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How to Trade PART TIME while Working a Full Time Job- Grow your Small Trading Account in 2022 - YouTube
Channel: Humbled Trader
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whatever you do please do not quit your
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job to go day trade right away keep your
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job and grow your small trading account
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slowly by following these three
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important criterias so you and I must
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have had very similar situations I
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didn't come from a rich family I didn't
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inherit a trust fund and that's been
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real if I did I wouldn't need to trade
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so in this video I'm going to be talking
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about the three important factors of how
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I trade a part-time while working a
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full-time job not only am I going to
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talk about the specific strategies I
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used personally myself but more
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importantly how to manage your time and
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prepare yourself financially and
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properly allocate enough time and effort
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into building your small accounts
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trading part-time as always these videos
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take me a long time to make that's the
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time I could have spent cruising around
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in my Lambo so if you don't mind please
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remember to drop a like on the video I'd
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really appreciate you my friends so the
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first important factor we're going to
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talk about is time when is the most
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optimal market hour to trade part time
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and of course the biggest question
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you're probably wondering how exactly do
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you find the time to trade part-time
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while working a nine-to-five at the end
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of the day we all have the same 24 hours
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and if you want to squeeze in an extra
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two hours to trade before going to work
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or 30 minutes before the market closes
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it all comes down to a very meticulous
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time management what I did as a trader
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from the Pacific West Coast time zone is
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that I will wake up at 4 a.m. which
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would be 8 a.m. market time then I'll
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use a time from 5 a.m. to 6:15 a.m. to
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prepare my watch this I didn't have any
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fancy scanners back then so I just used
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Finn this sock market watch in stock
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charts calm to do my free research and
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I'll also use a think or swim platform
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scanner to scan for the pre-market gap
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errs if you're interested in seeing how
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I set up the free cap up scanner in
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thinkorswim
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then check out this other video so after
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I prepared to watch this I'll trade from
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6:30 a.m. to about 8:00 a.m. focusing on
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long strategies specifically at the open
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which we'll be talking about those
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specific strategies later on in the
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video and what's so great about trading
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at the opening first 30 minutes is that
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you almost always get an immediate
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follow through on your pre market
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Gabor's either some low float stock with
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reclaimed ad levels and break out on
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high volume and go parabolic or another
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penny stock will pop at the open and
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sell off on day two or day three whether
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you are a long buyers are short buyers
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trader
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the opening 30 minutes to an hour is
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where you can make the quick trades and
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be done for the day and head out for
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work note I said quick trades but not
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easy so that's exactly what I did and
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you know most of the time I'll end up
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showing up 30 minutes late for work but
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as long as nobody at work found out it's
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okay I hope now my former bosses or
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supervisors are watching this I'm not
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suggesting anyone to go to work late by
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the way
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don't hold me liable if you lose your
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job please do your job and keep your job
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because you're gonna need a stable
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income in order to trade well on the
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side and during the day at work yes I do
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check up on my phone once a while to see
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the overall market condition but
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generally speaking I did not trade while
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I was at work and even if I do that just
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to close the rest of the position I had
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already entered from the morning and
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generally those will be the mid cap in
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the large cap stocks I never like to
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hold smoke a penny stock positions open
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while I'm at work because there was just
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no way I can keep an eye out on any of
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the PR or stock price movements imagine
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if a penny stock drops a mid day
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offering while you are on an important
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call at work or imagine if you walk into
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a meeting with wind on your feet knowing
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that you're up $1,000 an hour later when
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you walk out you see that you're down
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$3,000 I know you must be thinking come
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on now humble trader this must be one of
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your world-renowned bad jokes but
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see though that was a true story let me
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tell you for the rest of the day making
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that $300 at work
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minute by minute slowly for the next six
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to seven hours was not enjoyable and
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then truly affected my performance and
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my full-time job so after that incident
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I didn't want to take that kind of risk
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anymore if I cannot fully concentrate on
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the ticker so that's why I always made
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sure to either close my entire position
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or only leave a quarter of the size on
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whether you want to manage your full
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size position on your phone or on your
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desktop while at work that's entirely
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your decision of course I'm just sharing
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some a tragic story for a much-needed
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reality check and of course besides
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trading the first hour of the market
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open I also try to find time to trade
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during that last hour before the market
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closes and for me that will be 12 p.m.
