For the past few months I have been regularly posting my weekly Forex trades. The profit was quite good, but I realized that I cannot continue trading currencies because the market is open 24 hours per day and I have a 9-5 job. Although I didn’t trade smaller time frames, I had to check the charts on a regular basis in order to move my stops or close the orders manually. When I did it during my working hours, I was actually doing two thing at the same time – my regular job and trading.
Because of this, I’ve made many mistakes and bad decisions…because I had to make the decisions very quickly. Also, I have missed a lot of good opportunities to make money. I was very stressed because of all these problems, so I’ve decided to change my approach completely.
Since I live in Europe, trading day on US Stock Exchanges usually starts half an hour before I finish with my regular job which is perfect, because this allows me to have a complete focus on the charts. I can also be focused on one thing only, instead of doing many things at the same time.
After I made a decision to switch to stocks, I also got interested in dividend investing, which could provide me with a relatively stable passive income source. On the other hand, making money from dividends is usually very slow, so I also plan to continue trading, which is risky but it could give me faster profits which I could also invest in dividend stocks. Since I already have a profitable trading strategy and I am using a Keltner Channels ATR indicator which gives me an edge, I don’t see a reason why I shouldn’t do it. My strategy for trading pullbacks could also provide good signals for buying dividend stock.
So I’ve created a trading account and deposited around $900, so I can start trading. $900 is not much but it will allow me to buy/trade some cheaper stocks. The next step will be to learn some basics about dividend investing. I searched for some good book for beginners and I’ve found that Automatic Income by Matthew Paulson could be a good staring point.
One more thing I would like to say is that spending less time analyzing the charts will also increase the time I spend creating content on this blog, so my readers will also “profit” from this decision.