How Much Time Do You Spend?

[Dinerotrader 10]

I was just wondering how much time others are putting in on a daily basis related to their trading career. I was trying to add up what I spend right now and thought it would be nice to see how much time others are also spending. If you would be so willing, please post your time spent on average per day as broken out below.

 

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

I do expect that number to come down after a year or so more of trading but for now, I have a lot to learn.

[brownsfan019 17]

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

A: 3-5

B: 1-3

C: 0-3

 

As time goes on, I spend less time on C and more on A and B.

[Soultrader 12]

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

My numbers are as follows:

 

A - 12 hours

B - 3 hours

C - 0.5 hours

 

A and B are overlapping since I am watching the markets during Asian hours all the way to US morning while reviewing stuff throughout the day. C is something I have cut drastically over the past year. I have stopped learning new or other peoples method but instead sharpening my own.

[bathrobe 10]

A: 6 hours

B: 1 hours, I do not review the day, but I do pre market homework before the open do define where I want to place "fundamental" trades.

C: 20 minutes

[Cory2679 11]

Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

That's impressive Dinero, considering you also work full-time (if I'm not mistaken).

 

If you don't mind, would you be willing to share your daily trading/work schedule (which hours you trade, which hours you work)?

 

Thanks,

 

Cory

 

EDIT: I don't mean to be intrusive...I was just curious because you appear to post/trade during the typical work day...I may have to get a full-time or maybe part-time job in the future, depending on how trading's going, so this topic is of particular interest to me...

Edited March 16, 2010 by Cory2679

[DugDug 10]

Previously when longer term trading

A=2 hrs

B=1hr

C=3 hrs (including reading papers, the internet, everything)

 

Now attempting to day trade more.

A=8 -10 hrs

B=1hr

C=8 -10 hrs (same as watching the DOM really)

 

Actual financial results seem to have a negative correlation to the hours spent so far.....which should be telling me something. (I should stick to my longer term trades)

[Dinerotrader 10]

That's impressive Dinero, considering you also work full-time (if I'm not mistaken).

 

If you don't mind, would you be willing to share your daily trading/work schedule (which hours you trade, which hours you work)?

 

You forgot to post your own numbers Cory.

 

Yes, I am a CPA working a full time job at a fortune 500 company. I basically just get the work I am required to do completed and trade all other times. I go to work 2 hours early to trade the 1st 2 hours of oil and I can normally trade the 3rd hour uninterrupted as other employees trickle in (I live in Arizona so pit open is at 6:00am my time).

 

I am too risk adverse to quit my job until I am making more than my current income with real money trading. I have 4 sons (twin 5 year olds, a 3 year old and a 1 year old) with another boy on the way and the wife doesn't work so I don't have a lot of room for failure. I have gradually traded more and more over time at work and made sure my superiors knew I was a "do the bare mimimum" kind of employee so they wouldn't give me more responsibilities. Thank goodness for Open ECry because they are the only broker I have been able to download and use on my corporate computer. More info than you wanted but I got on a roll.

 

I hope more traders post their numbers here. I think it is really good for new/aspiring traders to see how much work time is actually put into trading. It also helps me to get motivated to make more time for trading development.

[brownsfan019 17]

Previously when longer term trading

A=2 hrs

B=1hr

C=3 hrs (including reading papers, the internet, everything)

 

Now attempting to day trade more.

A=8 -10 hrs

B=1hr

C=8 -10 hrs (same as watching the DOM really)

 

Actual financial results seem to have a negative correlation to the hours spent so far.....which should be telling me something. (I should stick to my longer term trades)

 

Actually what it's telling you DD is that daytrading is not something that can be mastered in a short period of time. It will take you years to master this trade.

[Cory2679 11]

You forgot to post your own numbers Cory.

 

Fair enough.

 

Week:

 

A: 10.5 hours (Forex - EUR/USD: 8am-2:30pm, 7pm-11pm, eastern time).

B/C: about 1.5 hours

 

Weekend:

 

B/C: Varies a lot...on average, probably about 6 hours per day.

 

I would work from sun-up to sun-down every single day, except for my girlfriend...I sacrifice some of my trading time for her.

 

Some may see that as a lack of dedication, but we have been together for 7 years and it's a relationship I wish to maintain...even if it means that success in trading is put off just a little longer.

 

-Cory

[DugDug 10]

Actually what it's telling you DD is that daytrading is not something that can be mastered in a short period of time. It will take you years to master this trade.

 

Very true - after years of market making doing sometimes 200 trades a day, then trading longer term trend trading, you would think it might be easier, however I sometimes think I have more habits to break - I have to get into the habit of taking profits. Not usually a problem for many people. Its a very different discipline, related but different.

 

I certainly wish I had the dedication of Dinero - good luck - give my best to your wife - I come from a family of 5 boys so I can sympathise with you.

[Cory2679 11]

Fair enough...

