Between work life and family life – balancing a side hustle is a lot of work! Each night, after the kiddo is asleep and my wife is catching up with the Kardashians, I’m able to carve out some time to do a couple of things: check on the portfolio and curate the watchlist.
My watchlist is just a carefully cultivated garden of potential money earners. It’s not an extensive or long list, but that’s the beauty of investing: while many investing blogs focus on the minute-to-minute action, I’m more of a week-to-week type of guy – what this allows is me time and liberty to find the best stocks and setups.
By focusing on significant moves and setups means I don’t have the anxiety of missing breakouts or having to rush in (or out) any trades either. This works well for me and my day job since I don’t have to be glued to the computer while I’m out on a job site.
What happens during this Power Hour? I get just enough time to tend to a couple of items on my checklist:
- First, I check the watchlist. Are there any stocks getting close to breaking out? I don’t want to miss anything, so I typically have to break my watchlist into 5-6 sublists, and each night, I check one of the sublists – did any breakouts happen, how close is the price to breaking out? Should I prune out any fo the stocks in the list?
- Second, I review my current portfolio. Are there any stocks that broke a support level, or hit a stop exit? Do I have to get out of anything?
Between the above, this takes about an hour or two (if I’m lucky to have two hours). Of course, if I get a little extra time, I get to write in my blog 😉