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to 1 p.m. local time
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which will be lunch time for me at work
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and yes that did mean I have to say
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goodbye to socializing with my
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co-workers at lunch and also the amazing
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gym and yoga sessions at work but that's
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just the kind of sacrifice that you
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might have to make dream power hour
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actually don't actively day trade most
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of the time I spend that hour
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researching on stocks that's closing
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strong on a day in holding key daily
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levels and I would sometimes take a
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swing position long overnight I'd really
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day trade to empower our this is the
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basis of my buy overnight strategy video
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and this will be especially valuable set
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up to the US traders who are under
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pattern day trader rule if you buy a
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stock with an intention of holding it
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overnight and sell the next day pre
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market or at the market open that does
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not count as a day trade for you
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fortunately I'm in Canada so I never had
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to deal with PDT rule see this tons of
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perks of being Canadian
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besides the fresh air the unlimited
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supply of maple syrup
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expensive gas prices now I will say
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though this swing overnight strategy is
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rather seasonal and the opportunities
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come and go depending on the market
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conditions so don't expect to be
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swinging something overnight every
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single day while at work there were some
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months of the year where I just don't
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buy or sell anything during Power Hour
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but the work doesn't stop there after
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the market closes if you haven't noticed
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by now
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this trading part-time while working
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your 9 to 5 business actually requires
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both full-time effort and you to hit the
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like button for the YouTube algorithm
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studies show that once you hit the like
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button on this video your trading
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account is more likely to grow a
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thousand percent in 2020 and at the end
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of the day after getting home from work
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around 7:30 p.m. to 8:00 p.m. I was
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still spend at least two hours to
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research the market see how the Ola
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gainers from the morning watchlist
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performed and make note of any offerings
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or any earnings and news for next day
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and from the evening studies I would
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pick the stocks I want to play
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potentially the next morning most of the
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time I actually preferred to play the
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stocks that I already studied for the
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night before and that's because I
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already spent two hours looking at a
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splode structure the catalyst and how
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the stock trades intraday and of course
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I would already have the support and
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resistance levels strung out beforehand
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so that would help me react to the price
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movement and the volume the next day the
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truth is 90% of the work in trading
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happens outside of market hours and
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definitely before you enter a position
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it's the preparation you put into your
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trading either pre market after hours or
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even before bed that's going to give you
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better chances of making it in this game
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yes you're right doing all that work
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still doesn't guarantee a hundred
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percent that I'll make a profit but the
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odds are definitely better than if I
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were to wake up thirty minutes before
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the open and stumble to my computers and
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trying to follow chatroom alerts and
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I'll be honest here
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exactly what I did in the first six
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months of my trading career I had no
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playing each morning no support and
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resistance level strung out no idea what
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the catalysts are the stocks float any
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fundamentals oh I had was a list of 1 to
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10 tickers from a chat room with
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headline song in it what exactly was I
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supposed to do with that and with a list
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and some chat room alerts I was so naive
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thinking that I can make some quick and
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easy money from clicking a few buttons
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in 30 minutes
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and while in my pajamas a messy bed hair
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and sometimes even hungover
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ok ok I was just kidding about the messy
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hair part I know I know this doesn't
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sound at all like the easy working 1
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hour a day
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Lamborghini money that you and I were
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promised when we bought that $5,000 DVD
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because I'm being real here trading is
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not a hobby
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it's a business you're essentially
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trying to start a part-time business
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that requires full-time efforts while
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you're working your 9 to 5 job well in
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my case it was more like a 97 job and
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sometimes even six days a week so if I
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could do it well maintaining 10% of my
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sanity 50% of my normal sleep schedule
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and only 30% of my personal
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relationships you definitely can't do
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now the second thing that will be
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extremely beneficial for you if you're
