Full time trading versus part time...

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Old Dec 30, 2010, 2:07am   #91
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Re: Full time trading versus part time...

I love the way that these threads deteriorate into "if you don't do it my way then you will NEVER be a profitable trader and you are just taking a punt on the markets". Part time trading is perfectly possible but you just need to understand what game you are playing. I trade what most people would call a large account and I make consistently decent money year on year. I earn a fair bit more from my trading than most employees do, BUT I still chose to have a job. I happen to enjoy my work which takes me all over the World. I also trade the US markets which open in the evening in my current time zone. I need to spend one hour watching the open, set my orders and see the next day whether I have any positions filled. From then it is just a matter of setting my stops and sell orders which takes me 20 minutes each day for my existing positions. I swing trade stocks from daily charts but manage entries based on intraday charts.
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Old Dec 30, 2010, 2:53am   #92
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Re: Full time trading versus part time...

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I love the way that these threads deteriorate into "if you don't do it my way then you will NEVER be a profitable trader and you are just taking a punt on the markets". Part time trading is perfectly possible but you just need to understand what game you are playing. I trade what most people would call a large account and I make consistently decent money year on year. I earn a fair bit more from my trading than most employees do, BUT I still chose to have a job. I happen to enjoy my work which takes me all over the World. I also trade the US markets which open in the evening in my current time zone. I need to spend one hour watching the open, set my orders and see the next day whether I have any positions filled. From then it is just a matter of setting my stops and sell orders which takes me 20 minutes each day for my existing positions. I swing trade stocks from daily charts but manage entries based on intraday charts.
good to hear
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Old Dec 30, 2010, 5:20am   #93
 
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Re: Full time trading versus part time...

Part time or full time doesn't matter in my opinion. There's plenty of futures traders that are done in the morning - so that's roughly 3 hours a day. You could combine this with a day job if the time zones are friendly. Or you could trade the close.

What does matter is that you take it seriously and treat it like a business. If you expect to just switch on the screen and make money as if it's a slot machine - you will be dissapointed.

I am about to start a business. It will be internet based and it will be part time. I am having to spend a fair amount of $$$ to ensure that it will only be part time. I'm having to get things lined up to that end. This means predicting customer queries before they occur and having them documented. It means ensuring the procurement process is automated. It does not mean being in reactive mode and putting out fires all the time - that's would make it a full time job.

Trading isn't much different. I sit down at about 8pm EST. I have my pre-market routine on my wall which is a review of where we have been, what prior days looked like, review of news, setting levels. Once done, I go back to the kids. I'll come back about 9:20 EST to watch the build up to the open and the open itself. Once it opens, I use the open to make my final decisions on what I think is likely on the day but will play whatever unfolds. I'm done by 11:45 EST usually, at which time any trades are in my journal. Each trade has a rating A-F, not about how much $$$ was made but about how well I executed my plan.

Next week, I will have a week off the day job and I will be studying the daily charts/tape for the whole of 2010. What I am looking for is my set ups as well as anything else that stands out. This is mostly to give me a bit of confidence in terms of the probability of the trades I take (which is mostly fading).

Now - in terms of having a job - it depends where you are in life. People have car payments, mortgages, bills to pay. Just quitting isn't feasible unless you are in a menial job. In my own position, I have a well paid job with a golden parachute. I run a company but it's a well oiled machine and really I don't have to do much there, it's easy, it's stress-free. The golden parachute prevents me from quitting for now because I'd like that money in my account before I go full time.

Of course if you are 21 years old, living with mom & dad with no commitments or dependants, then you don't have much to lose. For the rest of us - there needs to be a transition.
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Old Dec 30, 2010, 11:58am   #94
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Re: Full time trading versus part time...

The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
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Old Dec 30, 2010, 12:16pm   #95
 
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Re: Full time trading versus part time...

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The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
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Old Dec 30, 2010, 12:40pm   #96
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Re: Full time trading versus part time...

Chartsy started this thread
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The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
yeh but if you swing off h4/daily then a quick flick at a chart every 4 hours ccan't be too hard, could smuggle in an iphone nowadays too...
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Old Dec 30, 2010, 1:03pm   #97
 
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Re: Full time trading versus part time...

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Originally Posted by Black Swan View Post
The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?

But why do you think that? Many people waste their employers time without trading at all, they sit on the net, take fag breaks, go awol during work hours and take sick days when they shouldn't. And similarlyemployers waste employees time too.

But why on earth would any of it matter? Its their business.

I work and trade, trading dailies takes place late evenings / early mornings some degree of trade management during the day that really doesn't impact on work. I'm lucky in that I can check trades in work if I want. But really the only difference irt would make if I couldn't would be to my nerves.

Working and trading can definitely be done I'd venture to say that there are many more doing this than you imagine.
- my trading fits in with work without any difficulty. Sitting by a screen was never what I imagined trading would be. I wouldn't want to do that.

I see full time/ part time as maybe just different methods of managing trades.
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Old Dec 30, 2010, 1:19pm   #98
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Re: Full time trading versus part time...

I think what Swan mainly means isn't necessarily part time or not...

but complete and total commitment to getting it to work. Am I getting that right BS ?

If you have a good salary etc will you really be disciplined enough to always do what needs to be done, or will you get negligent because you don't really need the money.

It's like someone who inherits money, for them it's all a game until the money runs out right.

I wouldn't say it's impossible, but you definitely need total commitment and discipline.

In a way trading with a safety belt (salary, inheritance etc) is a bit like the difference between paper trading or going live, the psychological pressure is different, and psychology is imo 90% of trading success.

I wouldn't say starting out part time is impossible, but it can definitely only work if you take it just as seriously as if you were trading for a living, and most won't be able to generate that discipline without outside pressure like a boss telling them what to do or inside pressure like having to pay bills from your trading.

After all most don't have the discpline either to keep their weight down as long as there's no pressing problems cropping up like diabetes etc.

Even then most won't develop the needed discipline to do what needs to be done but keep eating sugar etc, and similarly that's why imo it's hard to take trading seriously as long as you're comfortable financially independent of trading.

Not impossible, but impossible without taking it 100% as seriously as if your bills had to be payed out of your trading account even if you still have a job etc, I think that's what it's all about.
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Old Dec 30, 2010, 1:25pm   #99
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Re: Full time trading versus part time...

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and psychology is imo 90% of trading success.
Yikes, 90%? I would have said 40-50%.

Money management and strategy probably equal on 25/25.
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Old Dec 30, 2010, 1:28pm   #100
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Re: Full time trading versus part time...

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Yikes, 90%? I would have said 40-50%.

Money management and strategy probably equal on 25/25.
Well I can live with those figures too MR, kinda hard to quantify anway.

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