%     Nasdaq: 13,276 +46.99 +0.4%     S&P 500: 4,284 +10.06 +0.2%	YTD  +1.3%    +5.0%   -6.7%    +26.8%    +11.6%	Targets    Overview: 05/30/2023     33,950 or 32,000 by 06/15/2023   14,600 or 13,350 by 06/15/2023   935 or 880 by 06/15/2023   13,600 or 12,200 by 06/15/2023   4,350 or 4,000 by 06/15/2023
Chart Pattern Indicator: on 6/1/23

As of 06/06/2023   Indus: 33,573 +10.42 +0.0%     Trans: 14,061 +71.28 +0.5%     Utils: 902 -1.73 -0.2%     Nasdaq: 13,276 +46.99 +0.4%     S&P 500: 4,284 +10.06 +0.2%	YTD  +1.3%    +5.0%   -6.7%    +26.8%    +11.6%
Targets    Overview: 05/30/2023     33,950 or 32,000 by 06/15/2023   14,600 or 13,350 by 06/15/2023   935 or 880 by 06/15/2023   13,600 or 12,200 by 06/15/2023   4,350 or 4,000 by 06/15/2023
Chart Pattern Indicator: on 6/1/23

Bulkowski on Getting Started in Trading

My book, Trading Basics, is the first book in the series, "Evolution of a Trader" and the three describe the four types of trading styles, from buy-and-hold to day trading. If you want to learn how to trade or invest, consider buying a copy of the series. The books are sold individually...

If you click on the above link and then buy the book (or anything) while at Amazon.com, the referral will help support this site. Thanks.

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I received an email asking, "When should I quit my job and trade full time?"

My answer is this: When you make as much or more money trading than you do at your day job, then consider trading for a living.

You can trade part time using 1) setups that have a conditional order to enter the trade, and to exit -- use a 2) stop loss order or a 3) target order. If you have those three components, then you don't need to follow the markets full time. Evaluate the markets before and as they open, and then place your order(s). Near the close, check on how you did. If any setup triggered and the trade remains opened, close it out regardless of whether or not you show a profit.

Here are additional suggestions. Keep your day job...

• If you don't have those types of mechanical trading setups;
• If you can't follow your setups without deviating;
• If you can't pull the trigger by exiting any setup before the close. A day trade is a day trade. No exceptions;
• If you don't have enough money to live on (cover all expenses, including vacations, and luxuries like food) for months (6 months to a year is a good start but 2 years is better. If you have to find a job after burning through your trading capital, then it could take a long time before you're employed again). This does not include your trading capital.
• If you intend to use your entire trading capital for day trading. Diversify. Only a portion of your trading capital should be used for day trading (say, 25%). Split the rest into other types of trading or investing, like swing or position trading and have money in long term plays (buy and hold, bonds, money market funds, and so on).

-- Thomas Bulkowski

More

See Also

• Market direction. 7 tips to determining.
• Over trading Are you trading too often?
• 3 tips might make your trading more profitable.
• 3 trading mistakes and how to fix them.
• Trading quiz. Test your knowledge of technical analysis.

 

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