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 spreader_legger Just wondering if the dentist you speak of was indeed a dentist interesting I remember reading ...

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Old Dec 29, 2010, 4:56pm   #81
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Re: Full time trading versus part time...

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Originally Posted by spreader_legger View Post
Just wondering if the dentist you speak of was indeed a dentist
interesting I remember reading the NakedTrader book's "emails from readers" that has an example of a dentist who traded between appointments!!
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Old Dec 29, 2010, 5:04pm   #82
 
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Re: Full time trading versus part time...

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Originally Posted by spreader_legger View Post
"allegedly" new_trader, "allegedly"

Focus & full attention are necessary to achieve greatness in any pursuit

Incidentally, my uncle is a dentist (& a very good one at that based on his Sydney mansion)
I doubt he would pack in his job after several "alleged" successful evenings trading the stocks.

Just wondering if the dentist you speak of was indeed a dentist

I suspect he may have actually worked as a dental nurse before entering the lucrative field of Systems sales
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Basically, I trade the U.K. afternoon, (which is the U.S. morning). Occasionally, I trade in the evening, but generally not. I used to trade the evening and the evening only, when I was a dentist in practice but I packed in dentistry many years ago now, and I trade fulltime. Before that, I was trading the evenings only and on my afternoon off. But, I enjoyed it so much that I eventually gave up dentistry several years ago to trade fulltime. I make my money in the afternoon and do social things in the evening. It's a nice, easy, enjoyable life and my only regret is that I didn't do it years before.
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Old Dec 29, 2010, 5:24pm   #83
 
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Re: Full time trading versus part time...

Well .... so long as he enjoys it, that's the main thing!

Interesting how he's gained such an iconic status in TW2 .... perhaps the next Market Wizard in the making?

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Old Dec 29, 2010, 5:48pm   #84
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Re: Full time trading versus part time...

Chartsy started this thread
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The main issue with this thorny subject is that most take affront at the suggestion that, part time > telling boss where to stick it > full time, will never work as it flies in the face of the majority of ambitions and dreams on a forum like this...

Firstly, I reckon the mass of advertising and marketing during the boom years has led to a disconnect of sorts. That push encouraged folk to 'have a go' on a part time basis suggesting the job, in all its forms, was easy. You know if you visit most trading forums the majority of the active sticky eyes are always on methods/strats..euphemisms for shortcuts.

We can only use our personal experiences or those close to us (relatives or work colleagues) to frame an opinion as how best to tackle the going full time as a trader route/option. I'd suggest by far the best option to go full time self employed is to already have a track record;

Fed up with the daily commute, wanting a better quality of life and lifestyle Billy Bund hands in notice in Jan. after getting bonus and trades part of his 500K savings he's accumulated from the industry over the past ten years or more knowing he's gonna be fine... He'll moan like fook at BT for the slow broadband, pi55 himself laughing at how silly most of *us* are, keep his head down, take ten-twenty grand out of the market each month and wonder why he didn't sack off everything a bit earlier..

But that's not how most arrive in this retail world of potential pain. Most are looking for the Net Trap plug and play morning breakout solution, could be a bit of fun, might make a few quid, happy days! and that's how they'll stay. I'm deep into my third year full time, took me a year to become profitable, by year two (end) had above average wage and my intellectual curiosity were trading knowledge is concerned has been insatiable.

Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.

I'll repeat what I stated up thread; if you are a successful part time trader, having pulled ten grand out of (for example) FX this year, then keep your head down, do right by your boss (and your job) and keep the part time FX trading job. You'd have needed £200K+ to have earned better than that in interest on Sterling from the high street.
i've put in 2000 hours + more i reckon, that's not including forum time though, can you honestly say that pissing about on forums is useful and part of 'screentime'?
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Old Dec 29, 2010, 6:03pm   #85
 
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Re: Full time trading versus part time...

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Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.
.

BS there is truth in this but it is not impossible to succeed from part time to full time.
People work full time and study law, engineering, medicine, and whatever else All require hundreds or thousands of hours of study.and they make it. Of course there is a drop out rate.
Trading is relatively simple compared to these disciplines. The main problem is it attracts people after easy money. So there are even fewer stickers.

Anyone with the ability to actually stick at it has a chance to make it from part time study (not saying it will be easy ordone without pain) and really if you are trading the daily charts there is no need to be at the computer all the time once you have learnt the trade. Occasional checks and an alert system wil leave you free to work or whatever else.... As I see it at that point trading is neither full time nor part time, its not even about trading, its about making a decision and then delegating the work to the markets. Full time or part time will no longer matter.
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Old Dec 29, 2010, 6:26pm   #86
 
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Re: Full time trading versus part time...

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I'm deep into my third year full time.
Time & effort is necessary to succeed in any endeavour. The subject of the thread and the question most people are asking, and if not, the question I am asking is: What were you doing four+ years ago?
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Old Dec 29, 2010, 6:31pm   #87
 
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Re: Full time trading versus part time...

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Originally Posted by Black Swan View Post
Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.
I buy that reason especially for day trading. I've just reconciled myself to the fact that my screen-time is limited to at best 4hrs per day and it will just take me longer for light to get brighter. I think you have to go through the process and there is no other route. Cognitive skills can only be developed by doing, analysing, reflecting and feeding back.

Part time, if it's not p1ssing around just means it is harder and takes longer to develop all weather skills. Full time means focus. Part-time, you run the risk of missing the point. I'll let you know when I finally get to the other side.
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Old Dec 29, 2010, 6:37pm   #88
 
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Re: Full time trading versus part time...

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I buy that reason especially for day trading. I've just reconciled myself to the fact that my screen-time is limited to at best 4hrs per day and it will just take me longer for light to get brighter. I think you have to go through the process and there is no other route. Cognitive skills can only be developed by doing, analysing, reflecting and feeding back.
Your screen time is not limited to just 4 hrs per day. You can buy historical tick data and study the markets on weekends. Most trading applications have a record function so that you record and replay a whole day. Where there's a will, there's a way.
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Old Dec 29, 2010, 6:43pm   #89
 
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Re: Full time trading versus part time...

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Your screen time is not limited to just 4 hrs per day. You can buy historical tick data and study the markets on weekends. Most trading applications have a record function so that you record and replay a whole day. Where there's a will, there's a way.
To be fair NT, I have a screen on all the time, even at 'work'. I am in a luxurious position where my boss/his boss have no problem with me doing this. Providing I do my job, they are fine. I just actively trade about 4hrs in the day in the US afternoon session, outside of UK working hours.

I understand just how powerful the subconcious is in absorbing and assimilating information. I also see value in how it forms rather than just 'flat' charts (i.e. knowing the news that's going on at the time, knowing how other markets are behaving). I need to feel engaged in a holistic sense - I struggle with just replaying things back - it's like I need context.

I think this is the kind of focus that is easier to gain when participating full-time rather than part-time.
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Last edited by robster970; Dec 29, 2010 at 7:32pm.
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Old Dec 29, 2010, 6:59pm   #90
 
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Re: Full time trading versus part time...

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im 16 and turn 17 in feb.

nah i've been hooked since i was 14.
From what Iíve read on these forums it seems very hard to get a trading job with a firm without a degree in something. So at your age, if you are serious about trading for a living and want to make good money from it then you should be looking at getting a degree in something useful and continuing to refine your skills as a trader in the mean time IMO. That way when your finished your degree you can decide to apply to companies for a trading job or trade your own account and have a degree to fall back on as well if you find you need to get a normal job.
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