Trading with a 9-5 full time employment - mulling over reducing hours

[pedro1886]

Hi all

I've got some valuable input from the thread "Going pro: advice needed" that was posted here earlier this month & I've been trying to get some input on what I'm currently going through with trading part time.

Has anyone managed to reduce there full time hours in order to be able to spend more time in the markets?
I'm mulling over asking my employer if I can condense my week down to 4 days. This agreement would see me go from 37.5 to 35 hours a week.

Over a year, trading has taken over my brain & I've enjoyed this. My company has a flexible working agreement.
I don't have any dependants so my reasons for reducing hours won't be for caring for others but for my personal gain and the opportunity to do something I love.

I've obviously monitored my progress on a month to month basis to make sure I can be profitable to make up for the reduction in hours along with building my bank. Over the past 6 months I've made myself an office & tried to treat what I'm doing as if I have reduced my hours. I remind myself not to put pressure on myself & that any money I make is something extra. This has helped my mindset, trading & results.

I guess that the decision if I can condense my week will fall to my employer & I will accept the decision they make.

I mostly do horses & football at night. I know we are moving into the winter but I'd also take the opportunity to research & try other markets.

At the moment my partner is understanding & I talk passionately about what I do. I'm sure many others rush home from there jobs to watch the evening races & give up there afternoons at the weekends. This is where I am at.

Any input is appreciated. I have a decent relationship with my employer & they don't have problems with the work I do. I guess anything could be said / happen if I enquire about reducing hours.

cheers

[italiangambler1981]

Hi Pedro,

nice post and good luck. For my little experience in trading (I have a full time job as well) I can tell that as long as you have a strong risk management, gratifications will come.

As you, I enjoy trading on a daily basis..only prematch and pre race in football and horses. Rarely I go live.

Let's see if we can manage to make this our full time job?

[pedro1886]

Hi Pedro,

nice post and good luck. For my little experience in trading (I have a full time job as well) I can tell that as long as you have a strong risk management, gratifications will come.

As you, I enjoy trading on a daily basis..only prematch and pre race in football and horses. Rarely I go live.

Let's see if we can manage to make this our full time job?

thank you & good luck on your trades.

the ability to work on something during my own time outside of work is great

[Euler]

Have you mapped out which days are most profitable for you?

It may be worth going through that exercise so you can target days that are best and see if you can fit in around that.

Fairly soon after I started I figured out Saturdays were the key for me so stopped trading Mon-Fri and shifted so I could make the most of my trading time.

[pedro1886]

Have you mapped out which days are most profitable for you?

It may be worth going through that exercise so you can target days that are best and see if you can fit in around that.

Fairly soon after I started I figured out Saturdays were the key for me so stopped trading Mon-Fri and shifted so I could make the most of my trading time.

I think Saturday is my biggest earner due to the amount of time I can set aside.
I'll get away from work sharp 2 nights a week to see if there is anything worth looking at in the evening
I have taken the odd Friday off & basically treated it as a trading day as to what would happen if I had reduced hours eg:
get up at a decent time
breakfast
take the dog out
have a look through various media to see what people are saying about the days racing...…

Interested to know if anyone has slowly moved away from a full time job as apposed to the stories of people saying feckit & quitting

[Trader Pat]

Have you mapped out which days are most profitable for you?

It may be worth going through that exercise so you can target days that are best and see if you can fit in around that.

Fairly soon after I started I figured out Saturdays were the key for me so stopped trading Mon-Fri and shifted so I could make the most of my trading time.

I think Saturday is my biggest earner due to the amount of time I can set aside.
I'll get away from work sharp 2 nights a week to see if there is anything worth looking at in the evening
I have taken the odd Friday off & basically treated it as a trading day as to what would happen if I had reduced hours eg:
get up at a decent time
breakfast
take the dog out
have a look through various media to see what people are saying about the days racing...…

Interested to know if anyone has slowly moved away from a full time job as apposed to the stories of people saying feckit & quitting

Imo you'd need to be making at least twice from your trading what you would make from your job per annum to make it worth while.

You're much better off trying to fit your trading in around your job. Trading when you have to make money is a completely different ball game to trading as a second income. If you get to the stage with your trading where you're making 2-3 times what you did in your job then its worth considering but the security of a full time job cant be understated.

[whimsies]

I took the plunge in august went from 5 to 4 days so I could trade more best move I ever did. Also gave me a bit more family time.


Good luck

[pedro1886]

I took the plunge in august went from 5 to 4 days so I could trade more best move I ever did. Also gave me a bit more family time.


Good luck

how did your employer handle your request & has there been any fallout from it?

[Wicksay]

I was due to start a new job at British Airways in Apr, that crashed and burned then luckily I picked up a PT driving job at Morrisons and discovered trading. I've never been as poor and so happy. Granted there's a lot to learn about trading, risk and about myself but the BA Family feels like the right place to plant my trading acorn. Initially, My aim is to earn as much trading as I do driving.

Good luck with your own journey....

[whimsies]

Told a white lie and said I was looking after my dad, as saying I was trading would have meant to many questions.

[pedro1886]

Told a white lie and said I was looking after my dad, as saying I was trading would have meant to many questions.

Yeah I have throught about this as it's an easier way to explain

[Kai]

Told a white lie and said I was looking after my dad, as saying I was trading would have meant to many questions.

Yeah I have throught about this as it's an easier way to explain

In general, as you can imagine you can land in all sorts of trouble if you're too open about sports trading with the wrong people, which is most people.

Pretty sure I never blatantly lied but kept things as vague as necessary, and with a bit of practice you can learn how to give answers that don't invite too many follow-up questions or shut them down completely.

[pedro1886]

Told a white lie and said I was looking after my dad, as saying I was trading would have meant to many questions.

Yeah I have throught about this as it's an easier way to explain

In general, as you can imagine you can land in all sorts of trouble if you're too open about sports trading with the wrong people, which is most people.

Pretty sure I never blatantly lied but kept things as vague as necessary, and with a bit of practice you can learn how to give answers that don't invite too many follow-up questions or shut them down completely.

Never through about that. Possibly "and what does the tax man say about that" type of person

[cmuddle]

I had a dream some time ago to go full time and was preparing myself for it, putting myself under pressure as if I am doing it for a living already and I can tell you that was no fun.
I am happy I went through this experience without actually going full time.
Now I look at it more relaxed and try to combine trading and job and a having good time.

Take it easy mate, that's my advice and if you decide to reduce job hours that should go with a good back up plan not to have too much pressure.

[jamesedwards]

Don't forget to factor in Premium Charge (if relevant to your trading style) in your long term financial planning.