Secondary Income Trading Guideline
If you are interested in using trading as a way to generate a secondary income, your approach to trading should not be the same as those who wanted to trade full time. First and foremost, you will likely have a day job making it impossible to monitor the markets during normal business hours. Second, you may have family duties making you not available to participate in trading during other time as well. In other words, you cannot make a fixed schedule during the week to participate in trading at all. Under such circumstances, the best way to approach trading is to develop a conservative trading plan that trades automatically.
Before engage in actual trading, however, it is important to complete the Trading Success Blueprint. You need the mental preparation to enable you to trade without the wild emotions that are usually triggered during trading. You need to create a solid trading plan that is suitable to your risk tolerance so that you can manage your trading like a professional fund manager.
You can pick and choose the trading strategies offered in the site as a foundation and build from there. To make the overall trading performance more stable, I recommend the inclusion of at least 3 pairs of day trading strategies that fulfill the design preference I stated in TSB. If you have the skills and knowledge to develop your own strategy, you can also develop just one pair of strategies that trade 3 times more frequently than my preferred metric.
Learning of several key trading skills needed by full time traders, like chart reading and understanding of price actions can be delayed until you choose to pursuit trading at a more serious level. Focus of learning should be mainly money management, platform proficiency and strategy management.
You have to monitor the performance of your chosen strategies over several months. You can even trade them using sim account. When you feel comfortable trading them live, your experience and knowledge in using the platform with sim account will help you transition to live trading much more smoothly.