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trading part-time while working a
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full-time job is utilizing range orders
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or bracket conditional orders on your
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broker platforms so let's say you want
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to enter this penny stock SEPA at $2
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because you see that's breaking a
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downtrend intraday and reclaiming key
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daily levels and there's a lot more room
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to go but you want to make sure that if
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a stock goes in your direction you get
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to sell but also to cut your losses
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small if it goes against you so the
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solution is you can use range orders or
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bracket orders that allow you to attach
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stop losses and take profit orders once
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you enter a position so let's say your
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buy limit order on CIPA gets filled at
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$2 you can attach a stop loss market
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order at 184
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in the cell limit order at 250 so that's
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something I used to do a mid-cap in
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large cap stocks not penny stocks go
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like I mentioned before in this video
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when I was building my small account
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slowly I preferred to trade these higher
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price and higher market cap stocks
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because they are way less volatile and
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this almost always fresh cappers with
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catalysts
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so most brokers out there offer you
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these range orders and bracket orders
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for you to use TD thinkorswim has it
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Interactive Brokers and trade 0 they all
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have these order types now
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the third important factor to understand
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when you're trading part time while
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working a full time job is to do
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yourself a huge favor and keep your job
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contrary to what all these lifestyle
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marketing in the whole day trading
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industry tell you quitting your job took
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day trade altogether is really not
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glamorous it was easy as it may seem for
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me like any good first-generation
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immigrants I went to college I got a job
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I got a decent paying job in the film
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and VFX industry it pays pretty well but
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it's not like a six-figure and your
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salary with a 50,000 signing bonus at
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Facebook or Google but hey it's well
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enough to support myself a comfortable
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life as a single individual with no
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dependents I was not rich by any means
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but I really do believe that having a
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stable income from my job was a key
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factor that allowed me to trade well
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after pretty chatroom alerts and slowly
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build up my small trading account while
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trading part-time having that guaranteed
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income from your job will provide you
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the financial stability and the mental
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comfort to take trading slow and allow
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yourself the time you need to learn
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about yourself as a trader
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whether you are better at loading or
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shorting what strategies you're good at
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are you better at penny stocks or
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mid-cap and large caps these are all the
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things that you need to give yourself
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time and more importantly market tuition
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to learn having a stable income that you
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can count on it's the only way that you
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can allow yourself to be not so attached
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to the money it's unfortunate but losing
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is part of the business in trading it's
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inevitable the key is to control your
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losses and keep them small and the only
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way you can actually cut your losses
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small is if you are not relying on
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trading profits to pay for your rent
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your food or providing for your kids and
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family I read this amazing quote from
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this trader / businessman from Twitter
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I'm never going to forget it learning to
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trade means living a few years of your
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life like most people won't so you can
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live the rest of your life
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like most people can't like I mentioned
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earlier it all comes down to sacrifices
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do you want this bad enough maybe it
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means partying a little bit less and
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weekends
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eating out only once or twice a week and
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sleeping only five to six hours or just
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not have a life like me but of course if
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everything I just talked about sounds
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like too much work and too much time
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there is still hope my answer to that
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chat room alerts baby gives you a
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hundred percent success rate 1% of the
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time now you must be wondering what
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exactly is this long setup that I talked
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about that I personally use to trade at
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the market open and one hour before the
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close well you're in luck make sure to
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subscribe and ring that notification
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bell because in part two of this video
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we're going to be talking about the
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specific loan strategies that's suitable
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for part-time traders growing a small
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account while working a nine-to-five so
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if you want me to make the video make
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sure to comment below and let me know
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thank you guys so much for watching as
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always I'm the Humboldt trader
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and I'll see you guys next week
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