which trade to progress for my circumstances

Hey guys,

firstly great site lots of good info and a good community .

As a total trading noob i need your advice.

I a wondering which is the best trading area for me to look at,

I have spent the last 12 months succesfully beating the online casino's and have built a nice fund.

I want to diversify and generate a new stream of income, by investing £1000 in a trading area.

But my time is tight at the moment so will be able to spare 2-3 hours a week on the trading with more time spent on reading up and learning the specific area. I'm trying to find the trading area that WONT require me to be checking information hour to hour but more day to day.

I have looked into Forex trading and it holds a big interest to me at the moment due to circumstances. Would anyone suggest FOREX as an area based on the above?

Thanks for taking the time to reading my post and will appreciate your advice.


B

berserker99 said:

I a wondering which is the best trading area for me to look at,

Click to expand...

Hi berserker99,
Welcome to T2W and congratulations on beating the online casinos - excellent! You don't mention what your game is but, if you're consistently profitable in that arena, then this is a good omen for diversifying your skills into trading. That said, to become a profitable trader will require a huge amount of time and effort which, while you're starting out at least, is likely to require much more input than the few hours you mention in your post. From what you say, you probably want to look at swing or position trading which will entail holding positions from a few days to a few weeks. Focusing on one or two instruments that you get to know well will obviate the need to search endlessly for that elusive one stock in a thousand that exhibits all the right characteristics. Therefore, forex is certainly worth looking at, as is trading indices - FTSE, DOW and DAX etc. If you click on 'forum' in the red bar at the top of the page, you'll find bespoke forums for all of these topics.
Enjoy!
Tim.

Thanks Tim.

That sounds just what i'm after.

and the 2-3 hours is more for the trading aspect.
I appreciate the time spent learning is going to be far greater. Hence one of the reasons i want to start out with a bit of time to react to trades.

thanks for the advice

I'd be interested to hear how you were beating the online casinos. Poker against drunk Americans?

i'll drop you a pm. arabian...

but basically i took casino bonus's playin BJ

Ah, bonus bagging? I had quite a few friends do that at university, one of them even went as far as to write a bot for it!

why the need for PMs guys? bonus baggin has been around for as long as online casinos have been - there have been numerous threads on rpoints.com's casino forum over the past few years

a few years ago you could even occasionally even get away with just covering everything on the roulette wheel once collect your matched bonus and then cash out - 100 quid or so for about 5 mins work - then it moved to specific games & having to spend about 30 minutes - 1 hour playing blackjack and/or sometimes videopoker in order to meet the withdraw requirements

dunno what it is like now but a few years back when I was a student it was perfecly feasible to make a grand or two a month from the casinos for relatively little time & effort - though they are wise to it and did continually tighten the requirements

No pms exchanged... But had he had several accounts then it would make sense to keep a bit hush-hush. Anyway my understanding is that it's still possible, but the pay offs aren't nearly so good any more.

Hey berserker99,
Your situation sounds a little similar to mine. Except im a few weeks ahead so hopefully i can help you out.

I play a lot of poker in the casinos and some online. I make some good money off it and consider it my part time job.
I'm saving some of my winnings to start trading.

I have bought Sharescope Gold, along with the companion CD, and an Introduction to Technical Analysis (Video/Audio) Tutorial CD. (The tutorial CDs are currently on offer at £10 each!)
I setup a demo account on Tradindex.com
And I'm currently reading The Financial Spread Betting Handbook by Malcolm Pryor.

The Tech Analysis Tutorial CD works well with the Handbook as i can see the techniques used on Sharescope and then try it on my demo account.

I am having some success on the demo account trading UK shares. But it is still early days.

I also watch the close of market report on Bloomberg, just to find out whats goin on.

So my plan some time in Jan if i'm feeling confident, is to setup a "Tradesence" account with IG index and start trading for pence. (It's a 6 week course)

So that's how im starting out and hopefully i'm going about it the right way.

I'd also like some feedback from some of the experienced traders to give me there thoughts on my aproach.

I'm finding the trading stratergy to be similar to poker.

cheers

Neil

That is an interesting concept with online gambling and reinvesting into online trading.