Full time trading versus part time...

This is a discussion on Full time trading versus part time... within the General Trading Chat forums, part of the Reception category; Originally Posted by barjon I always think that the people who've got it made in this life are those who ...

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Old Dec 29, 2010, 10:34am   #11
 
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Re: Full time trading versus part time...

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Originally Posted by barjon View Post
I always think that the people who've got it made in this life are those who do as a job what they would otherwise choose to do as a hobby. So if trading grabs you that much - as opposed to dreams of wealth - then it's the course worth pursuing.

That said, it's always good to have more than one string to your bow in case the love of your life doesn't deliver the bacon .

jon
For many people it's also matter of circumstances. Some people choose the wrong career and realise 10+ years down the line that what they are doing isn't for them but might be 'trapped' due to financial or family commitments.

By the way, I highly recommend this movie (If you haven't seen it)

It's called 'Floored' and you might find clips on youtube and other video sites. It really is worth a watch.

http://www.imdb.com/title/tt1326220/
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Old Dec 29, 2010, 10:48am   #12
 
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Re: Full time trading versus part time...

Yes if you want to succeed at trading you must quit work/school immediately - they are irrelevant anyway - and sit in front of a screen all day everyday until charts scream KISS at you. This is the only way anyone can ever become a profitable trader. Anyone who disagrees with this fact is just a sore loser and should give up anyway.
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Old Dec 29, 2010, 11:02am   #13
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Re: Full time trading versus part time...

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IMO it's ridiculous to say that trading part time to build an account is not a possibility. I mean, come on, use some common sense - You're either profitable or you're not. If you are then you can build an account, it's really quite straight forward. And don't start going on about screen time, it's perfectly possible trading EOD too - you would just need a larger acccount to make anything worthwhile.
Liam, you must distance your own personal prejudices and pre-conceptions of what you may or not accomplish from part time trading from the hard stats/data. The attrition rate for those entering this profession (as a new start career, full time fully commited) are off the scale, multiply that by a considerable factor by those 'having a punt' as a part time hobby.

No one is personalising or demeaning your individual attempts to have a go at FX trading whilst keeping down a job, but this road is undoubtedly littered with wrecks who thought they could start off EOD part time and move into full time, for most it simply doesn't cut and the millions of zombie trading accounts are no doubt testament to this.

My suggestion (fwiw) has been steadfast for part time trading; if you can keep your job and not be stiffing your employer and earn perhaps an extra 10K (just on the cusp of most personal tax allowance) per annum then why change? Simple position trading out of just about any basket/combo of currencies from folks' Sterling savings would have reaped rewards over the past 24 months, no reason why part time currency investors couldn't take advantage of currency movements moving forward in that manner/method..
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Old Dec 29, 2010, 11:06am   #14
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Re: Full time trading versus part time...

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IMO it's ridiculous to say that trading part time to build an account is not a possibility.
I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.
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Old Dec 29, 2010, 11:11am   #15
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Re: Full time trading versus part time...

I agree a firm mental commitment, concentration and focus is needed as a prerequisite for success in just about any venture, the odds will be better if you focus on one objective at a time I'd say.

That said you can commit to success in trading without being glued behind a screen the whole day, which will in fact increase the odds in your favour even more.

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Old Dec 29, 2010, 11:16am   #16
 
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Re: Full time trading versus part time...

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I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.
This isn't a valid argument at all. The question is, can someone studying the market in their spare time (or any opportunity they get) learn enough to become profitable in the markets. I say yes, they can. But it all depends on how they go about their 'studies' and whether they get enough opportunity to practice what they have studied. But, I would say it's mostly about ability than simply time even though I'm not putting a time limit on it. It may take someone 10 years but they still may 'get there' so to speak. Also, you may unexpectedly be made redundant, so if you have been studying the market you at least have a head start.
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Old Dec 29, 2010, 11:18am   #17
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Re: Full time trading versus part time...

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Originally Posted by the hare View Post
I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.
That's the thing, a track record... I won't leave work until I have one for my own benefit and by the time I have one for someone else to give me money to trade I'll have enough of my own lol so this argument is a bit silly.

BS - I'm not taking it personally, I just don't agree. Simply, most traders fail full stop - My point is that if you're good enough to trade for a living anyway then starting out part time shouldn't be an issue.
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Old Dec 29, 2010, 11:27am   #18
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Re: Full time trading versus part time...

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My point is that if you're good enough to trade for a living anyway then starting out part time shouldn't be an issue.
Not making sense imho, but good luck anyhow..
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Old Dec 29, 2010, 11:28am   #19
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Re: Full time trading versus part time...

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Originally Posted by new_trader View Post
This isn't a valid argument at all. The question is, can someone studying the market in their spare time (or any opportunity they get) learn enough to become profitable in the markets. I say yes, they can. But it all depends on how they go about their 'studies' and whether they get enough opportunity to practice what they have studied. But, I would say it's mostly about ability than simply time even though I'm not putting a time limit on it. It may take someone 10 years but they still may 'get there' so to speak. Also, you may unexpectedly be made redundant, so if you have been studying the market you at least have a head start.
I agree with you, i'm finding it fairly easy to be profitable will only little effort, however I have developed an ability over the last 2 years in trading stocks medium term (1-3months), in ways similar to the www.nakedtrader.co.uk and using methods akin to Stan Weinstein. I would say however I have a good grasp of the methods and understanding of the stocks/sectors I trade.
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Old Dec 29, 2010, 11:35am   #20
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Re: Full time trading versus part time...

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Not making sense imho, but good luck anyhow..
Generally I have a lot of respect for you but I don't get this... How does it not make sense? I assume my position is pretty much the same as anyone else with my goals. I've not long been trading profitably so still nowhere yet... The missus has agreed that once I've proven that I can trade profitably over a decent sample we can start throwing cash at the account with an agreed drawdown level (probably 30%) where I have to take out what we've put in. I prove I'm profitable over the next year, we throw cash at the account for another year or two and provided all has gone well I then leave work - Please tell me what's wrong with that?

If we just threw everything at the account now and I lose it that would be pretty silly wouldn't it!
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