 

I added up the hours I posted to 72 hours per week...it's really probably more like 80 if I factor in all the time I spend working on trading (for example, I'm up now, almost an hour past "quitting time").

 

I was talking to my girlfriend about it...I think it'd be interesting to essentially keep a time card for a week for any time spent working on trading. I figure I'd probably average around 80.

 

I think that's reasonable...when Goldman Sachs was at my school, one of their recruiters told me that the analysts work, on average, 80 hour weeks (but some weeks as many as 120!). I can safely say that I never work 120 hour weeks, but I do probably average around 80.

 

I am too risk adverse to quit my job until I am making more than my current income with real money trading...

 

Plus, if you ever want to be pulling down the big numbers, you're going to have to compound your returns and let your account grow. For me, even when/if I'm making decent money, it'll probably be a good long while before I'm willing to spend any of it.

Edited March 17, 2010 by Cory2679

[MCM 10]

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Full time job as an owner/physician of an ER group. So my trading goes in spurts & fits. When home (and not tending to the 1 year old, or getting the other 2 girls off to school)

A: 4-8 hours

B: 0.5-1.0

C: TL has upped this a bit lately. 1.0-1.5 including 1-2 books usually being read at any given moment.

 

My glaring inability is category B - which to me means keeping that daily journal with (its better , but still only 60-70%) all of the trades. If I cant get my act together on that process (trade in AZ - so market closes = kids home from school = afternoon activities, then dinner, then inability to walk into office and do the hard work which is critiquing the day) If I cant get any better on keeping the diary up I may start to enact a 2 hour doldrum rule. Automatically turn off the feed on TS/T4 around 9AM local and log the AM trades as well as update the trade diary.

 

As someone who used to work 110-120 hour work weeks during my residency - I have found that trading is much more difficult mentally but alot easier physically. I do see the correlation that it takes a good 10,000 hours to become adept at this profession. That would leave another 4 years at this rate. I do enjoy the hours - and think the camaraderie that is found here in TL is very similar to that of a residency. Consists of alot of varied people taking their licks - seeking advice from the more experienced - and returning day after day to perfect their craft despite what curveball got thrown their way 24 hours earlier.

 

Weeks that I am working a fair # of shifts are typically no-trade weeks or perhaps having one glorious day in front of the screens. (Massive disappointment if that happens to be a quiet day!) So the hours can vary, but thats a good average.

 

I haven't entrusted myself enough to frequently trade the "set & forgets" - but do think that will be the next step in the evolution over the next couple of years. Which leads me to another question for the group - how many say they successfully swing & day trade? Or due to the mindset - are they mutually exclusive? (Perhaps for another thread).

[kuro 10]

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

A - 2. I only trade the first two hours of the session

B - 1 including pre-trade prep

C - ??? 1 or 2 not really something I do 'every day', more when I have free time.

 

I reserve most of 'B' to the weekends. Maybe 8 hours over the weekend.

[lbj 10]

I was just wondering how much time others are putting in on a daily basis related to their trading career. I was trying to add up what I spend right now and thought it would be nice to see how much time others are also spending. If you would be so willing, please post your time spent on average per day as broken out below.

 

A = Actual trading (watching the DOM, entering orders, etc..)

B = Trading methods review, review of the day’s trading, record keeping, etc..

C = Researching new methods, reading books, reading TL for new trading ideas

 

Here are my current numbers:

A - 4 hours

B - 2 hours

C - 2 hours

Total daily average: 8 hours

 

I do expect that number to come down after a year or so more of trading but for now, I have a lot to learn.

 

How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

[Dinerotrader 10]

How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

 

No inclusion of lunch, coffee, cigs, pot, heroine, etc. Category A would be actually monitoring positions or watching for entry/exits. Don't get too hung up on the details.

[brownsfan019 17]

How do you define category A (in more detail)?

Do you include breaks in your 8 hours (lunch, coffee, cigs, etc) as in normal 8-hour day-job?

 

If this is the lbj that I know locally, please stay! We love you in Cleveland!

 

:thumbs up:

[bathrobe 10]

With B and C I am trying to cut back because I want to keep it simple, A. also, I trade the morning and the last two hours now.

[Granpa74 10]

Nice comments all.

 

A- 2 hours morning session, 2 Hours late day some days, not all.

B-1 hour per day M-F. Then i do a top down review on Sunday for 1 hour

C- I like to read or re-read some books, once every other week.

 

Try not to absorb any other traders systems or look at this or that ideas. Once you master Basic Price Action, market Phases, and know how to use a FIB your set. like Bathrobe said............ KEEP IT SIMPLE!

 

Happy 4Th.

 

Ed.

[lbj 10]

If this is the lbj that I know locally, please stay! We love you in Cleveland!

 

:thumbs up:

 

I smoke, so nothing to do with Cleveland! Do any soccer players still smoke?!

Do any soccer players now trade (not sure they need the money)?!