If you’ve ever caught yourself tossing and turning at night thinking you can’t possibly fit trading into your already packed day, you’re not alone. Practically every successful trader that has ever experienced the thrill of trading has at one time also been plagued by the doubt that doing it right takes more time than they have.
We know. We’ve been there. And here’s some tough love from a couple of battle-hardened algo traders who have fought the fight and seen the light.
Stop thinking about how many different activities you need to cram into your day, or how many hours you need to spend doing them, and aim for efficiency instead.
Efficiency? Isn’t that for, like, the postal service or my Haier air conditioning unit?
Yes, it is, but not only. Efficiency basically just means this: you accomplish what you want to in the day spending as little time and energy as possible doing it.
You: Wait, isn’t spending less time and energy just being lazy?
Us: No way. Unless you think buying food at the supermarket is lazy.
(Disclaimer: At 2Ring Markets, we actually prefer Sainsbury’s to hunting our meat down ourselves.)
Being efficient doesn’t mean working harder, folks. It means working smarter. In algotrading, higher efficiency will translate into fewer wasted trades and less unnecessary risk, on the one hand, and more consistent profits on the other.
The good news is that being efficient, or maximizing your trading hours, is actually a lot easier than you thought.
The real way to maximize your trading hours
If you want to stop worrying about time, start using smart algotrading software.
Algos will take most of the time and energy you used to spend tracking and monitoring your performance off your plate, so you can spend more time doing what you want. Like busting out of the office early on Friday afternoons to enjoy a pint. (Not us. Never.)
When you’re trading with smart algos, you won’t have to worry about when to execute the right set-up at the right time anymore either. Your algos will know when to do it, because you’ll have told them in advance.
Your drawdowns, stop-losses and set-up triggers will all be pre-set by strategy, cutting down on the kind of impulse trades that have you stuck to your screen the whole day sweating, waiting to find out if you scored big or burnt the whole house down.
Best of all, when you’re trading with smart algos, you can backtest your strategies until you land on a risk-to-reward ratio you’re totally happy with, and then just sit back and let it run.
And guess what?
That’s a whole lot more time for you.
No time in the day to do what you want: 0