In my experience, the best and fastest way to make money trading is to take a low-frequency, ‘hands-off’ approach. If you’ve been following me for any length of time you probably already knew this, but in today’s lesson I want to expand on the concept of “trading from anywhere” and why it truly pays to make trading something you are “doing on the side” or “in addition to” other revenue streams, rather than put ALL of your hopes and dreams into it.
In my opinion, the goal of any new trader should be a minimalist trading approach where trades are taken in small quantities but with high conviction. In other words, a sniper trading approach is what I recommend and teach and what I personally practice as well. One of the HUGE advantages of this approach is, as stated above, you can literally do anything else you want while still staying in-touch with the markets and placing trades. You could travel, hold down another job, multiple other side-hustles, anything you want. The goal is to make trading a “complement” to your lifestyle, NOT its primary focus. Doing this, is not only great for your stress levels and overall state of well-being, but it’s also literally the BEST thing you can do for your trading account!
Everything in life needs to be balanced. As they say, anything in moderation is not bad for you, and that includes trading. Most people lose at trading because they simply do not practice moderation. Instead, they stay up all night watching the charts and get hooked to short time frame charts that end up sucking them into the day-trading trap that snares so many well-intentioned beginners.
My hope is, after reading today’s lesson, you will adopt a coffee shop trading attitude and look at yourself as more of a “global nomad trader” / part-time trader who may also have another side business. One thing I know for a fact is that MOST WEALTHY PEOPLE have multiple streams of revenue, they do not put all their eggs into one basket. If you think about it, it seems silly that I would be telling you this; to diversify and not depend solely on trading, but that should tell you something in and of itself. I want YOU to succeed and I know that the only way to succeed at trading, for MOST people anyways, is to follow a similar path to the one I am going to lay out below…
“Nomad Trading”…Too good to be true or the answer you’re looking for?
Trading from anywhere; while you’re traveling, while you’re home, while you’re away on business for work, while you’re at a coffee shop, whatever the case is, it’s NOT too good to be true. In fact, taking this “trade from anywhere” approach is literally about the best thing you can do. Let me explain how it’s done…
- Focus on the right chart time frames
In order to take a “nomad” approach to your trading, you must focus on higher time frame charts. I am talking about the weekly and daily and 4-hour time frames. In my opinion, most other time frames are simply a waste of your time, no pun intended. If you don’t know why yet, please read my article on the power of higher time frame trading.
When you are analyzing and trading on these higher time frames, you can simply check the charts each day or even every other day at the end of the day, I call this end of day trading, and it’s basically where you make your trading decisions based on the daily chart close at the end of the trading day in New York. In other words, you don’t make a decision before the current daily bar is closed out. This allows you to skip all the intraday noise and meaningless price movement, during that time you can focus on other activities, whatever they may be.
Naturally, if you’re focusing on higher time frame charts, you’re going to be trading a lot less than if you were constantly watching intraday charts. This is a good thing and it allows you to take a much more laid-back approach to trading that allows you to actually ENJOY your life and not be tied to your computer around the clock. But, that is not the most important part…